NetEase shares pop 8% in Hong Kong debut
CNNHong Kong CNN Business — NetEase shares popped as much as 9.7% in their Hong Kong debut Thursday morning — a promising showing for a US-listed Chinese company seeking friendlier market territory in Asia. The gaming firm, which has traded in New York since 2000, turned to Hong Kong for a secondary offering as scrutiny of Chinese companies on Wall Street intensifies and wider US-China tensions rise.It’s not the only one:E-commerce giant JD.com hopes to raise $4 billion in its secondary listing next week. US Secretary of State Mike Pompeo last week praised the Nasdaq for proposing new rules on compliance that could affect Chinese companies, adding that other exchanges should consider similar regulations. “Nasdaq’s action should serve as a model for other exchanges in the United States, and around the world.” The US Senate, meanwhile, unanimously passed a bill that would prevent companies that refuse to open their books from listing on Wall Street, following an accounting scandal involving Luckin Coffee, which started trading in New York last year.
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