Nasdaq-listed Chinese travel site Trip.com files for Hong Kong secondary listing

Trip.com has filed for a secondary listing in Hong Kong. The Chinese travel reserving site is already listed on the Nasdaq within the U.S.

Rafael Henrique | SOPA Images | LightRocket | Getty Images

GUANGZHOU, China — Chinese travel reserving site Trip.com has filed for a secondary listing in Hong Kong, following different excessive profile names like Alibaba and Baidu, to boost cash within the monetary hub.

Trip.com, which is presently listed on the Nasdaq within the U.S., didn’t disclose the variety of shares it’ll difficulty nor the value they’ll checklist for. That is normally decided a while after the preliminary submitting in Hong Kong.

JPMorgan, CICC and Goldman Sachs would be the joint sponsors of the secondary listing.

A number of U.S.-listed Chinese technology companies have done secondary listings in Hong Kong together with Alibaba, JD.com, Baidu and Bilibili. Continuing tensions between the U.S. and China have threatened to hit international companies listed on U.S. exchanges.

Last month, the U.S. Securities and Exchange Commission adopted a law which will increase the auditing necessities for Chinese companies and carries the specter of delisting for people who fall foul of the principles.

A secondary listing in Hong Kong may very well be a option to hedge in opposition to this menace.

Trip.com has felt the affect of the coronavirus pandemic which has put the brakes on international travel as authorities levied restrictions in an try and include the unfold of the virus.

The firm’s internet income for 2020 was 18.3 billion yuan ($2.8 billion), a 49% year-on-year fall.

Still, U.S.-listed shares of Trip.com have surged greater than 60% over the past 12 months as home travel continues to bounce again in China and anticipation builds for a gap up of worldwide flights.

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