NetEase has priced its upcoming secondary listing in Hong Kong at $123 Hong Kong dollars per share.
The internet giant will issue 171,480,000 new ordinary shares as part of its offering , which means it will raise $21.09 billion Hong Kong dollars .
NetEase, one of China's largest gaming companies, has been listed on the Nasdaq in the U.S. since 2000. The company said that 25 ordinary shares are worth one Nasdaq-listed American depositary share, or ADS. That means the $123 Hong Kong dollar offer price translates to around $397 per ADS. That's a roughly 6.6% discount to NetEase's closing price of $425.37 on Friday in the U.S.
The company has granted the investment banks it is working with a so-called over-allotment option, that can be exercised from June 5 until 30 days thereafter. That allows the banks to issue up to an additional 25,722,000 shares at the $123 Hong Kong dollar offer price if there is demand.NetEase's listing in Hong Kong comes amid rising tensions between the U.S. and China, which are threatening to affect Chinese companies listed on Wall Street.
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