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Gaming company NetEase will seek a secondary listing in Hong Kong to raise billions of dollars and avoid the United States' increasing hostility to Chinese companies.
NetEase feels that US regulators and lawmakers are considering new rules that would lead to more scrutiny and make it tougher to go public or keep trading in New York.
According to NetEase, such rules could cause investor uncertainty for issuers that could adversely affect the market price of their US shares and cause them to be de-listed.
Brock Silvers, chief investment officer for Hong Kong-based Adamas Asset Management, noted that Hong Kong is seen by Chinese tech giants as the middle ground for being under Chinese control but with US dollar access.
Also, unlike mainland China, Hong Kong allows capital to flow more openly.
Some companies that trade in New York, such as Baidu and Trip.com, may also list in Hong Kong.
Baidu founder and chairman Robin Li said they are paying attention to the US government's tightening regulations on Chinese firms and ascertaining what they can do to cope with it, including a secondary listing in Hong Kong.
