3 US-listed China tech companies seek over $6bn in Hong Kong

Jan 13, 2021 10:00 am

Three Chinese technology companies -- Tencent Music Entertainment Group, online retailer Vipshop Holdings and livestreaming platform Joyy -- are seeking secondary listings in Hong Kong, joining a parade of U.S.-listed mainland companies establishing fallback positions amid moves by Washington to push them out.


According to four people familiar with the plans, Tencent Music, a unit of Tencent Holdings, is in talks with banks for a Hong Kong offering that could raise up to $3.5 billion while Vipshop is targeting up to $2.5 billion and Joyy is looking to raise just under half that amount.


Tencent has yet to determine a listing timetable, two of the people said. The offerings of Vipshop and Joyy could take place in the second or third quarter of this year, subject to regulatory approvals and market conditions, three of the people said.


Spokespersons for Tencent Music and Joyy declined to comment while Vipshop did not immediately respond to queries from Nikkei Asia.

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