CHINESE ONLINE GAMING FIRM SEEKS NEARLY $3-B FROM HK LISTING

NetEase, the second largest mobile game company in the world behind Tencent, is planning a secondary listing for its shares on Hong Kong's stock market next week as scrutiny of Chinese companies on Wall Street intensifies and wider us-China tensions rise, Sherisse Pham of CNN Business reported late on June 2, 2020.

The Chinese gaming company said it was issuing more than 171 million new shares at a maximum price of 126 Hong Kong dollars ($16.26) each, offering no discount to NetEase's closing price in New York, where its stock has traded since 2000.

The transaction could raise about $2.8 billion for the company, assuming it prices at the top of the range. The final price is expected to be set on Friday. The company did not immediately respond a request for comment about its minimum price for the new shares. NetEase is expected to begin trading in Hong Kong on June 11.

The company started as a Chinese internet portal in the late 1990s and expanded into online games in 2001. NetEase says its most popular games are Identity V, Knives Out and Rules of Survival, among others.