Shares of Trip.com Online Travel Platform Development Company today (April 19) rose 4.55% on its first day listed on the Hong Kong Stock Exchange.
|Trip.com headquarters in Shanghai, China on February 4, 2021. Photo source: Bloomberg / Getty Images|
This move brought Trip.com to the list of “heavyweight” Chinese technology companies to conduct a secondary listing on the Hong Kong market, together with the two “giants” of e-commerce Alibaba, JD.com. , and the Baidu search platform.
Shares of Trip.com are offered for sale at HK $ 268. Without exercising a Greenshoe option (an over-allocation option), Trip.com would have raised HK $ 8.478 billion ($ 1.09 billion).
Similar to the Chinese technology companies listed in the US, Trip.com conducted a secondary listing after the US threatened to “oust” some Chinese technology companies from the US stock market.
Meanwhile, Mr. James Liang, Executive Chairman of Trip.com said that the main reason why this business conducts a secondary listing on the Hong Kong market is to want investors in Asia and China to trade. Their stocks are more convenient.
“I think most of our customers in Asia think that listing in Hong Kong is very normal,” said Trip.com executive chairman on CNBC.
Trip.com is holding high expectations for the 5-day International Labor holiday in China (starting May 1), with an estimate that the number of tourists traveling to China will rise to a record, even lice increased by 2 digits compared to before Covid-19 appeared.
The executive chairman of Trip.com said that demand for short tours and high-end accommodation in Chinese resorts will skyrocket, even offset the recent decline in international arrivals. here. “Money that people save from buying international airline tickets will be transferred to renting rooms hotel and luxury cars, “said Mr. James Liang.
“Although the transaction volume (on the Trip.com – BTV platform) may not reach a record, in terms of the number of visitors and profit, we are very optimistic,” added CEO Trip.com.