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Ctrip plans secondary listing in Hong Kong
China online travel giant Ctrip is pushing ahead with a planned secondary listing on the Hong Kong bourse.
Ctrip has a primary listing in the US and is now in talks with China International Capital, JPMorgan and Morgan Stanley to list about 10% of shares in Hong Kong.
It follows a successful $12.9 billion secondary listing in Hong Kong by Alibaba.
That was the city’s largest deal for a decade.
Ctrip, also known as Trip.com, may list during the first half of this year according to people familiar with the matter.
Ctrip launched on the US Nasdaq in 2003.
Other tech firms including NetEase and Baidu have apparently made plans for secondary listings in Hong Kong.
Ctrip is keen on establishing an investor base close to China.
It will be a boost for Hong Kong which has seen its reputation as a global business centre take a knock amid months of anti-government protests.
Charles Li, chief executive of Hong Kong Exchanges & Clearing told Reuters he expects more US-listed companies with Chinese roots to follow Alibaba.
"I think just by their nature they will come, because their customers know them and they will potentially get a better valuation re-rate if your customer know your business and wants to become your shareholder," he said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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