US-listed Tencent Music, Vipshop, Joyy plan secondary listings in Hong Kong


Source: techinasia.com techinasia.com

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“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 US-listed mainland companies establishing fallback positions amid moves by Washington to push them out,” Nikkei Asia reported. Tencent Music is looking to raise up to US$3.5 billion but without a listing timetable, while Vipshop and Joyy are aiming to raise US$2.5 billion and just under US$1.25 billion respectively. The two firms could start the offering in the second or third quarter of this year, according to four people familiar with the...