Chinese travel web page Excursion.com documents for Hong Kong secondary listing

GUANGZHOU, China — Chinese travel booking internet site Trip.com has filed for a secondary listing in Hong Kong, adhering to other substantial profile names like Alibaba and Baidu, to increase money in the fiscal hub.

Excursion.com, which is at present stated on the Nasdaq in the U.S., did not disclose the amount of shares it will situation nor the rate they will listing for. That is typically established some time after the preliminary submitting in Hong Kong.

JPMorgan, CICC and Goldman Sachs will be the joint sponsors of the secondary listing.

A range of U.S.-mentioned Chinese technological know-how corporations have finished secondary listings in Hong Kong like Alibaba, JD.com, Baidu and Bilibili. Continuing tensions involving the U.S. and China have threatened to strike foreign corporations mentioned on U.S. exchanges.

Past month, the U.S. Securities and Exchange Commission adopted a law which will increase the auditing needs for Chinese corporations and carries the risk of delisting for these that tumble foul of the principles.

A secondary listing in Hong Kong could be a way to hedge against this menace.

Vacation.com has felt the influence of the coronavirus pandemic which has put the brakes on international journey as authorities levied constraints in an try to include the distribute of the virus.

The firm’s web revenue for 2020 was 18.3 billion yuan ($2.8 billion), a 49% year-on-year fall.

Continue to, U.S.-outlined shares of Excursion.com have surged much more than 60% around the very last 12 months as domestic travel proceeds to bounce back again in China and anticipation builds for an opening up of international flights.