Trip.com to launch a secondary listing on Hong Kong, raising over USD 1 bln
Apr 02, 2021 (China Knowledge) - Trip.com Group, a Chinese online travel company that is listed on Nasdaq, has decided to do a secondary listing in Hong Kong. The plan could fetch Trip.com USD 1 bln. It is cleared by the listing committee of Hong Kong Stock Exchange (HKEx) that the preliminary discussions have prepared potential investors to take up subscriptions soon.
This listing comes after Baidu’s secondary listing trading 13% below the issue price, and Bairong, a financial technology company, slumped after debuting.
Trip.com has a valuation of USD 23.8 bln, and a 5% stake sale would raise USD 1.2 bln. The company serves its massive clients through brands like Trip.com, Ctrip and Skyscanner, which are heavily impacted by Covid-19, with revenue falling 40% to USD 761 mln.
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