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China tech

3 US-listed China tech companies seek over $6bn in Hong Kong

Tencent Music, Vipshop and Joyy seek hedge against potential New York delisting

Tencent Music Group chose the New York Stock Exchange for its initial public offering in December 2018 because, among other things, it accepted corporate dual class shares.   © Reuters

HONG KONG -- 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 U.S.-listed mainland companies establishing fallback positions amid moves by Washington to push them out.

According to four people familiar with the plans, Tencent Music, a unit of Tencent Holdings, is in talks with banks for a Hong Kong offering that could raise up to $3.5 billion while Vipshop is targeting up to $2.5 billion and Joyy is looking to raise just under half that amount.

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