HONG KONG -- Game developer NetEase began Hong Kong's biggest stock sale so far this year on Monday, seeking as much as $3 billion in a listing as the U.S. weighs new rules that would push Chinese companies out of the New York market.
The Nasdaq-listed company is selling 171.48 million shares, or a 5% stake, which would raise $2.6 billion based on the Friday closing price of its American depositary receipts, according to a term sheet seen by the Nikkei Asian Review. The stake to be sold can rise to 5.7% if overallotments are exercised, boosting the proceeds to $3 billion.
