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China tech

NetEase soars on Hong Kong debut, in upbeat sign for secondary listings IPO finds strong demand, as Chinese companies turn to city after US threats

About 42 Chinese companies trading on U.S. stock exchanges qualify for listing in Hong Kong. UBS says that if they issue 5% of their outstanding shares on the Hong Kong Stock Exchange, it would amount to capital raising of $27 billion.   © Reuters

HONG KONG -- Chinese game developer NetEase's shares surged 5.7% on their trading debut in Hong Kong on Thursday, after raising at least $2.7 billion for its secondary listing, while online retailer priced its offering on the city's exchange at a narrow discount to its New York close.

The dual developments could encourage a string of other U.S.-listed mainland companies to line up for secondary offerings on the Hong Kong Stock Exchange amid threats from Washington of being pushed out of American exchanges.

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