Company is newest US-listed Chinese language company to go for a 2nd checklist to offset the specter of being delisted in New York.
China’s Tencent Tune Leisure Staff stocks began buying and selling at $18 Hong Kong bucks ($2.29) every within the corporate’s Hong Kong checklist debut.
The net track corporate’s debut in Hong Kong on Wednesday comes after it introduced remaining week that New York would stay its number one checklist venue.
The corporate performed a list by means of advent, because of this no new stocks or capital have been raised within the transaction.
Tencent Tune stated one in every of its US-listed stocks represented two of its Hong Kong stocks. The hole value was once flat when put next with its US inventory which closed in New York on Tuesday at $4.58.
Hong Kong’s Grasp Seng Index is down 1.3 % in early industry Wednesday and the tech index is off 1.5 %.
Tencent Tune’s US inventory is down 33.1 % up to now in 2022, hit by means of adverse sentiment against Chinese language tech shares amid a regulatory crackdown at the sector.
The corporate was the newest in a string of US-listed Chinese language corporations to go for a 2nd checklist in Hong Kong to offset the specter of being delisted in New York because of a bilateral dispute between Washington and Beijing over get admission to to auditing papers.
The 2 aspects just lately struck a deal to finish the decade-long standoff and US officers have arrived in Hong Kong to begin reviewing US-listed Chinese language firms.
Tencent Tune has a marketplace capitalisation of $7.76bn.