Online travel platform Trip.com Group has listed on the Hong Kong Stock Exchange (HKEX) after raising about HK$8.5 billion (US$1.1 billion) from its public offering.
The company priced its stock at HK$268 (US$34.49) per share. JPMorgan Chase, China International Capital Corp., and Goldman Sachs are the joint sponsors for the listing.
Trip.com plans to use the proceeds from the public offering – worth about HK$8.33 billion (US$1.07 billion) – to expand its travel offerings, improve user experience, and invest in technology. It’s also looking to support general corporate and working capital needs.
The company provides cost-effective bookings for travel products and services by aggregating related information and resources. It also offers a transaction platform that consists of mobile apps, internet websites, and customer service centers.
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“By being dual-listed in the US and Hong Kong, we are able to have a truly global offering that better reflects our international presence and outlook,” said Jane Sun, chief executive officer of Trip.com.
Trip.com’s shares in the US have increased by 4% this year, boosting its market capitalization to US$21 billion.
The firm’s listing comes after several US-listed Chinese companies, including Alibaba, JD.com, and Baidu, pursued secondary listings in Hong Kong amid rising political tensions between China and the US.