China's Ctrip in talks with banks to follow Alibaba with HK listing: sources
HONG KONG/BEIJING - U.S.-listed online travel giant Ctrip is talking to banks about a planned secondary listing in Hong Kong, putting the group at the head of a queue of Chinese companies expected to follow Alibaba in establishing an investor base closer to China.
Ctrip, which had declined to comment earlier, late on Friday said: “The specific details of the listing reported are not true. The company does not have plans yet for a secondary listing.”China’s largest online travel firm looks to sell at least 10% of its shares as early as the first half of the year, said two of the people who declined to be named as the information was private.
Charles Li, chief executive of bourse operator Hong Kong Exchanges & Clearing, said this week at a Reuters BreakingViews event that he was confident more U.S.-listed companies would follow Alibaba. Co-founded in 1999 by Chinese businessman Liang Jianzhang, Ctrip first went public on Nasdaq in 2003, as part of an early wave of Chinese tech companies lured by high valuations overseas, at a time when domestic markets were a fraction of their current size.
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