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China's Zhihu starts Hong Kong dual primary listing

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HONG KONG : Chinese question-and-answer website Zhihu Inc opened its bookbuilding process on Monday to raise $133 million in a dual primary listing in Hong Kong, according to its regulatory filings and a term sheet seen by Reuters.The deal comes amid a regulatory standoff between Washington and Beijing ov

HONG KONG : Chinese question-and-answer website Zhihu Inc opened its bookbuilding process on Monday to raise $133 million in a dual primary listing in Hong Kong, according to its regulatory filings and a term sheet seen by Reuters.

Zhihu, which listed in New York in March last year, is selling 26 million existing shares in the Hong Kong deal, which will be finalised on Thursday, the filings showed. An increasing number of Chinese firms listed in the U.S are considering secondary or dual primary listings in Hong Kong in case U.S. delistings are ordered, sources have previously told Reuters.

The China Securities Regulatory Commission said earlier this month it would revise the confidentiality rules involving offshore listings, which could remove a legal hurdle to the company-audit standoff.

 

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