Tencent Music, Vipshop, Joyy plan HK offerings as threat of US delisting looms large

Tencent Music, Vipshop, Joyy plan HK offerings as threat of US delisting looms large

Photo: Reuters

Three Chinese technology companies — Tencent Music Entertainment Group, online retailer Vipshop Holdings, and livestreaming platform Joyy — are seeking secondary listings in Hong Kong, joining a parade of US-listed mainland companies establishing fallback positions amid moves by Washington to push them out.

According to four people familiar with the plans, Tencent Music, a unit of Tencent Holdings, is in talks with banks for a Hong Kong offering that could raise up to $3.5 billion while Vipshop is targeting up to $2.5 billion and Joyy is looking to raise just under half that amount.

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