Chinese travel platform Trip.com raises $1.1b via listing on Hong Kong exchange

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.

James Liang, chairman of Trip.com Group, delivering a speech during the listing ceremony at the HKEX / Photo credit: Trip.com

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.

“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.

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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.

Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.77