By Joanne Chiu

Two of China's most valuable U.S.-listed companies progressed toward listings in Hong Kong, with online-gaming group NetEase Inc. setting a price for its stock sale and e-commerce giant JD.com Inc. filing a preliminary prospectus.

The two companies are following JD.com rival Alibaba Group Holding Ltd. in securing secondary listings closer to their home market, amid tensions between the U.S. and China. The Senate in May passed a bill that could kick Chinese companies off U.S. stock exchanges unless American authorities can inspect their audits.

NetEase, a rival to Tencent Holdings Ltd., plans to sell stock at HK$123 ($15.87) a share, according to guidance sent out to institutional investors on Friday. It is also selling a small proportion of the new shares to individual investors.

The price represents a 2% discount to the last closing price of NetEase's American depositary receipts. Each depositary receipt is equivalent to 25 of the ordinary shares being sold in Hong Kong. Follow-on stock offerings like this are typically priced slightly cheaper than the shares outstanding.

The price implies NetEase could raise about 21.1 billion Hong Kong dollars ($2.7 billion). Its shares will start trading on June 11 under the stock code 9999.HK.

Underwriting banks will have an option to sell 15% more shares in the days after the listing. Units of China International Capital Corp., Credit Suisse and JPMorgan are the joint sponsors, or the most senior banks on the deal.

Founded by Chief Executive William Ding, NetEase was once best-known for one of China's most popular internet portals, and has reinvented itself as a videogame company.

It is the world's second-largest mobile-game company, its listing document says, citing 2019 user-spending data for Apple's iOS operating system and the Google Play app store for Android smartphones. Online game sales made up more than three-quarters of net revenue in 2019. Other businesses include web portals, music streaming and online learning.

Separately on Friday, JD.com filed a listing document, indicating its own Hong Kong debut was progressing. The filing didn't say when it plans to list or how much it seeks to raise.

A person familiar with its listing plan said earlier that JD.com plans to raise around $2.5 billion to $3 billion and to debut on June 18. BofA Securities, UBS and Citic Securities are the deal's joint sponsors.

Write to Joanne Chiu at joanne.chiu@wsj.com