By Dave Sebastian
Online travel platform Trip.com Group Ltd. said it has started its public offering of 31.64 million shares in its secondary listing in Hong Kong, joining the list of U.S.-listed Chinese firms keen to tap the active fundraising market in the Asian financial center.
The offer price for the public offering will be at most 333 Hong Kong dollars, or $42.95 a share, the company said Wednesday. American depositary shares of the company will continue to be listed on Nasdaq, Trip.com added.
The offering initially consists of 2.21 million shares under the Hong Kong public offering and 29.42 million shares for the international offering, the company said. Trip.com said shares available under the Hong Kong offering could be adjusted to up to 8.86 million shares, representing about 28% of the shares initially available under the offering. The company said it expects to grant international underwriters an overallotment option to require the company to buy up to an additional 4.75 million shares in the international offering.
The company said it plans to use proceeds from the offering to fund its expansion and invest in technology, as well as general corporate purposes and working capital needs.
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(END) Dow Jones Newswires