By Martin Mou
Huazhu Group Ltd. shares rose in their Hong Kong debut as the Chinese hotel operator completed its secondary listing in the city.
Shares of the multibrand hotel group, which counts Trip.com Group Ltd. and Accor SA among its backers, extended their opening gains to rise 4.7% to HK$311.20 in early trade.
The Nasdaq-listed company raised around US$782 million by selling shares in Hong Kong at HK$297 each. Individual investors placed more than three times the stock offered to them, while the institutional tranche was more than six times covered.
Huazhu joins the string of New York-listed Chinese companies likes JD.com Inc. and NetEase Inc. that have sought secondary listings in Hong Kong.
Write to Martin Mou at firstname.lastname@example.org
(END) Dow Jones Newswires
September 21, 2020 22:22 ET (02:22 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.