Car sales website Autohome plans $1 billion Hong Kong second listing

Business & Technology

It’s already listed on the NYSE, but now Autohome plans to raise a war chest on the Hong Kong Stock Exchange.

autohome ipo on nyse
Autohome’s IPO on the New York Stock Exchange on December 11, 2013, at $17 per ADS. The stock was at $95.69 today, September 16, 2020.

Autohome is a Chinese website and app that sells new and secondhand cars online. The company listed on the New York Stock Exchange in 2013, raising $132.9 million. Ping An Insurance Group, a state-controlled company with excellent connections in the corridors of power, owns more than 50% of Autohome.

Now Autohome plans a second listing in Hong Kong that could raise about $1 billion, according to sources cited by Bloomberg, one of whom also says: “An offering could happen as soon as early next year.”

Yum China, ecommerce giant, and internet stalwart NetEase have all done second listings in Hong Kong, raising “a combined total of almost $10 billion.”

Aside from the massive amounts of cash to be raised, these companies are also hedging against possible financial market fallout from the nose-diving U.S.-China relationship.