News raises almost USD 4 bln in its Hong Kong Stock Exchange debut

Thursday 18 June 2020 14:37 CET | News

China-based ecommerce player has raised almost USD 4 billion after making its Hong Kong Stock Exchange debut.

According to BBC News,’s shares rose more than 5% during their first day of trading on the Hong Kong stock. The initiative comes as pressure increases in the US on Chinese companies amid escalating tensions between the two economies. Therefore, other China-based companies are also preparing similar listings in Hong Kong.

Besides, financial dealings of US-listed Chinese companies were also affected in the wake of the Luckin Coffee accounting scandal, which revealed that the company had uncovered USD 310 million in fake transactions, in April 2020.

Luckin's Nasdaq listing had been one of China's highlights in the US stock market of 2019. However, since details of the scandal emerged, Nasdaq tightened its listing regulations. Besides, the US Senate has also passed a bill that could block some Chinese companies from selling shares on American stock exchanges, BBC News reported.

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Keywords:, Hong Kong Stock Exchange, US, fake transactions, shares, American stock exchanges, ecommerce
Categories: Payments & Commerce
Countries: Hong Kong
This article is part of category

Payments & Commerce