Tongcheng-Elong Holdings, a Chinese travel website backed by Tencent Holdings, raised USD 180 million after pricing its Hong Kong initial public offering near the bottom of a marketed range.
The Jiangsu-based company priced its sale of 143.8 million shares at HK$9.80 apiece, according to terms for the deal obtained by Bloomberg on Wednesday. The shares were offered at HK$9.75 to HK$12.65 each.
Tongcheng-Elong is completing its offering as another slump in global technology stocks threatens to derail a comeback in Hong Kong’s equity market.
Morgan Stanley, JPMorgan Chase & Co. and CMB International Capital are joint sponsors of Tongcheng-Elong’s listing. The company had slashed its fundraising goal from an original target of USD 800 million to USD 1 billion, people with knowledge of the matter said earlier.
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