China's largest online travel company Trip.com Group is planning second listing in Hong Kong in the first half of 2021, eyeing to raise at least USD 1 billion, according to an International Financing Review report.
The capital market news outlet said China International Capital Corporation (CICC), Goldman Sachs and JPMorgan Chase will serve as underwriters for the listing.
In a response to ChinaTravelNews' inquiry on the matter, a Trip.com Group spokesperson replied: "No Comment."
Analysts said the online travel giant's second listing in Hong Kong will be complicated and may take a long time to close, according to Shanghai-based news outlet Jiemian.
As of January 12 in Beijing time, Trip.com Group had a market capitalization of USD 19.6 billion.
In July 2020, Reuters reported that the online travel company was in talks with potential investors about funding its delisting from Nasdaq because of rising U.S.-China tensions and the coronavirus-driven hit to its business.
In January 2020, Bloomberg reported that the Hong Kong Exchanges & Clearing was discussing secondary listings with Chinese technology companies including Trip.com Group (also known as Ctrip).
For the third quarter last year, Trip.com Group's net revenue declined by 48% from 2019 but rose 73% from Q2 2020.
As of September 30, 2020, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB66.1 billion (USD 9.7 billion).
The company expected net revenue to decrease by 37% to 42% year-over-year for the fourth quarter of 2020.