Quora-like Zhihu won’t raise a cent from its Hong Kong float, the first so-called homecomer to eschew the chance. It won’t be the last. Instead, insiders are selling, and that can weigh on valuations, which hurts regular investors, says JennHughes13
U.S.-listed online question-and-answer forum Zhihu on April 11 launched a dual-primary listing in Hong Kong.
Existing investors are planning to sell around $130 million-worth of shares as part of the offer, but Zhihu itself won’t be selling any. That will make it the first New York-listed Chinese company to float in Hong Kong without raising fresh funds since tech giant Alibaba in 2019 launched the stream of so-called homecoming stocks. Under new laws finalised last year, the United States can in 2024 begin delisting foreign companies whose auditors cannot be fully inspected by its regulators.
Tencent-backed Zhihu listed in New York in March 2021, raising $750 million from the float and a concurrent private placement at $9.50 a share. Its shares have since lost three-quarters of their value.Source: An emergency exit sign is seen in an office in Kiev April 11, 2012. REUTERS/Gleb Garanich - LR2E84C1FXQ2E
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