NetEase Converts HK Listing to Dual-Primary Status
NetEase, Inc. announced its election to convert its secondary listing on The Stock Exchange of Hong Kong Limited (HKEX) to a dual-primary listing, effective June 30, 2026. This decision follows the HKEX's determination that over 55% of the company's trading volume occurred on the HKEX in fiscal year 2025. As a dual-primary listed issuer, NetEase will be subject to full HK Listing Rules, and previous waivers for secondary listings will no longer apply. The company has secured new waivers for U.S. GAAP reporting, continuing connected transactions related to its VIE structure, and option exercise price calculations. Additionally, Ms. Lai Janette Tin Yun and Ms. Li Ching Man have been appointed as joint company secretaries.
Key Highlights
- NetEase converts HKEX listing to dual-primary status effective June 30, 2026.
- HKEX noted over 55% of 2025 trading volume occurred on its markets.
- Company elected early conversion, foregoing grace period until Feb 27, 2027.
- Granted waiver to continue using U.S. GAAP for financial statements with reconciliation.
- Granted waiver for continuing connected transaction rules for VIE structure.
- Granted waiver for minimum exercise price calculation for ADS options.
- Shareholders approved general mandates and share incentive plan at 2026 AGM.
- Ms. Lai Janette Tin Yun and Ms. Li Ching Man appointed joint company secretaries.
Price Impact
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