China’s Ke faces down US hostility with $2bn listing

By Jonathan Breen
13 Aug 2020

Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.

US president Donald Trump signed an executive order last Thursday prohibiting certain transactions related to Tencent’s flagship app, WeChat. The move caught shareholders off guard and sent the internet giant’s stock price plummeting by 10%. Ke launched its IPO the next day.

The executive order against WeChat, which was ...

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