SING TAONew Oriental Education and Technology Group, Chinese biggest private school operator, opens retail books for its Hong Kong secondary listing today to raise up to HK$11.9 billion. The New York-listed company plans to offer 8.51 million shares at not more than HK$1,399 per share - possibly the most expensive stock in Hong Kong. New Oriental joins a new wave of secondary listings in Hong Kong due to heightened uncertainties of Sino-US relations. Its domestic counterpart, TAL Education, which is listed in New York, also is reportedly seeking a Hong Kong dual listing. Thanks to IPO activity, the Hong Kong Monetary Authority sold more than HK$11 billion into the market yesterday to defend the currency peg.

Source: The Standard October 28, 2020 19:14 UTC