TRIP.COM Group Ltd., a Nasdaq-listed Chinese online travel firm, has filed for secondary listing on the Hong Kong stock exchange, joining the list of U.S.-listed Chinese firms keen to tap the active fundraising market in the Asian financial center.

JP Morgan, Goldman Sachs and CICC are acting as the joint sponsors for Trip.com’s secondary offering, a draft prospectus filed to the Hong Kong stock exchange late Tuesday showed. The prospectus didn’t disclose the size of the deal nor the timing of the offer.

Baidu Inc., the operator of China’s largest search engine, holds a 11.5 percent stake in Trip.com. Shares of Trip.com have been trading on Nasdaq since December 2003.

The firm is joining a group of U.S.-listed firms that have sold shares in Hong Kong in recent years, in part to tap investors who are more familiar with the Chinese business landscape.

Trip.com has felt the impact of the coronavirus pandemic which has put the brakes on global travel as authorities levied restrictions in an attempt to contain the spread of the virus.

The company’s net revenue for 2020 was 18.3 billion yuan (US$2.8 billion), a 49 percent year-on-year fall.

Still, U.S.-listed shares of Trip.com have surged more than 60 percent over the last 12 months as domestic travel continues to bounce back in China and anticipation builds for an opening-up of international flights.

Trip.com was given the go-ahead Thursday last week by the listing committee of Hong Kong Exchanges and Clearing, the stock market operator. The company is preparing for preliminary discussions with potential investors before throwing open the offering for subscriptions, said sources familiar with the deal.

“The transaction timeline is subject to market conditions,” the sources said. “We believe the shares should be well received as Trip.com should gain from a business revival as vaccinations across the world pick up pace.”

Trip.com’s IPO will follow disappointing openings for recent new listings in Hong Kong by mainland companies and a global technology-sector selloff that has roiled share valuations.

Baidu’s secondary listing is trading around 10 percent below its issue price since it began trading last month. Bairong, a financial technology company, slumped after debuting Wednesday last week. (SD-Agencies)