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China's SINA plans secondary listing in Hong Kong

Chinese internet giant SINA Corp. is looking at a secondary listing on the Hong Kong Exchanges & Clearing Ltd., Reuters reported, citing sources.

The company is reportedly working with advisers to implement its plan by the fourth quarter. Nasdaq Inc.-listed SINA is yet to finalize the size of the offering.

The latest report follows Chinese smartphone maker Xiaomi Corp. filing an application for what could be a $10 billion IPO in Hong Kong; likely the biggest listing in 2018. The IPO is expected to raise at least $10 billion with the company reportedly valued as high as $100 billion.

Xiaomi's decision followed the Hong Kong Exchange and Clearing Ltd. listing rule change, which has been seen as a catalyst to bring such companies to the city.

The rules, which came into effect April 30, cover specific criteria for qualified biotech companies that have to yet to generate revenue or profit and innovative companies with weighted voting rights structures to list in Hong Kong.

In addition, qualified innovative companies that are primarily listed in the U.S. or the U.K. can also make secondary listings in the city.

Bourse CEO Charles Li told reporters in April that the change is the "largest reform" for 25 years.