NetEase NetEase to become a dual primary listed company on June 30; reiterate top pick in digital entertainment

Research evidence excerpt

NetEase NetEase to become a dual primary listed company on June 30; reiterate top pick in digital entertainment

Asia Pacific Equity Research

26 June 2026

NetEase

NetEase to become a dual primary listed company on

June 30; reiterate top pick in digital entertainment

What happened? Internet

NetEase announced today that it has elected to become a dual primary Daniel Chen AC

listed company on HKEX effective from June 30 2026. Currently, its (86-21) 6106 6205

daniel.q.chen@jpmorgan.com

primary listing is in the US and its secondary listing is on the HKEXX . SAC Registration Number: S1730521040001

• We expect NetEase to be included in the Stock Connect scheme on Alex Yao (86 21) 6106 6505

June 30, 2026. From a rules perspective, if NetEase completes its dual- alex.yao@jpmorgan.com

primary conversion on June 30, 2026, it would be eligible for immediate SAC Registration Number: S1730523020001

inclusion in the Shanghai-Hong Kong Stock Connect program, as it does Olivia Xu

not adopt a WVR (weighted voting rights) structure and is already a (86-21) 6106 6138

constituent of the Hang Seng Composite Index (HSCI). In contrast, only olivia.w.xu@jpmorgan.com

WVR companies are subject to a mandatory six-month observation SAC Registration Number: S1730525060001

J.P. Morgan Securities (China) Company

period and can only be considered during the semi-annual index reviews Limited

in March or September. Based on the precedents, such as Zai Lab and

9999.HK, 9999 HK

Yum China (both non-WVR companies), companies that migrated

Overweight from secondary to dual-primary listings were included in Stock

Price: HK$181.80

Connect on the same day as the conversion. 25 Jun 2026

Price Target: HK$290.00

• What are the implications for the share price? We believe inclusion PT End Date: 31 Dec 2027