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DJI targets secondary listing on NASDAQ exchange


DJI Holdings plc, a licensed promoter and distributor of Chinese sports and welfare lottery products, announced its decision to obtain a secondary listing of its shares on the NASDAQ Exchange in the United States.

DJI believes that a NASDAQ listing, and the enhanced market liquidity that it would bring, will assist the group in developing a stronger institutional shareholder base, the company said in a filing.

“This is a benefit already enjoyed by DJI's sector peers on major international exchanges and one that the Board expects to be of great value to the Group.”

“The Board believes that the NASDAQ exchange is best suited to recognise the positioning of the business in the technology sector and afford DJI an appropriate market valuation.”

The timing of this decision is, DJI believes, reinforced by the Chinese State Council's Public Announcement of 14 October regarding faster approval and administrative processes for operators, while allowing provincial lottery centres more flexibility in increasing pay-outs for their own games.  

This is the first major policy change for China's lottery industry since online sales were suspended in March and DJI views it as significant progress towards the announcement of new regulation and the recommencement of sales. 

DJI expects to join NASDAQ in 16Q1. 

 

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