On June 29, NetEase rose 3.12% in pre-market trading, trading at $127.30 per share, with turnover of $538,200.

On the news front, NetEase will officially convert to a dual primary listing company on the Hong Kong Stock Exchange on June 30, significantly ahead of market expectations, prompting a wave of bullish calls from major international investment banks. Morgan Stanley reiterated its Overweight rating with a $158 target price, expecting NetEase H-shares to be included in the Stock Connect program within one to two months, triggering a valuation re-rating. Goldman Sachs raised its H-share target price to HK$264 and reiterated a Buy rating, citing multiple catalysts in the second half including new game Sea of Remnants launching in July. Bank of America maintained its Buy rating with a $172 target price based on 15x forward P/E plus $19 billion in net cash. Institutions broadly agree that the dual primary listing removes the key institutional barrier to Stock Connect inclusion, which would channel mainland capital inflows and improve liquidity.

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