NetEase will likely convert its Hong Kong-listed shares into a primary listing, Nomura analysts say in a research note.

NetEase ADRs jumped 3% in overnight trading.

Trading turnover of NetEase's Hong Kong-listed shares surpassed 55% of its total trading value across Hong Kong and U.S. stock markets in 2025, according to Nomura's calculations. NetEase has also likely been told by HKEX to make Hong Kong its primary listing to comply with guidelines, the investment bank says.

This would set the stage for the company's shares to be included in the Hong Kong-China Stock Connect list and accessible to mainland Chinese investors. "We view this potential conversion of listing status as a near-term catalyst for NetEase stock," Nomura adds. The ADRs last closed at US$131.86.