Razer, which is headquartered in the US but is listed in Hong Kong, says it is considering a secondary listing in the US; Razer revenues grew 68% to $752M in H1
- Razer, which makes laptops, PC peripherals and other products for gamers, is currently listed in Hong Kong. Tweets: @ryan_browne_ Tweets: Ryan Browne / @ryan_browne_ : Latest from me: Razer, the Hong Kong-listed gaming hardware company, is considering a secondary listing in the US. Gamers are asking “daily” why Razer doesn't already trade on a US exchange, @minliangtan tells me. https://www.cnbc.com/...
Context & Ripple Effects
Razer's exchange question goes back to its origin story: the company priced its IPO at $0.50 near the top of the range and raised $529M, then popped 18% in its Hong Kong trading debut in November 2017 despite being headquartered in the US.
Since then the business has shifted under that listing: by 2019 the company had built 70M registered user accounts and was steadily lifting the software-and-services share of revenue beyond its hardware base. Now, with H1 revenues up 68% to $752M, CEO Min-Liang Tan says gamers ask daily why Razer doesn't trade on a US exchange — and the board is weighing exactly that.
First-order effects
- A US secondary listing would give American retail and institutional investors direct access to Razer stock for the first time, addressing demand Tan says arrives daily rather than routing it through Hong Kong-only shares.
- The move adds a second set of listing obligations, disclosure requirements, and investor-relations work on top of the existing Hong Kong regime for a company already running at record revenue growth.
Second-order effects
- Other US-headquartered but Hong Kong-listed consumer hardware companies face pressure from their own investor bases to explain why they lack US-traded shares, making Razer's decision a template either way.
- US-listed gaming hardware peers gain a directly comparable public market price for Razer, sharpening valuation benchmarking across peripherals and gaming laptops.
Third-order effects
- If the pattern holds, the 2017-era choice of Hong Kong as the default listing venue for China-adjacent consumer tech gives way to dual listings, with companies maintaining both venues to hedge geopolitical and liquidity risk rather than picking one.
The trend: Consumer technology firms that chose Hong Kong exchanges in the late 2010s are adding US secondary listings as their investor bases globalize and revenue scales.