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Deepti Sri · · 1 min readAnt-backed Chinese bike-sharing startup eyes $1b in US listing
“Chinese bike-sharing giant Hello Inc has confidentially filed for a US initial public offering (IPO), joining a wave of technology firms seeking to take advantage of surging valuations to sell shares,” Bloomberg reported, citing people familiar with the matter.
Details:
- The Ant Group-backed mobility firm is working with China International Capital Corp., Credit Suisse Group, and Morgan Stanley for the listing, and it yet to decide the size and valuation of the IPO.
- Shanghai-based Hello reportedly plans to raise as much as US$1 billion through its public listing.
Context:
- Hello has bikes in more than 400 cities across China and over 400 million registered users as of October 2020.
- The development comes amid increasing scrutiny into Chinese tech companies over alleged monopolistic practices.
Editing by Collin Furtado and Eileen C. Ang
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