Qiniu's Third IPO Attempt in Hong Kong: A Test of Market Resonance

Monday, 23 September 2024, 05:09

Taobao China and Alibaba Group Holding are backing Qiniu in its third IPO attempt in Hong Kong. This comes after Midea Group's successful listing, boosting market sentiment. Industry experts see positive momentum as Qiniu aims to raise capital amidst increasing optimism in the IPO arena.
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Qiniu's Third IPO Attempt in Hong Kong: A Test of Market Resonance

Qiniu's Ambitious Third IPO Attempt

Qiniu, a prominent Chinese cloud service provider backed by Alibaba Group Holding and Taobao China, is gearing up for a third attempt at an IPO in Hong Kong, following the inspiring success of Midea Group. Last week, Midea's US$3.98 billion debut lifted spirits in the financial landscape, setting the stage for Qiniu's renewed ambitions.

Background and Market Reception

Founded in 2011, Qiniu has already secured US$397 million in funding through various investment rounds involving entities such as YF Capital and Qiming Ventures. Having submitted its IPO application again, the company hopes to ride the wave of optimism and enthusiasm surrounding recent Hong Kong listings.

  • Previous Attempts: Qiniu has struggled with its first two tries, with the last application expiring unnoticed.
  • Under Regulatory Scrutiny: Approval by the China Securities Regulatory Commission in June allows Qiniu to issue up to 234.7 million shares.
  • Financial Footing: The company reported revenue figures of 1.5 billion yuan in 2021, but losses continue to weigh heavy.

Looking Ahead

As Hong Kong's IPO landscape transforms, Bonnie Chan, the CEO of Hong Kong Exchanges and Clearing, anticipates the positive trends will persist. Qiniu is positioned keenly to leverage this momentum, potentially injecting fresh capital into its expanding operations.

  1. Growth aspirations: Seeking to amplify its reach beyond China.
  2. Competitive pressures: Understanding the landscape of audiovisual cloud services.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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