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TechnologyChina s Ximalaya, Qiniu file for U.S. IPOs
Reuters
2 minute read
Ximalaya, backed by China s Tencent Holdings (0700.HK), filed for an initial public offering (IPO) in the United States on Friday, cashing in on growing demand as more people tune in to podcasts while staying at home during the pandemic.
China s Qiniu Ltd, a cloud-based platform-as-a-service provider backed by Alibaba Group Holding Ltd (9988.HK), also filed paperwork for a U.S. IPO.
The largest online audio platform in China, Ximalaya had 250 million average monthly average users in the first quarter of 2021, according to a regulatory filing.
Ximalaya, which provides a platform for users to access free or paid content from professional or amateur providers, was valued at $3.71 billion as of July 2018, according to PitchBook. It has raised $225 million in funds from investors including General Atlantic and Tencent.
China has waged a campaign to rein in its internet titans, as the government has grown increasingly concerned over their growing influence over every aspect of Chinese life.