BRIEF: Alibaba-backed Qiniu to raise $60 million in Hong Kong IPO

2567.HK

Audiovisual cloud services provider Qiniu Ltd. (2567.HK) will sell nearly 160 million shares in its Hong Kong IPO, with about 16 million available to local Hong Kong-based investors, the company said on Monday. It set an IPO price range of HK$2.74 to HK$2.86 per share, with shares available for sale in lots of 1,000 and an admission fee of about HK$2,889 per lot. The listing will raise about HK$457 million ($59 million).

Alibaba’s Taobao China is an early Qiniu investor with a 17.7% stake, while YF Capital also holds 12.4%. The company will take subscriptions for shares through Oct. 10, price the shares on Oct. 14 and make its trading debut on the main board of the Hong Kong Stock Exchange on Oct. 16.

Qiniu recorded losses of 220 million yuan ($31 million), 213 million yuan and 324 million yuan in the three years from 2021 to 2023, respectively, and a loss of 148 million yuan in the first quarter of this year.

By Lau Chi Hang

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