Online Chinese entertainment company YY files for a $100 million US IPO
YY Inc., a Chinese social platform that engages users in
real-time online group activities through voice, text and video,
filed on Monday with the SEC to raise up to $100 million in an
initial public offering. Assuming the deal moves forward in the
coming weeks, YY would be the first Chinese company to list in
the US since flash sales website Vipshop Holdings (
) went public in March of this year. China Auto Rental (CARH),
the largest car rental company in China, looked to list in April
but postponed and subsequently withdrew its offering amid likely
valuation pushback from investors.
The Guangzhou, China-based company, which was founded in 2005 and booked $83 million in sales for the 12 months ended June 30, 2012, plans to list on the NASDAQ under the symbol YY. Morgan Stanley, Deutsche Bank and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.