Tencent-backed Soulgate halts U.S. IPO plans after getting new funding options

Reuters2021-06-24

June 23 (Reuters) - Soulgate Inc, the Chinese social networking app backed by Tencent Holdings Ltd , has halted plans for its initial public offering in the United States, the company said on Wednesday.

The company, which was aiming for a valuation of up to $1.8 billion, said it scrapped its plans to list on the Nasdaq because it received other offers to raise capital.

"Due to alternative financing options made available to Soulgate, the company decided to halt the IPO," a Soulgate spokesperson said.

The Shanghai-based company, which launched its mobile app in November 2016, was looking to raise up to $198 million through the IPO.

In March, the company had 9.1 million daily active users on average, its IPO prospectus said. Tencent owns a 49.9% stake in the company.

Morgan Stanley, Jefferies, BofA Securities and CICC were the lead underwriters for the IPO that was scrapped.

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Comments

Xpeajs
2021-06-24
Xpeajs
:)
SoarCheng
2021-06-24
SoarCheng
Interesting outlook!
Deonc
2021-06-24
Deonc
They is grow company. Please comment and like, thanks
- Deonc:
  ??
- nezS_nreV:
  Comment
- Deonc:
  done. tq
LPN
2021-06-24
LPN
Wow
LPN
2021-06-24
LPN
Great ariticle, would you like to share it?
KTAN
2021-06-24
KTAN
[微笑]

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Please comment and like, thanks","listText":"They is grow company. Please comment and like, thanks","text":"They is grow company. 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