COL Group (SHE:300364) has filed for an initial public offering on the Hong Kong Stock Exchange, according to a Shenzhen Stock Exchange filing on Saturday.
The Chinese e-book content provider will use the proceeds from the IPO to develop and improve its AI technologies, build an overseas micro drama ecosystem and strengthen its content ecosystem, according to its redacted filing to the Hong Kong bourse.
Citigroup will serve as the sole sponsor of the planned IPO.
COL's shares were down nearly 5% in recent trade.
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