IPOs & Markets
The startup is said to be raising over $1 billion at a $25 billion valuation in a pre-IPO round mostly from Tencent.
The share sale will likely take place next year and could value Blued at around $1 billion.
It’s overtaken Baidu and JD.com in capitalization after gaining 59 per cent this year.
The owner of facial-recognition platform Face++ plans to submit an IPO filing to the Hong Kong Stock Exchange as soon as Friday.
Plus.AI counts China’s largest truck-sharing platform, Full Truck Alliance Group, as its external shareholder.
Revenue at the company rose 42% to 114.9 billion yuan ($16.3 billion) in the three months ended June, surpassing the 111.6 billion yuan average estima
Tencent reported revenue of 88.8 billion yuan ($12.7 billion), lagging the 93.4 billion yuan average analyst estimate.
China’s two largest companies have lost a combined $140 billion in market value since the escalation of the trade war in May.
Zhihu’s existing backers, social messaging giant Tencent Holdings Ltd. and Capital Today, also invested in the new round.
Alibaba Group president Michael Evans joined Alibaba in 2015 as one of its highest-profile recent hires.
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