By Mars Woo
Backed by Vision Knight Capital, Weidai claims to be the largest auto-backed financing solutions provider in China in terms of volume in the past three years.
The IPO would mark the latest in a string of debuts this year by companies backed or controlled by Tencent, a serial investor in China’s tech scene.
Canaan’s lapsed application comes two weeks after Hong Kong’s SFC said it would bring “virtual assets” such as cryptocurrencies further within its regulatory net.
Around 20 Chinese firms hope to list on the planned technology board, with the first coming as soon as the first quarter of 2019.
At the midpoint of the proposed range, Weidai would command a market value of $700 million.
Babytree had originally aimed to raise $1 billion in its initial public offering, but falling markets forced the company to lower its target.
The firm intends to use the IPO proceeds for new condominium projects, acquiring land plots, loan repayment and working capital.
The company had earlier been seeking to raise up to $1 billion, but weak markets and a slide in Ctrip’s share price forced it to slash the size of the IPO.
Moderna, valued at $7.5 billion, secured $500 million in a round participated by Singapore-based EDBI and Sequoia Capital China in February.
Nomura Holdings Inc and Daiwa Securities Group Inc will lead the sales effort for Japan’s biggest initial public offering ever, the sale of stock in SoftBank Group Corp’s domestic wireless operation.