Chinese cloud computing firm QingCloud eyes $168m STAR Market IPO

Network servers underlying cloud computing.

Chinese enterprise-level cloud computing products and solutions developer QingCloud is targeting to raise nearly 1.19 billion yuan ($168 million) in an initial public offering (IPO) on the Nasdaq-style STAR Market, according to a prospectus filed on the Shanghai Stock Exchange (SSE) on Tuesday.

Beijing-based QingCloud, which plans to offer no more than 12 million shares, is the latest Chinese cloud service company to move towards an IPO on the startup board, following its homegrown peer UCloud Technology. UCloud floated an IPO of about 1.94 billion yuan ($275 million) in January 2020 as the first listed firm with a dual-class share structure on the mainland stock market.

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