China display maker Royole ditches US to seek $1.8b local IPO

A Royole Corp. Flexpai smartphone sits on display during the 2019 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S. Photographer: David Williams/Bloomberg

Chinese flexible display maker Royole Corp. is seeking to raise as much as 12 billion yuan ($1.8 billion) in an initial public offering on Shanghai’s Star Market board after its U.S. listing plan was shelved, according to people familiar with the matter.

The company plans to file the application to China’s Nasdaq-style trading venue as soon as December, said the people who asked not to be identified as the matter is not public. Royole could see its valuation rise to over $8 billion, said the people, more than what it was seeking in a private funding round last year, which never closed.

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