Tencent-backed Chinese content aggregator Qutoutiao files for U.S. IPO to raise up to $300m

Chinese content aggregator Qutoutiao Inc, which is backed by technology giant Tencent Holdings Ltd, filed for an initial public offering of up to $300 million with the U.S. Securities and Exchange Commission on Friday.

Qutoutiao, which means “fun headline”, collects articles and short videos from professional media and freelancers and presents customized feeds to users on its namesake mobile application.

The company ranks fourth among the news apps in Apple’s Chinese App Store, after Toutiao, Alibaba’s UC Web Browser and Tencent News.

Qutoutiao, which counts Chinese internet search giant Baidu as its largest customer, said in its preliminary filing that it had 32.1 million monthly average users in the quarter ended June 30.

The Shanghai-based company said it plans to have its American Depository Shares listed on the Nasdaq under the ticker symbol “QTT”.

The filing did not reveal how many shares the company planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filing is usually a placeholder. The final size of the IPO could be different.

Citigroup Global Markets, Deutsche Bank Securities, China Merchants Securities (HK) Co Ltd and UBS Securities and KeyBanc Capital Markets are the underwriters for the IPO.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.