Tencent-backed payments firm Yeahka to seek $300m in Hong Kong IPO

Photo: Yeahka website

Yeahka Ltd., a Chinese payment technology services provider, is planning to raise about $300 million in an initial public offering in Hong Kong, according to people with knowledge of the matter.

The company aims to seek a listing hearing as soon as February after it filed an application with the city’s bourse on Nov. 12, the people said, who asked not to be identified as the discussions are private.

Tencent Holdings Ltd. became one of Yeahka’s shareholders in 2012, a year after the payment platform was founded, according to its preliminary prospectus. It also counts Japan’s Recruit Holdings and venture capital firm Greycroft Partners among its investors. Liu Yingqi, Yeahka’s chairman and co-founder, was the general manager of TenPay, Tencent’s payment infrastructure platform.

Yeahka is China’s second-largest non-bank independent QR code payment service provider, with about 12% of market share in 2018, according to the prospectus, citing data by Oliver Wyman. Yeahka had about 4.8 million active payment service customers as of June 30.

Details of the offering, including timeline and size, could still change as deliberations continue, the people said. Representatives for Yeahka and Tencent didn’t immediately respond to requests for comment.

CLSA Ltd., Nomura Holdings Inc. and ABC International Holdings Ltd. are the joint sponsors of the deal, according to the prospectus.

Bloomberg

Singapore Reporter/s

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

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  • 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. 
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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.