- Tencent’s China Literature, an Amazon-like e-book business, is continuing the trend of Asian tech IPOs after it announced its public listing in Hong Kong will raise $1.06 billion on Wednesday.
- The company set the price for its 151,371,800 share offering at HK$55, the top end of its range, and it could sell an additional 22.7 million through a greenshoe option with underwriters.
- The listing follows Southeast Asia-based Sea (formerly Garena), also backed by Tencent, which raised $880 million in a NYSE IPO last month, and is just ahead of gaming firm Razer, which plans to raise $550 million on the Hong Kong Stock Exchange this month.
- China Literature is spinning out from Tencent, which held a 62 percent share pre-listing, with plans to invest deeply in content — not only its current focus on literature, but also in anime, movies and TV shows.
Jon Russell / TechCrunch - 2 years ago