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Xunlei Ltd., a Chinese Internet platform company partly owned by Google, filed with U.S. securities regulators on Wednesday to raise up to $200 million in an initial public offering of American Depositary Shares.
Xunlei’s IPO follows a spate of similar listings by Chinese Internet ventures including Jiayuan.com International Ltd. and Renren Inc.
In a regulatory filing, Xunlei said it will use proceeds from the offering to invest in technology, infrastructure and product development and to acquire digital media content.
The company which plans to list its shares on Nasdaq under the symbol “XNET,” said it and certain selling stockholders would be offering shares in the IPO, but did not reveal how may shares they are offering.
J.P. Morgan and Deutsche Bank will lead underwriters for the offering.
Chinese IPOs have been grabbing headlines in the past months as a dozen Chinese companies — mostly Internet ventures — rushed to list in New York since the start of the year.
A spate of accounting scandals involving U.S.-listed Chinese companies has hit New York exchanges as calls for China to punish those responsible go unheeded.
On Wednesday, Chinese stocks listed in the United States took a beating as brokers raised red flags about trading risks following the accounting scandals.
Interactive Brokers Group Inc sounded the loudest alarm on the companies on Tuesday, as it prohibited clients from borrowing money to take leveraged positions on 160 Chinese stocks due to numerous allegations of fraud.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different.
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