Jinri Toutiao rival Qutoutiao reduces IPO financing volume by nearly 50%

Tencent-backed Chinese content aggregator Qutoutiao (趣头条), or “Fun Headlines,”, which recently filed for an IPO in the US, has lowered the amount it expects to raise from $300 million to $165 million.

The company initially submitted its IPO filing to the US Securities and Exchange Commision on August 17. However, it filed an amendment on September 4 in which it reduced its maximum offering price by close to 50%.

In the updated document, the company said it expects the initial offering price to be between $7 and $9. The company said the proceeds would be used in a variety of areas, including expanding and enhancing content offerings.

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