Content platform Qutoutiao announced on Thursday that is seeking to raise up to $45 million in a new share offering of 10 million American depositary shares (ADS), representing 2.5 million Class A ordinary shares, according to a company announcement.

The offering marks Qutoutiao’s return to the capital markets fewer than seven months after it went public on Nasdaq. It joins a number of Chinese tech companies including Baidu-backed iQiyi that went public in 2018 and is seeking more funding from the markets.

Qutoutiao will be issuing approximately 3.3 million ADS, and selling shareholders will be offering the remaining approximately 6.7 million shares, at a public offering price of US$10 per ADS. Underwriters of the offering can purchase up to 1.5 million additional shares.

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Tony Xu

Tony Xu is Shanghai-based tech reporter. Connect with him via e-mail: tony.xu@technode.com