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Chinese fitness app Keep files for Hong Kong IPO

Popular Chinese fitness app Keep filed for a Hong Kong IPO on 25 February, making it the first Chinese fitness service company to go public. Launched in 2015, the app – which allows users to watch fitness videos, buy equipment, and build an at-home exercise regime – had 40 million monthly active users last year, according to its IPO file. Before Keep filed for the IPO, it had previously raised RMB 634 million ($4 billion) within 8 years, while it recorded a gross profit of RMB 499,427 in 2020 according to reports. [36Kr, in Chinese]

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Chinese produce startup Meicai reportedly prepares for Hong Kong IPO

Meicai, a Chinese app that supplies farm produce to restaurants, has picked China International Capital Corp., Citigroup Inc., and Nomura Holdings Inc. to help it prepare for an initial public offering in Hong Kong, Bloomberg reported on Monday. The listing could raise between $300 million to $500 million. The company, valued at about $7 billion after its latest found in September 2018, reportedly shelved its US IPO plan in July due to China tightening scrutiny on overseas IPOs. [Bloomberg]

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Social e-commerce app Xiaohongshu mulls Hong Kong IPO: report

Chinese social e-commerce startup Xiaohongshu, also known as Little Red Book, is mulling a Hong Kong IPO as soon as this year, Bloomberg reported on Monday. The listing could raise between $500 million to $1 billion. Xiaohongshu responded to local media that they have no clear IPO plan yet. The company suspended its US IPO plan this July after Beijing tightened reviews on overseas IPOs. [Bloomberg]

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Didi to delist from US in preparation for a Hong Kong debut

Chinese ride-hailing giant Didi Global said Friday that it is preparing to delist from the New York Stock Exchange, only six months after its June IPO triggered a cybersecurity probe for overseas listings of Chinese companies. Meanwhile, the company will pursue a listing in Hong Kong, a preferred listing destination for Chinese IPO hopefuls due to increased scrutiny for overseas listings from Beijing. Last week, China regulators reportedly asked Didi’s top executives to come up with a plan to delist from the US bourse because of concerns about leakage of sensitive data. [Didi announcement, in Chinese]

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China’s Quora-like platform Zhihu considers dual listing in Hong Kong: report

Zhihu, a Quora-like Q&A platform in China, is mulling over a secondary listing in Hong Kong after it went public in the US in March this year, a local media outlet reported Saturday. The report says Zhihu plans to submit documents for its share offerings in Hong Kong in January. The Beijing-based company denied the report in a response to local media on Sunday. Speculation around a dual listing comes after the New York-listed firm was summoned by China’s state internet regulator last week for “unlawful release of information.” [Jiemian, in Chinese]

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Chinese budget retailer Miniso files for Hong Kong dual listing

Miniso, a Chinese budget retailer already listed in New York, filed for a Hong Kong IPO on Thursday as the US Securities Exchange Commission push ahead with delisting plans for Chinese companies that can’t provide accounting access to the US regulator. Miniso’s dual-listing plan comes two years after the Guangdong-based retailer raised $608 million via a New York listing. Miniso is one of the leading Chinese consumer brands to leverage mobile and web-based technology to facilitate online shopping and real-time product and price comparisons. The company said it achieved revenue of RMB 5.4 billion ($851 million) in the six months ended December 2021. Miniso operates more than 5,000 physical stores globally and receives roughly a third of its revenue from international markets. [Miniso filing]