Chinese voice-chat app Yalla Group and e-learning company iHuman filed for a US listing, looking to enter a rebounding market for initial public offerings (IPOs) against the backdrop of rising tensions between Beijing and Washington.
The moves come as US-listed Chinese companies face tightened scrutiny and strict audit requirements from American regulators.
Yalla, founded in 2016, is among few Chinese social-media companies that are tapping the booming wireless-services market in the Middle East and North Africa.
Its IPO comes follows that of Chinese electric vehicle (EV) maker Xpeng Inc <XPEV.N> whose shares popped in their U.S. market debut after raising $1.5 billion.
Yalla intends to list its American Depository Shares on New York Stock Exchange under the symbol “YALA”, it said in a filing.
Morgan Stanley and Haitong International are among the underwriters of the IPO.
iHuman, which offers products including games, audio books and e-learning apps, plans to use about 35% of proceeds from the offering to expand its products and services, both within China and overseas.
It intends to list its American Depository Shares on the New York Stock Exchange under the symbol “IH”, it said in a regulatory filing
Credit Suisse Securities (USA) and Citigroup Global Markets are among the underwriters for the offering.
They join other Chinese companies like electric vehicle maker Xpeng, whose shares popped in their US market debut.
- Reporting by Manojna Maddipatla and C Nivedita in Bengaluru