Public investors will soon get a taste of one of China’s hottest businesses after bike-sharing company Youon won regulatory approval for an initial public offering on the Shanghai Stock Exchange.
Officially known as Changzhou Youon Public Bicycle System, the Jiangsu-headquartered firm said on Thursday that it intends to float 25% of its equity capital in a 24 million-share offer, looking to raise as much as Rmb598 million $86 million for a market cap of about $344 million.
Being the first bike-sharing company to potentially go public -- it has to come to market within six months of regulatory approval -- Youon’s share sale will hog the attention...
¬ Haymarket Media Limited. All rights reserved.
