Chinese Apps Store to List on US Stock Market

Published on: 1st Jan 1970: 1:33am

Chinese mobile apps store operator, Sky-mobi has filed for a stock market listing on the USA's NASDAQ exchange which could raise around US447 million and value the company at upwards of US$300 million. The company says that it operates the leading mobile application store in China, as measured by revenues in 2009, according to a report dated May 2010 and prepared by Analysys International.

At the end of September, their Maopao apps store community had approximately 479 million cumulative users, and generated revenues of RMB544.3 million ($81.3 million) in the fiscal year ended March 31, 2010.

The company is currently 72% owned by Xplane Ltd., a British Virgin Islands company controlled by Mr. Michael Tao Song, Sky-mobi's chairman and CEO. The remainder is held by US provate equity group Sequoia Funds. Following the floatation, 22.5% of the shares will be listed, with the two existing shareholders reducing their holding to 58.3% and 19.2% respectively.

Citi, Piper Jaffray, Oppenheimer & Co, and Rodman & Renshaw are the underwriters on the deal.

 

Tags: [apps store]  [mobile content]  [sky-mobi]  [mobile apps]  [apps]  [virgin]  [China]