Weimob to go public

Weimob, a Shanghai-based cloud and online marketing service provider, will list on the Hong Kong exchange January 15 through an initial public offering of HK$1.06 billion dollars (US$153.6 million).

Weimob, backed by Tencent as an investor, offers marketing and cloud services for WeChat shop owners.

It generated revenue of 534 million yuan (US$77.4 million) in 2017, more than triple that of 2015. In the first half of 2018, it generated revenue of 332 million yuan, according to its IPO prospectus filed to the Hong Kong Stock Exchange.

Weimob has a huge market through its WeChat base of more than 1 billion peoplet. Since it was founded in 2013, it has offered cloud services and integrated marketing solutions to small-to-medium sized enterprises via WeChat.

Weimob is expected to comment today.

Shanghai Wentang, a subsidary of a local government fund and Huifu, and a Shanghai-based payment firm already listed in Hong Kong, have become strategic investors.

Shanghai-based online education platform Hujiang, Wuhan-based live-streaming platform Douyu and Beijing-based short-video operator Kuaishou, are also considering listing on the Hong Kong exchange.