Tencent-backed Yeahka to seek US$300 million in Hong Kong IPO
- The Chinese payment technology services provider aims to seek a listing hearing as soon as February after it filed an application with the city’s bourse on November 12, sources said
Yeahka, a Chinese payment technology services provider, is planning to raise about US$300 million in an initial public offering in Hong Kong, according to people with knowledge of the matter.
The company aims to seek a listing hearing as soon as February after it filed an application with the city’s bourse on November 12, the people said, who asked not to be identified as the discussions are private.
Tencent Holdings became one of Yeahka’s shareholders in 2012, a year after the payment platform was founded, according to its preliminary prospectus. It also counts Japan’s Recruit Holdings and venture capital firm Greycroft Partners among its investors.
Liu Yingqi, Yeahka’s chairman and co-founder, was the general manager of TenPay, Tencent’s payment infrastructure platform.
Yeahka is China’s second-largest nonbank independent QR code payment service provider, with about 12 per cent of market share in 2018, according to the prospectus, citing data by Oliver Wyman. Yeahka had about 4.8 million active payment service customers as of June 30.
Details of the offering, including timeline and size, could still change as deliberations continue, the people said.