Caixin
Nov 26, 2018 06:57 PM
BUSINESS & TECH

Game Publisher Makes IPO During Industry Crackdown

IDreamSky listed on the Nasdaq on Aug. 7, 2014, but later privatized. Photo: IC
IDreamSky listed on the Nasdaq on Aug. 7, 2014, but later privatized. Photo: IC

Tencent-backed game publisher iDreamSky Technology Holdings Ltd. said Monday it aims to raise up to HK$990 million ($126.5 million) in a Hong Kong initial public offering (IPO), as it becomes the latest Chinese firm to seek a higher valuation by re-listing in Asia after privatizing from New York.

The offering will provide a litmus test of investor sentiment towards China’s online gaming industry, as it becomes one of the sector’s first since Beijing launched a major clampdown earlier this year.

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