Lalamove gets ball rolling for US$1b IPO

Chinese logistics and delivery firm Lalamove has reportedly picked BofA Securities and Goldman Sachs as the sponsors for its Hong Kong initial public offering, IFR Asia reported.

Bloomberg had earlier reported that Lalamove was considering shifting its planned US$1 billion (HK$7.8 billion) IPO from the United States to Hong Kong, with China's regulators cracking down on the wave of firms chasing overseas listings.

Before that, the Hong Kong-based company had reportedly filed a confidential listing application to US regulators.

Founded in 2013 as a mobile app-based on-demand delivery service, Lalamove operates in more than 20 markets across Asia and Latin America, according to its website.

Another company considering switching its listing venue from the US to Hong Kong is Chinese social gaming startup Guangzhou Quwan Network Technology, IFR Asia reported.

Founded in 2014, Quwan offers services including instant voice messaging, social gaming, esports, and game distribution. The company operates TT Voice, which claims that it has over 100 million users.

Quwan is aiming to raise around US$200 million to US$300 million through US IPO as soon as the second half of this year, the report said.