Logistics unicorn mulls US$500m IPO in HK

Hong Kong-based logistics unicorn GogoX, formerly known as GoGoVan, is considering an initial public offering that could raise US$400 million (HK$3.12 billion) to US$500 million as soon as this year, Bloomberg reported citing sources.

The company is in preliminary discussions with several investment banks about its proposed share sale in Hong Kong, which could value the startup at about US$2 billion, said sources. GogoX, the on-demand delivery services platform, is also exploring going public by merging with a special purpose acquisition company in the United States, the people said.

Meanwhile, shares of ByteDance, the Chinese parent of hit video app TikTok, are trading at a valuation of more than US$250 billion in the secondary market, Bloomberg reported citing people familiar with the matter.

ByteDance had been exploring plans to list some of its businesses, including Douyin, in Hong Kong, Bloomberg reported in November. But it is increasingly likely that founder Zhang Yiming would take his whole company public, the report said.

In other news, mainland popular bubble tea chain HEYTEA has hired China International Capital Corporation (3908) and UBS to arrange its Hong Kong IPO, local media reported. The company is seeking to go public in the second half.

Separately, three firms make their mainboard debut today. Mainland compatible cartridge chips provider MEGAIN Holding (Cayman) (6939) saw its shares rise 4 percent in gray markets last night. But financial technology company Bairong (6608) dropped 8 percent, while local contractor Unity Enterprise (2195) fell nearly 30 percent.