BUSINESS Chinese workforce solutions provider Quhuo files for US IPO

BUSINESS

Chinese workforce solutions provider Quhuo files for US IPO

Xinhua

04:48, June 06, 2020

quhuo.jpg

(Photo: quhuo.cn)

NEW YORK, June 5 (Xinhua) -- Quhuo, which provides operational solutions for consumer service businesses in China, has filed for an initial public offering (IPO) on the U.S. stock market.

The company plans to list on the Nasdaq under the symbol "QH," with an expectation to raise up to 35 million U.S. dollars, according to its prospectus filed late Thursday with the U.S. Securities and Exchange Commission.

Roth Capital Partners, Valuable Capital, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.

Founded in 2012, the Beijing-based company has a presence in 73 cities across 26 provincial regions. It was the largest workforce operational solution platform in China as measured by the number of average monthly active workers in 2019, the company said in its prospectus, citing data from research firm Frost & Sullivan.

As of Thursday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,708.04, marking a 5.22-percent gain for the month-to-date returns and a 17.07-percent increase for the year-to-date returns. 


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