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Chinese Cloud Service Provider Is Said to Mull $200 Million IPO

Lulu Yilun Chen, Dong Cao and Pei Li
·1 min read

(Bloomberg) -- Shenzhen Cloudsky Technologies Co. is considering an initial public offering that could raise about $200 million as soon as this year, according to people familiar with the matter.

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The Chinese digital storage and computing service provider is working with advisers and is seeking a valuation of about $1 billion in the possible share sale, said the people, who asked not to be identified as the information is private. The company is weighing the US among potential listing venues, though no final decision has been made, the people said.

Considerations are preliminary and details of the offering could still change, the people said. A representative for Cloudsky didn’t immediately respond to requests for comment.

Should Cloudsky proceed with a US listing, it would be joining a slew of Chinese companies in returning to tap the country’s capital markets. Hesai Group, a Chinese developer of sensor technologies used in self-driving cars, this month raised $190 million in the largest IPO by a Chinese issuer in the US market since the crash of Didi Global Inc. in 2021.

Founded by people who previously worked for companies including Tencent Holdings Ltd. and Huawei Technologies Co., Cloudsky focuses on businesses such as graphics processing unit hardware design and 3D graphics real-time rendering engines, its website shows. Its customers and partners include Chinese telecom companies and social and gaming platforms such as Bilibili Inc. and DouYu International Holdings Ltd.

The company last year raised tens of millions of dollars in a series C round led by Intel Capital, according to a press release.

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