China’s Sungy Mobile targets $80m US IPO
Sungy Mobile, a Chinese app developer backed by IDG Capital Partners, JAFCO, WI Harper and China Broadband Capital (CBC), is targeting a $80 million IPO and a listing on the New York Stock Exchange. The company, which focuses on apps, widgets and functions for Android smart phones, claims to be one of the top three publishers globally on Google Play.
According to a regulatory filing, IDG owns 28.7% of Sungy, while JAFCO, WI Harper and CBC hold 9.6%, 9.7% and 14.6%, respectively. AVCJ Research data indicate that IDG first invested in the company in...
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