Beijing approves first bike-sharing IPO

Changzhou-based bike-sharing firm Youon will be the first to ride into the public market, having received approval for a Shanghai IPO.

Public investors will soon get a taste of one of China’s hottest businesses after bike-sharing company Youon won regulatory approval for an initial public offering on the Shanghai Stock Exchange.

Officially known as Changzhou Youon Public Bicycle System, the Jiangsu-headquartered firm said on Thursday that it intends to float 25% of its equity capital in a 24 million-share offer, looking to raise as much as Rmb598 million $86 million for a market cap of about $344 million.

Being the first bike-sharing company to potentially go public -- it has to come to market within six months of regulatory approval -- Youon’s share sale will hog the attention...

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