China Literature, the online reading platform being spun out of Tencent, is raising up to $1.1bn as the country’s tech sector is set for a blockbuster quarter of initial public offerings.
“The primary market has started to shake loose several companies,” said one banker. “This is a sign of the early waves coming in from the supercycle of tech and tech-related IPOs we are going to see over the next couple of years.”
This comes amid a big year for IPOs from the country: Chinese companies have raised $38.6bn through IPOs in the year to date, according to Dealogic.
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