Xuhang Holdings, a Chinese provider of marketing services with a focus on new media content, lowered the proposed deal size for its upcoming IPO on Thursday.
The Hangzhou, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the revised deal size, Xuhang Holdings will raise -20% less in proceeds than previously anticipated.
Leveraging its PRC subsidiaries' experience in content production and operation, extensive distribution channels, and cross-platform new media account base, Xuhang provides integrated marketing solutions that provides new media-focused marketing services. Customers utilize the company's marketing services to achieve their branding and marketing goals across multiple channels, with a primary focus on social media platforms such as WeChat, Weibo, and Kuaishou, among others. As of December 31, 2023, the company had delivered short videos and advertorials that generated over 224 billion views in total, and its new media account base comprised 524 self-operated accounts and 180 cooperative accounts.
Xuhang Holdings was founded in 2014 and plans to list on the Nasdaq under the symbol SUNH. Craft Capital Management, WestPark Capital, and R.F. Lafferty & Co. are the joint bookrunners on the deal.
