Xunlei files for a $200 million Nasdaq IPO

By Wu Nanlan
0 CommentsPrint E-mail China.org.cn, June 10, 2011
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Xunlei files for a $200 million Nasdaq IPO  迅雷逆市IPO, 擬融資2億美元 

 

Xunlei Ltd., a Chinese online game operator and download accelerator software developer, filed an IPO prospectus on Thursday with the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq Global Market under the ticker symbol "XNET."

The Shenzhen-based software giant, which is partly owned by Google, hopes to raise up to US$200 million in an initial public offering of American Depositary Shares (ADS).

According to the company's filing with the SEC, Xunlei's revenues grew to US$42.8 million in 2010, up 154.8 percent from 2008. Profits totaled US$1.9 million for the first quarter this year as net revenue nearly doubled, rising to US$15.4 million.

Xunlei entered the cloud computing business in March 2009, offering subscriptions for services such as access to high-speed online downloads and cloud storage. The company now generates revenue from these subscriptions, online advertising, online games and other services.

Despite its impressive financial performance, the Xunlei listing had run up against resistance over intellectual property rights.

Michael Schlesinger, who represents the International Intellectual Property Alliance, said last month that some P2P transmission services companies in China such as Xunlei Network and VeryCD are directly involved in film and music piracy. He suggested Xunlei's performance on intellectual property rights should be reviewed as one of the conditions for its IPO in the U.S.

Xunlei's IPO follows a spate of similar listings by Chinese Internet ventures including Renren Inc., dubbed the "Facebook of China," and Jiayuan.com International Ltd., an online dating firm.

Moreover, The SEC put out an investor bulletin Thursday warning of potential fraud among some Chinese companies that went public in the U.S. using a controversial method called a reverse merger.

 

昨日凌晨消息,迅雷向美國證券交易委員會(SEC)提交了在美國市場IPO(首次公開募股)上市的申請,交易代碼XNET,計劃融資2億美元。

招股書顯示,2010年迅雷總營收達4280萬美元, 比2008年增長154.5%。2011年前3個月營收為1540萬美元,凈利潤為190萬美元。

迅雷從2009年3月開始啟用基于云計算的注冊服務營收模式, 目前迅雷營收來源包括付費增值、網絡廣告、游戲及其他服務收入。

今年5月,國際知識產權保護聯盟負責人施萊辛格指出,迅雷、VeryCD等提供P2P傳輸服務的企業與中國互聯網上電影、音樂盜版問題有直接聯系,并建議USCC與SEC進行溝通,讓SEC將知識產權保護方面的內容也作為迅雷赴美上市的條件之一。

在此以前,人人網、世紀佳緣、網秦、淘米網等十多家中國公司都已在美國上市,其中大多數為互聯網企業。但是,近日在美上市的中國公司已連續爆出會計丑聞。

 

 

 

 

 

 

 

China's business press carried the story above on Friday.

 

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