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China Social App Soul Files Confidentially for U.S. IPO

  • GGV-backed Soul aims to raise about $300 million from listing
  • CICC is advising firm on IPO that could occur as soon as 2021

The company behind Chinese social networking platform Soul App has confidentially filed for an initial public offering in the U.S. that could take place as soon as this year, according to people familiar with the matter.

Shanghai Renyimen Technology Ltd. could raise about $300 million from the listing, though the fundraising target has yet to be finalized, the people said. The app company is working with advisers including China International Capital Corp. one of the people said, asking not to be named because the matter is private. The company’s valuation is more than $1 billion before the IPO, another person said.