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Alibaba-Backed YH Entertainment Is Said to Suspend Hong Kong IPO

  • Artist manager behind Wang Yibo saw disconnect over valuation
  • Chinese firm’s investors also include ByteDance’s Douyin
Wang Yibo

Wang Yibo

Photographer: VCG/Visual China Group

YH Entertainment Group, the artist management company famous for representing Chinese celebrity Wang Yibo, has pulled its first-time share sale in Hong Kong as investor interest didn’t meet its valuation expectations, a person with knowledge of the matter said.

The Alibaba Group Holding Ltd.-backed company was expected to price its initial public offering of as much as $140 million Wednesday, but decided to suspend the process and wait for better market conditions, said the person, asking not to be identified as the information is private.