Geely-Backed Meizu Taps Banks for IPO at $2 Billion Value
- CICC, Huatai are working on the potential Hong Kong offering
- DreamSmart may seek higher valuation depending on market
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DreamSmart Group, the smartphone maker that last year pivoted toward developing artificial intelligence for mobile devices, has selected banks to prepare for its Hong Kong initial public offering that may value it at more than 15 billion yuan ($2.1 billion).
The startup behind popular smartphone brand Meizu is working with China International Capital Corp. and Huatai Securities Co. on the potential share sale this year, the people said. The company, backed by Chinese automaker Zhejiang Geely Holdings Group Co., may seek a valuation of as much as 20 billion yuan in the offering, depending on market conditions, one of the people said.