Chinese voice-chat app Yalla files for U.S. IPO

(Reuters) – Chinese voice-chat app Yalla Group Ltd on Tuesday filed for a U.S. listing, looking to enter a rebounding market for initial public offerings against the backdrop of rising tensions between Beijing and Washington.

The move comes as U.S.-listed Chinese companies are facing tightened scrutiny and strict audit requirements from U.S. regulators.

Yalla, founded in 2016, is among few Chinese social-media companies that are tapping the booming wireless-services market in the Middle East and North Africa.

Its IPO comes follows that of Chinese electric vehicle (EV) maker Xpeng Inc whose shares popped in their U.S. market debut after raising $1.5 billion.

Yalla intends to list its American Depository Shares on New York Stock Exchange under the symbol “YALA”, it said in a filing here.

Morgan Stanley and Haitong International are among the underwriters of the IPO.

Reporting by C Nivedita in Bengaluru; Editing by Arun Koyyur


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