Cue & Co., a Chinese digital marketing agency, reportedly hired bankers for a U.S. IPO that could seek to raise upwards of $400 million at a $2 billion valuation.
Why it matters: This is the latest in a flurry of U.S. IPO activity by Chinese companies, reflecting how no one in either country is taking Washington's de-listings threat seriously.
- Cue was formed in early 2019 when KKR backed a roll-up of four Chinese digital ad agencies. It then raised an undisclosed amount of Series A funding from Anchor Equity Partners and Princeville Global.
The bottom line: "Cue works with Chinese tech companies like ByteDance, Baidu and Tencent to source advertising on their popular Chinese apps like WeChat, Douyin, Jinri Toutiao, and Kuaishou, writes Reuters' Scott Murdoch and Julie Zhu.