According to The Latest IPO, Chinese cloud computing service provider UCloud Technology Co. LTD. officially listed on Shanghai’s STAR market, under the ticker symbol 688158. UCloud issued 58.5 million shares at a price of 33.23 yuan per share, accounting for 13.85% of the total share capital.
UCloud opened at 72.00 yuan, up more than 116% from its offering price. As of 9:50, the share price was 65.90 yuan, up 98.31 percent from the issue price, and the market value reached 27.8 billion yuan.
Founded in 2012, UCloud is a cloud computing service platform providing comprehensive industry solutions including public cloud, hybrid cloud, private cloud and proprietary cloud. In 2013, it was invested in series A by DCM and Bertelsmann. In 2014, it received the series B investment lead by Legend Capital and Bertelsmann, followed by DCM, and the series C investment of Legend Capital in 2015. In 2017, it won the D-round investment of Oriza Holdings and CICC Alpha. In 2018, the company received E round investment from China Mobile Investment Corporation, and the two sides reached strategic cooperation. UCloud is also the first company listed on the board using the second set of standards of STAR.
UCloud’s business covers a wide range of industries, including the Internet, finance, new retail, manufacturing, education and government. In September 2018, the company had set up data centers in 15 overseas regions, as part of its overseas expansion strategy. Meanwhile, China’s cloud space is dominated by giants Alibaba and Tencent, who account for over half the domestic market.