NEW YORK, June 28 (Xinhua) -- WiMi Hologram Cloud Inc., a leading holographic augmented reality (AR) application platform in China, filed for an initial public offering (IPO) on the U.S. stock market.
The company plans to list on the Nasdaq Global Market under the ticker symbol "WIMI," with an expectation to raise up to 50 million U.S. dollars, according to its prospectus filed with the U.S. Securities and Exchange Commission late Thursday. No pricing terms were disclosed.
Net proceeds from the offering will be mainly used for research and development purposes, strategic acquisitions and investments in complementary business, as well as other general corporate purposes, said the company.
Founded in 2015, the Beijing-based company primarily offers holographic AR advertising services and holographic AR entertainment products.
China's holographic AR market is fast-growing and evolving, fueled by new technologies. The total market size of China's holographic AR industry in terms of total revenues is expected to grow from 3.6 billion yuan (about 524 million U.S. dollars) in 2017 to 454.8 billion yuan in 2025, the company said in its filing, citing a report by business consulting firm Frost & Sullivan.
The number of Chinese firms listed on the U.S. exchanges increased in 2018, as more companies mull going public driven by the country's fast economic development.
A total of 43 Chinese companies were newly listed in the U.S. market last year, up from 24 in 2017 and 10 in 2016, according to data from Wind, a financial data provider.
