Qutoutiao Announces Pricing of Follow-On Public Offering

On April 2, 2019, Qutoutiao announced the pricing of its follow-on public offering of 10,000,000 American Depositary Shares (ADSs)—sold by the company and several selling shareholders—at an offering price of $10.00 per ADS for a total offering size of approximately $100 million, or approximately $115 million if the underwriters fully exercise their over-allotment option to purchase 1,500,000 additional shares. Wilson Sonsini Goodrich & Rosati represented the underwriters in the offering.

Citigroup Global Markets, Deutsche Bank Securities, CLSA Limited, Jefferies LLC, Haitong International Securities Company Limited, and Lighthouse Capital International acted as the joint bookrunners in the offering.

Qutoutiao is a leading China-based mobile content aggregator. Its flagship mobile application, Qutoutiao (which means "fun headlines" in Chinese), aggregates articles and short videos from professional media and freelancers and presents customized feeds to its users. The company's additional mobile application, Midu, offers free literature supported by advertising as an alternative to the traditional paid-subscription model in the online literature industry.

The WSGR team that represented the underwriters in the offering included:

Corporate:
Dan Ouyang, Partner
Jie Zhu, Partner
Ke Li, Counsel
Zhenzhen Bao, Associate
Yuhang Li, Special Associate
Rujin Ruan, Legal Consultant

Tax:
Myra Sutanto Shen, Partner

For more information, please see Qutoutiao's press release.