November 8, 2014

ALIBABA!!! China’s New GAY Dating App Momo is Taking Over US Wall St. 
Momo Inc., the holding company for Beijing Momo Technology Co., said in a filing Friday that it intends to use proceeds for general corporate purposes like research and development and technology infrastructure.
The company may pursue acquisitions but currently has no commitments or agreements for any deals.
After Alibaba Group Holding Ltd. filed for a U.S. IPO, bankers expected other Chinese companies to follow. Alibaba went public in a record $25 billion debut on the New York Stock Exchange in September. Alibaba owns a 21% stake in Momo.
The Wall Street Journal reported in May that Momo was working on a plan for an IPO this year, and that the company had completed a fundraising round that valued it at around $2 billion.
Underwriters include Morgan Stanley, Credit Suisse, J.P. Morgan and China Renaissance Securities. The company said it plans to sell up to $300 million of American depositary shares, but that is a placeholder amount used in deciding registration fees and will likely change. 
Momo has grown rapidly since its 2011 launch. It began as an online dating application, but it has pushed to become a platform to help people with shared interests connect in locales across China. 
Monthly active users reached 60.2 million in September, more than doubling from a year earlier.
The company said membership subscription fees provided more than 63% of its revenue in the first half of 2014.
Total revenue in the first half of the year was $13.9 million, up from $3.1 million in the comparable 2013 period. Net loss was $8.3 million, compared with a $9.3 million loss in the first half of 2013.  
—Telis Demos contributed to this article.

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