Online marketplace YesAsia is set to raise US$17 million in an IPO launch in Hong Kong.
The company aims to offer 39,540,00 new shares, 90 percent of which will be available for placing with institutional and professional investors while 10 percent will be available for subscription by the public in Hong Kong.
Founded in 1988, YesAsia offers Asian fashion & lifestyle, beauty, and entertainment products to global customers. The company launched its key opinion leader initiative in 2018, and subsequently its YesStyle Influencer Program in 2019.
Revenues generated from its influencer marketing initiatives accounted for 1.2 percent, 7.9 percent, and 17.4 percent of the total revenue of YesStyle for the three years ended last December, respectively.
“We had been able to achieve above-industry revenue growth during the Track Record Period even in the midst of the Covid-19 pandemic, mainly due to our continuous effort in strengthening our marketing strategy to support customer retention and acquisition as well as long-term ecosystem development,” said Lau Kwok Chu, founder and executive director and CEO at YesAsia.