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Changba close to filing for first-time share sale: Jiemian
Posted on Friday, 08 June 2018 13:30
Beijing Changba Science and Technology, the Chinese developer of online mobile karaoke application Changba, is entertaining the notion of holding an initial public offering on the Growth Enterprises Market after undertaking eight listing guidance sessions, Jiemian News reported.
The business and financial news website added the singing social network platform, which is backed by Sequoia Capital, may submit paperwork for a mainland admission within month following a 24-month-long preparation process.
No further information was disclosed regarding the rumoured upcoming debut of the app that lets users to share their performance with friends or create photo slides or video.
Changba is as a smartphone app offering users a portable solo karaoke booth and the ability to upload their renditions, browse and comment on other people’s singing, or even send virtual gifts.
The free social mobile platform has built-in reverb and echo effects that can enhance the voice, and, in addition, provide accompaniment and corresponding lyrics that are synced to the songs.
It was officially released in May 2012 and within five days of its release, it ranked first in overall rankings and remained in the top five for free apps for three consecutive months.
As at the end of June 2017, Changba had monthly active users of 24.04 million, some three times less than Tencent’s own Quanmin K Ge, which had a monthly user volume of 84.60 million, according to iResearch Global.
The app competes against the likes of Smule, Yokee, SingPlay, and Haochang and is partnered with Sina Weibo, iQIYI and Youku, among others.
By uploading songs, photo slides, images or video to these social media platforms, users can gain an in-app fan-base to become a celebrity.
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