District company is first to go public in New York
Print Edition
CooTek (Caymen) Inc, a mobile Internet company, became the first Minhang-based enterprise to be listed on the New York Stock Exchange.
On September 28, CooTek issued 4.35 million American depository shares, raising US$52.2 million. Each share was priced at US$2, the low end of the expected price range.
Shares of the company traded at US$11.50 in the first hour of trading, according to Xinhua news agency. On October 16, the shares closed at US$8.08.
The company is most famous for its artificial intelligence-powered TouchPal Keyboard, which has about 125.4 million daily active users around the world and covers 110 languages.
The keyboard app provides information to users of both Android and iPhone systems. It won the Google Play Best Apps in 2015. CooTek also has 15 other apps spanning lifestyle, entertainment and healthcare.
“When we started the company in the Zizhu High-Tech Park in 2008, there were only five people on board,” said Wang Jialiang, CooTek founder and chief executive.
By the end of last year, the CooTek employed 400. It was rated one of the Top 50 Chinese brands with global influence this year by Facebook.
Wang floated the company on the New York exchange to lift the company’s profile and attract more professional talent. CooTek is looking to open more offices in the US or Europe.
CooTek had profit of US$3.5 million on revenue of US$50.3 million in the first half of 2018, according to the prospectus.
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