Chinese mobile phone maker UTime seeks U.S. IPO

UTime, a Chinese mobile phone and electronics manufacturer, has filed for an initial public offering on the U.S. stock market.

The company plans to list on the Nasdaq under the ticker symbol "UTME," with an expectation to raise about 22 million U.S. dollars in the offering, according to its prospectus filed earlier this week with the U.S. Securities and Exchange Commission.

Founded in 2008, the Shenzhen-based company is committed to providing cost-effective mobile devices to consumers globally and to helping low-income individuals have better access to updated mobile technology.

The company intends to use the net proceeds of this offering primarily for general corporate purposes, which may include funding the exploration of the Indian market and other emerging markets as part of its strategy for expanding local distribution network, performing more research and development activities to launch new products and other general and administrative matters.

ViewTrade is the sole bookrunner on the deal. No pricing terms were disclosed.

As of Friday, the SP U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 2,767.93, marking a 12.26-percent decrease for the month-to-date returns and a 12.61-percent loss for the year-to-date returns.