Chinese flexible display maker Royole is considering an IPO in China, while its original plans for a U.S. launch are on hold, Bloomberg reported citing people with knowledge of the matter.
Bloomberg reported earlier this year that Royole had quietly filed for a U.S. IPO to raise $1 billion.
But the latest report says the company is tentatively considering an IPO in China and hasn't made any final decisions yet.
Royole is known for making the world's first commercially available foldable phone. Last year, the company had initially planned to launch a private funding round at a valuation of $8 billion, sources said. But then, due to the economic downturn and tightening liquidity, the company decided to go public in the US.
Since January this year, many Chinese companies already listed in the US have been considering a secondary listing in Hong Kong, while Chinese Positive signals were actively released to attract innovative technology companies to list on the Shanghai and Shenzhen stock markets.
Royole's competitors include Samsung Electronics and BOE Technology Group. Both companies are actively developing bendable screens using cutting-edge organic light-emitting diode technology.
Royole's early investors include Knight Capital, IDG Capital. Poly Capital Management, AMTD Group, and Chik Kwan's Fund, and The Shenzhen government's venture capital arm.
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