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Hong Kong fintech unicorn WeLab seeks IPO amid virtual bank boom

Deal could value startup at up to $2bn as investors see 'good window' to list

Hong Kong's financial district. About $17.14 billion has been raised through new listings in the first three months of 2021, the best-ever start to a year. (Photo by Dean Napolitano)

HONG KONG -- WeLab, a Hong Kong financial technology company backed by billionaire Li Ka-shing, is in talks with investment banks in preparation for an initial public offering expected later this year, according to five people familiar with the situation.

The eight-year-old startup is considering Hong Kong or the U.S. for its listing, these people said. By the end of 2020, WeLab had 50 million customers across Hong Kong, mainland China and Indonesia, representing a 20% jump from the previous year, thanks to the digital finance boom in the region.

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