China-based Xunlei Limited, a digital media content platform, announced it plans to sell 7.6 million American Depositary Shares in its initial public offering on Nasdaq.
The company is partially backed by American search engine Google, which will own 1% of the company and maintain a 1.4% voting right after the IPO.
Xunlei Limited is actually a Cayman Island company that has a wholly foreign owned entity operating in China. That WFOE has a variable interest entity relationship with Shenzhen Xunlei Networking Technologies Company Limited.
Shenzhen Xunlei is the actual company that manages the revenue generation in China for Xunlei, and it is directly owned by Sean Shenglong Zou, the company’s co-founder, chairman and chief executive officer; Hao Cheng, a co-founder and director; Jianming Shi; Guangzhou Shulian Information Investment Company Ltd.; and Fang Wang.
Shenzhen Xunlei then owns majority or total stakes in six more companies in China that help to sell services to customers.
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