LIZHI (LIZI) IPO Opens Flat

Today's IPO for LIZHI INC. (NASDAQ: LIZI) opened for trading at $11.03 after pricing 4,100,000 American depositary shares (“ADSs”), at US$11.0 per ADS for a total offering size of approximately US$45.1 million, assuming the underwriters do not exercise their over-allotment option to purchase any additional ADSs. Each ADS represents twenty Class A ordinary shares of the Company. The ADSs are expected to begin trading on the Nasdaq Global Market today under the ticker symbol “LIZI.”

The Company has granted to the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 615,000 additional ADSs at the initial public offering price.

Citigroup Global Markets Inc, Haitong International Securities Company Limited, AMTD Global Markets Limited, Needham & Company, LLC, Tiger Brokers (NZ) Limited and Prime Number Capital LLC are acting as the joint bookrunners of the offering and representatives of the underwriters. China Merchants Securities (HK) Co., Limited and Valuable Capital Limited are acting as co-managers of the offering.

LIZHI INC. is a leading online UGC audio community and interactive audio entertainment platform in China, with a mission to enable everyone to showcase vocal talent. The Company is aiming to bring people closer together through voices.

Since launching Lizhi app in 2013, LIZHI has cultivated a vibrant and growing community encouraging audio content creation and sharing. Now LIZHI is an audio wonderland offering a wide range of podcasts and audio entertainment products and features, including audio live streaming and various interactive audio products, empowering users to enjoy an immersive and diversified entertainment experience through audio.

LIZHI envisions a global audio community – a place where everyone can create, share and connect with each other through voices and across cultures.

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