https://www.sec.gov/Archives/edgar/data/1639920/000119312518063434/d494294df1.htm
Very unusual IPO:
-no underwriters
-all shareholders but 2 (Tencent and a subsidiary of Tencent) are allowed to sell from day one
-Company did not consult with shareholders on whether they intend to sell or when
-Company qualifies as a foreign issuer so they do not have to disclose and file as much info as a typical US security
-On their risk factors they pretty much admit they are a slave to the music industry and studios can demand whatever they want from them. Its quite interesting the lenght in which they admit that (maybe they dont want to be sued in the future)
-Company alerts several times about `volatility` on its IPO day as a risk factor
Something smells about this one
Very unusual IPO:
-no underwriters
-all shareholders but 2 (Tencent and a subsidiary of Tencent) are allowed to sell from day one
-Company did not consult with shareholders on whether they intend to sell or when
-Company qualifies as a foreign issuer so they do not have to disclose and file as much info as a typical US security
-On their risk factors they pretty much admit they are a slave to the music industry and studios can demand whatever they want from them. Its quite interesting the lenght in which they admit that (maybe they dont want to be sued in the future)
-Company alerts several times about `volatility` on its IPO day as a risk factor
Something smells about this one
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