Two more Chinese tech IPOs: 500.com and Sungy Mobile

|By:, SA News Editor

With shares of many Chinese tech names having taken off this year, privately-owned peers are increasingly looking to cash in while the going is good. The most recent IPO filings come from online sports lottery service 500.com and mobile app developer Sungy Mobile.

500.com is looking to raise $150M under the symbol WBAI. The company takes in sports lottery orders through its site and is paid service fees by provincial administration centers. (F-1)

iResearch estimates 500.com had the largest share among Chinese sports lottery firms in 1H, and the second-largest in 2012. However, due to a voluntary suspension that lasted from March-November 2012, active accounts had fallen to 800K at the end of Q3 from 900K at the end of 2012 and 1.9M at the end of 2011.

Thanks to the end of the suspension, revenue rose 25% Y/Y in the first nine months of 2013 to $26.7M. Net income more than doubled Y/Y to $3.6M.

Sungy is looking to raise $80M under the symbol GOMO. The company offers a slew of apps that collectively have 80M monthly active users (MAUs), 70% of which are outside of China. Its most popular product, a custom Android home screen app called GO Launcher, has 42M MAUs. (F-1)

1H revenue totaled $22.7M (+87% Y/Y), and net income $5.5M.

Deutsche and Piper are underwriting 500.com's IPO, and Credit Suisse, JPMorgan, and Oppenheimer are underwriting Sungy's.