On March 23, it was reported that Alibaba-backed Energy Monster plans to list on the NASDAQ on April 2, with the stock code “EM”, raising up to $500 million. It means that Energy Monster is about to become the “No. 1 stock in shared power banks”.

Energy Monster, a Chinese portable battery-sharing startup, also a leader in China’s power bank sharing bank market, filed an F-1 prospectus with the Securities and Exchange Commission (SEC) on March 12, 2021, EST. Goldman Sachs, Citi and China Renaissance serve as co-lead underwriters, with BOC International as an associate underwriter.

In the prospectus, the tentative fundraising amount is $100 million, which is used as a “placeholder” by Energy Monster. But it is reported that the company actually aims to raise about $500 million in its upcoming U.S. IPO, higher than the $300 million previously reported.

According to Tianyancha, a platform providing Chinese enterprise information, Energy Monster has completed six rounds of financing, and its investors include Alibaba, CMC Capital, Hillhouse Capital, SoftBank Ventures Asia, Xiaomi Group, etc.

The prospectus also shows that the company’s management holds super voting rights, and has control over the company. Among the institutional shareholders, Alibaba is the largest one, holding 16.5% shares; Hillhouse Capital holds 11.7%; Shunwei Capital holds 8.8%; and SoftBank Ventures Asia holds 7.7%.