GoAnimate eyes listing amid expansion plans
GoAnimate, a do-it-yourself video-creation platform based in Hong Kong, is considering going public, but has yet to decide on the listing venue.
Alvin Hung, founder and chief executive of GoAnimate, said the company is open to all options for its listing venue, including the United States, Hong Kong, Singapore and Taiwan, but will base its decision on cost and pricing.
It has no timetable for its listing plan yet, Hung told a media briefing in Hong Kong on Thursday.
Founded in 2007, GoAnimate currently has 8.5 million registered users around the world. A total of 22 million animated films have been created with the company's platform.
Sales have started to grow significantly since the company formed a partnership with YouTube in 2011.
It has recently moved to a new office in Sheung Wan with plans to further boost its presence across the region. The space can accommodate more than 40 staff.
The company plans to beef up its Hong Kong team from 24 to 40 by the end of 2016 while expanding its sales and marketing team in the US from 12 to 30.
It also plans to set up a new office in Taiwan to attract talent.
GoAnimate has yet to launch another round of fundraising since Hung, with the help of some angel investors, set up the company in 2007. It has so far invested a total of US$10 million to develop the business.
A graduate of computer science, Hung said he founded the company to show others how easy and cheap it is to create a video.
"Making a video should be as easy as using the Word and Excel or sending an email," he said.
He said he is not so interested in taking care of the family business and instead got support from his family to explore opportunities in the technology sector.
His family owns Hop Hing Group Holdings Ltd. (00047.HK), which produces edible oils under the Lion & Globe and Camel brands.
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