According to the Zhitong Finance APP, chinese marketing service provider Xuhang Holdings Limited (stock code: SUNH.US) announced on Monday that it has lowered the planned trading range of the upcoming initial public offering (IPO). The company, headquartered in Hangzhou, China, now plans to raise $11 million by issuing 2.5 million shares at a price of $4 to $5 per share. The company had previously applied to issue 2.8 million shares at the same price range. At the midpoint price, Xuhang Holdings will raise funds 9% less than expected. The float shares of this IPO only account for 4.1% of the basic float shares. In addition, the company also announced that it has changed its underwriters from Univest Securities to WestPark Capital and Orientiert XYZ Securities.

With the expertise of its Chinese subsidiary in content creation and operation, extensive distribution channels, and cross-platform new media customer base, Xuhang Holdings provides integrated marketing solutions to meet customers' marketing needs in the new media era. Customers use the company's marketing services to achieve multi-channel branding and marketing goals, mainly focusing on WeChat, Weibo, and Kuaishou platforms. As of December 31, 2023, the company has placed short videos and ads with a total playback volume of over 224 billion times. Its new media account group includes 524 self-operated accounts and 180 cooperative accounts.

Established in 2014, Xuhang Holdings achieved revenue of $57 million in the 12 months ending December 31, 2023. The company plans to list on Nasdaq.