Flexible display maker Royole Corp. has confidentially filed for an initial public offering in the U.S. with a target of about $1 billion, Bloomberg News reported, citing people familiar with the matter.
The time frame is still not clear, the sources added.
Originally, the company was targeting a valuation of about $8 billion in a financing round. But after a downturn tightened liquidity in China's venture capital sector, it decided to try U.S. markets instead, the sources said.
A spokesperson for Royole declined to comment.
Royole’s backers include Beijing Zhongtai Chuanghui Private Equity Fund Managment Co. Ltd., according to S&P Global Market Intelligence information.