DayOne, a Singapore-headquartered spin-off of a Shanghai-based company, is weighing listings in New York and Singapore and aims to raise $5 billion, according to the Financial Times.
The proposed listing comes amid new Singapore rules designed to boost Asian IPOs and follows Beijing's crackdown on Meta's purchase of Chinese AI startup Manus—a relocation strategy referred to as "Singapore-washing."
DayOne's investors do not expect Chinese regulators to target the company's IPO, which is set to be one of Singapore's biggest listings in 10 years, though Reuters reported that DayOne's plans are not yet concrete.
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