Alibaba-Backed YH Entertainment Is Said to Suspend Hong Kong IPO

- Artist manager saw disconnect over valuation
- This firm’s investors also include $ByteDance (FT0001)$ ’s Douyin.

$YH ENT (02306.HK)$ has pulled its first-time share sale in Hong Kong as investor interest didn’t meet its valuation expectations, a person with knowledge of the matter said.

The Alibaba Group Holding Ltd.-backed company was expected to price its initial public offering of as much as $140 million Wednesday, but decided to suspend the process and wait for better market conditions.