(Yicai Global) Aug.20 -- Chinese mobile news app Qutoutiao has submitted its application foraninitial public offeringtolist on NASDAQ under the stock code QTT.

Thecompanyis expected to reap up toUSD300 million.Citigroup and Deutsche Bankarethe underwriters forits IPO.

Founded in 2016, Qutoutiao is a news app oriented to third-tier city residents.Itsmonthly active usersarearound50million, each ofwhom spends 56 minutes on this app each day on average, perpublic materials.

Despite its large user basis, this company is stillrunningin the red, sustainingCNY95million (USD14.3 million) net losseslast year, and CNY11million in 2016.Its net lossesin the first halfwereCNY514 million (USD77.7 million), whichsuggests theseare graduallygathering pace.

The company sets'improving profitability'asakey strategyin its prospectus.Its currentrevenuemainly comesfrom advertising,and itplans to introduce more contenttoexpand its user base, with literature, casual games and livestreaming being added.

Qutoutiao'swebsite shows the company focuses on'light reading,'namely it regards entertainment and life news asitsmain content. It added around6millionitems of content, including around3million videosin June.Most of its data flows aredevotedto entertainment, humor, relationshipsand health.

Editor: Ben Armour