With No Revenues And Scandal, Chinese ‘MOMO’ Plans IPO

Is this the sign of a market top? A Chinese “anonymous social network” company named under the banner MOMO is planning an IPO. The company, touted as “the magical tool to get laid,” has no profits and sports a debt of over $97 million, and is said to be used by prostitutes. The IPO will use a dual-class, ordinary-share structure where the co-founder Yan Tang, who is also is at the helm of the chairman and chief executive officer positions, will control 78 percent of the Class B voting shares. MOMO scaled back its IPO ambitions after an advertising scandal After a…