Evernote is spinning out its Chinese business and it plans to take it public
Summary
As part of its move to independence, Yinxiang Biji has raised an undisclosed Series A round from the Sequoia CBC Cross-border Digital Industry Fund.Tang said that note creation in China per user is 50 percent higher than Evernote’s other customer base, while the business has grown at a 60-percent rate annually.Yet still a change is needed since the existing approach “doesn’t satisfy what we have learned about how Chinese users want to use Evernote versus those in the rest of the world,” Malcolm summarized.The move frees Yinxiang Biji up for a potential listing, which Malcolm and Tang both acknowledged is part of the plan since Chinese financial regulations are strict, including clauses such as two years of profitability.Under that context, the Chinese move makes plenty of sense since it happened under the previous Evernote management regime, but it also raises questions about Evernote’s own immediate future, and a potential IPO.
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