China's biggest mobile device power bank startup Energy Monster has a problem with an initial public offering (IPO) on Nasdaq. United States described Energy Monster as "imminent" which can be a problem with planned listing for the anticipated $300 million. The company is funded by Chinese giants Alibaba and Softbank. Alibaba holds the largest shareholder in Energy Monster with and second-biggest holding is 16.5% stake while SoftBank subsidiaries hold 7.7% of the company.
Energy Monster’s business model is renting out power banks or charging stations, for use by customers in Chinese shopping malls, restaurants, bars and other public places.
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