Chinese content aggregator Qutoutiao (趣头条), or “Fun Headlines,” is expected to raise even less in its IPO than its recently adjusted total of $165 million, according to local media.

The company initially hoped to raise $300 million when listing on the Nasdaq.

However, late last week it updated its filing to reflect a 45% decline in its expected IPO financing.

Now, according to individuals familiar with the matter, that figure has dropped to $84 million, marking a 72% decrease compared to the amount proposed in August.

Its IPO prospectus shows the company plans to offer 16 million American Depository Shares (ADS), while it is being underwritten by Citigroup, Deutsche Bank Securities, China Merchants Securities [HK], UBS Investment Bank, and KeyBanc Capital Markets.

Qutoutiao is the biggest rival of Jinri Toutiao.

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