Yunxi Technology, officially one of China’s “little giants”, has submitted a confidential initial public offering application to Hong Kong’s stock exchange, according to people familiar with the matter. The Guangzhou-based start-up was valued at 10 billion yuan (US$1.27 billion) in its latest private funding round and was working with Bocom International on the deal, aiming to raise “several hundred million [US] dollars”, said the people, who asked not to be named because of the sensitivity of...