Date
23 September 2018
A growing number of Chinese e-commerce companies are going public in the United States. The latest is Yunji Weidian, which plans to raise around US$1 billion in an IPO on the Nasdaq stock exchange. Photo: Xinhua
A growing number of Chinese e-commerce companies are going public in the United States. The latest is Yunji Weidian, which plans to raise around US$1 billion in an IPO on the Nasdaq stock exchange. Photo: Xinhua

China e-commerce portal Yunji Weidian plans 2019 US IPO: report

Chinese e-commerce portal Yunji Weidian has hired investment banks for an initial public offering it plans to launch in the United States early next year, Reuters reports, citing a source with direct knowledge of the matter.

Yunji hopes to fetch a valuation of between US$7 billion and US$10 billion in the IPO, and has mandated Morgan Stanley, Credit Suisse Group AG and JPMorgan Chase & Co. to lead the listing on the Nasdaq stock exchange, the source said, requesting anonymity because the plans are not public.

The company, which broke even in 2017 and expects to be profitable this year, has plans to raise around US$1 billion in the share offering, the source said. Yunji has more than 35 million active users, the source added.

The Yunji listing would follow other Chinese e-commerce companies public in the US, including Alibaba, JD.com and Pinduoduo Inc.

Pinduoduo, which has a market capitalization of around US$23 billion, went public in July in an IPO priced at the top of its targeted range.

Like Pinduoduo, Yunji allows consumers to purchase items both individually and as a team. However, Yunji’s platform offers more Chinese and international brands.

Yunji’s main investors include Asia-focused private equity firm Crescent Point and China’s CDH Investments.

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