Chinese e-commerce group eyes US IPO


Chinese e-commerce group has filed a placeholder of up to $1.5bn for its US IPO., previously 360Buy, has to date raised $2.23bn in the past six years from investors including institutional investors such as Canada’s  Ontario Teachers’ Pension Plan and Saudi Arabian investment company Kingdom Holding Company, alongside Tiger Global Management and DST Global.

Company founder and CEO Richard Liu retains a 46 percent stake in the online marketplace , which could seek a valuation of between $10bn and $13bn, Reuters said

The company is the largest B2C direct sales e-commerce company in China. It has achieved more than 150 per cent annually compounded growth in gross merchandise volume during past several years. For the first nine months of 2013 it recorded net revenue of $8bn.

Its most recent funding round in February 2013 saw Kingdom lead a consortium of investors in a $400m deal, with investing $125m.

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