{"id":10373,"date":"2011-09-17T04:09:08","date_gmt":"2011-09-17T04:09:08","guid":{"rendered":""},"modified":"2011-09-17T04:09:08","modified_gmt":"2011-09-17T04:09:08","slug":"Chinese-company-could-have-largest-IPO-in-US-history","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10373","title":{"rendered":"Chinese company could have largest IPO in US history"},"content":{"rendered":"

A Chinese company few Americans have heard of is gearing up for what could be the largest Internet IPO in U.S. history. <\/strong><\/p>\n

The company, Beijing Jingdong Century Trading Co., runs 360buy.com<\/strong>, a fast-growing online-shopping site that sells a broad range of goods, mostly direct to consumers, much like Amazon.com Inc. This business-to-consumer part of China’s online shopping market is expected to expand more than fivefold to 650 billion yuan ($100 billion) over the next three years, according to Beijing-based research firm Analysys International.<\/strong><\/p>\n

Jingdong hopes to raise as much as $4 billion to $5 billion from an initial public offering in the first half of 2012<\/strong>, people familiar with the situation said last week. If it succeeds, it would overtake Google Inc., whose $1.9 billion IPO in 2004 makes it the current record holder for Internet companies.<\/p>\n

Bankers from several major securities firms recently flew to Beijing to vie for the assignment in a so-called “bakeoff” competition, expected late this week.<\/strong><\/p>\n

Market weakness in the months ahead or investor wariness toward China stocks could trip up Jingdong’s plans.<\/strong> Many Chinese stocks that listed in the U.S. earlier this year are trading at less than their IPO prices, thanks in part to a spate of accounting scandals.<\/p>\n

In addition to setting a new benchmark for IPOs, a successful Jingdong deal could heat up an intensifying rivalry between the company and Alibaba Group Holding Ltd.’s Taobao, long China’s undisputed champion of online shopping. <\/p>\n

Today most of the money Chinese consumers spend on online purchases of everything from clothing to furniture and cellphones flows through Alibaba Group’s sites.<\/strong> Total transactions on those sites last year neared 400 billion yuan, or around $62.5 billion. Taobao doesn’t disclose its financial results<\/p>\n

Source<\/a>
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