China's Jingdong Mall to Go Public in Sep; Led by Former Merrill Executive06-04 13:41 Caijing
Chinese online retailer Jingdong Mall is set to kick off its long-awaited initial public offering in September, and is to bring its filings to the U.S. SEC as soon as in June, according to DoNews, quoting sources close to the company.
The company, also known by the name of 360buy.com, has hired a former director of Bank of America Merrill Lynch Kate Kui to be in charge of the upcoming U.S. listing, the report said.
Last week, Chinese media reported that Jingdong had held an analysts' meeting on May 30, making the final preparations of its IPO, which, if according to its initial announcement last year, may help it raise 4-5 billion U.S. dollars, making its market value at some 15-20 billion U.S. dollars.
Naming Kate Kui as a vice chairman, who has proven track records in investment, is also one of its moves to secure a smooth IPO process, analysts say.
Kate Kui graduated from Beijing Foreign Studies University and got a master’s degree at the University of Bingham, UK. She was director of the investment banking with Bank of America Merrill Lync after leaving CCTV where she served as a financial show host.
Jingdong has also restructured its top executives since late 2011, naming former senior vice chairman of Baidu Shen Haoyu as COO and former Oracle global vice president Wang Yaqing as Chief Technology Officer.
Jingdong has 40 million registered users ending April, 2012, and its orders for March and April grew to an average of 40,000 monthly, the company said in mid-April, when announcing a CNY80 billion-worth home appliance purchasing plan for the next three years.
Sales of the company may grow to 28-30 billion yuan (around 5 billion U.S. dollars) in 2011 from the previous year’s 10.2 billion, with growth remained to be at 180-200 percent.
Jingdong raised $1.5 billion in a third round of funding in April, which valued the company at $10 billion.
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