Arab Today, arab today largest chinese internet ipo yet
Last Updated : GMT 01:38:25
Arab Today, arab today
Arab Today, arab today

Largest Chinese Internet IPO yet

Arab Today, arab today

Arab Today, arab today Largest Chinese Internet IPO yet

Beijing - XINHUA

JD.com, China's second-biggest electronic commerce company, filed to raise $1.5 billion in a US initial public offering that would be the largest by a Chinese Internet company, reflecting China's booming online retail market. "Investors are very hungry for the piece of consumer e-commerce space in China," Francis Gaskins, a partner at IPO research company IPODesktop.com, was quoted by Reuters. US investors regained their appetite for Chinese stocks late in 2013 after accounting scandals froze demand. The number of US-listed Chinese stocks peaked at 40 in 2010. Baidu Inc, China's largest search-engine company, raised $122 million in a 2005 New York IPO. Formerly known as 360buy Jingdong Inc and backed by Saudi billionaire Prince Alwaleed bin Talal, JD.com is said to be trying to hold its IPO in the US ahead of rival and market leader Alibaba Group Holding Ltd. Alibaba has not yet announced plans for a US IPO. If it were to go public this year as expected, the offering would be the biggest since Facebook Inc's 2012 deal. China is on a course to overtake the US as the world's biggest online retail market this year with predicted sales of nearly $180 billion, as increasingly wealthy middle-class shoppers buy more items online and improvements to the nation's distribution network kick in. JD.com, founded in 1998 as Jingdong Century Trading Co, is reaping the benefits of the boom. It said in December it would top its 2013 sales target of 100 billion yuan ($16.5 billion). The Beijing-based company and other web-based retailers in China, including US global retailing giants Wal-Mart and Amazon Inc, dwell in Alibaba's shadow, which has captured nearly 80 percent of the Chinese market. Bankers predict an Alibaba IPO could raise up to $15 billion and value the company at more than $100 billion. JD.com tries to differentiate itself from Alibaba by operating its own network of couriers and warehouses, a factor it says ensures timely and efficient delivery. Alibaba depends on merchants and external courier firms for their logistics. With 35.8 million active customer accounts, JD.com posted a profit for the first nine months of 2013 after a string of losses, according to the IPO filing. It had 35.8 million active customer accounts and processed 211.7 million orders in the first nine months of 2013. Revenue surged 70 percent to $8 billion in the period. Founder and CEO Richard Liu owns a 46 percent interest in JD.com, according to the filing. Alwaleed's Kingdom Holding Co owns about 5 percent while Tiger Global Management LLC has 22 percent. JD.com's IPO filing did not reveal how many American depositary shares it planned to sell, the expected share price or the exchange on which the shares would trade. It said the $1.5 billion figure is a placeholder used to calculate fees and may change. The company said it would use the offering proceeds to buy more land rights, build new warehouses, expand its distribution and make acquisitions. The filing cited last week's ruling by a Securities and Exchange Commission administrative law judge that four Chinese units of the "Big Four" auditing firms should face a six-month suspension from auditing US-traded companies as a risk factor. Saying its independent registered public accounting firm is one of the four firms subject to the suspension, JD.com's filing said the company could be "adversely affected by the outcome of the proceedings, along with other US-listed companies audited by these accounting firms". The firms receiving the bans have said they will appeal the decision. In his judgment, Administrative Law Judge Cameron Elliot said the firms broke US law when they refused to turn over certain client documents for inspection to aid in SEC investigations of possible fraud. The Chinese firms insisted their hands were tied by Chinese law which treats the audit documents as "state secrets". China's securities subsequently accused the SEC of ignoring China's efforts and progress made on cross-border rules cooperation. Deloitte Touche Tohmatsu CPA Ltd, PricewaterhouseCoopers Zhong Tian CPAs Ltd, Ernst & Young Hua Ming LLP and KPMG Huazhen have 21 days to file a petition for review with the SEC before the Jan 22 ruling would become final. The ruling interrupted what appeared to be a rally in Chinese IPOs in the US after the accounting scandals dried up offerings from that group. 2013 saw eight initial public offerings, representing an increase from the three Chinese listings held in 2012.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today largest chinese internet ipo yet Arab Today, arab today largest chinese internet ipo yet

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday