Chinese classifieds site Ganji is one of China’s most valuable startups, with an estimated valuation near US$1 billion. Now, Ganji founder Mark Yang has confirmed that the company still plans to hit the stock markets this year, as it suggested after its previous round of funding. Its original plan was to IPO before June of this year, but Yang says the company isn’t desperate to list quite so fast:
At the moment our financial affairs department is already working in accordance with the standards for an IPO, but we’re not impatient about listing. We’re looking for the right time to do it, because there’s no economic pressure [to do it immediately].
It’s not clear what market Ganji plans to list on, but competing classifies service 58.com listed on the NYSE back in late 2013.
Sales through classifieds have not proved to be a hugely popular business in China, where many prefer to purchase goods through ecommerce sites like Taobao. But Ganji operates a number of related businesses including an employment/recruitment portal and an AirBnb-like C2C home rental service. More recently, both Ganji and its rival 58.com have invested in boosting their used car offerings as the country’s used car market takes off. But they also face competition from other startups, including the recently-funded Cheyipai, in that space.
(Source: Sina Tech)
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