Dmall, a China-based ecommerce platform, plans to submit an application to list on the Hong Kong Stock Exchange this quarter, Pandaily reported, citing local media firm Photon Planet.
The company, which is backed by supermarket chain Wumart Group, had abandoned earlier plans for an IPO in the US after the declining market values of other listed online retailers, including Dingdong Maicai and Miss Fresh, an insider said. Dmall had tapped several banks and China Renaissance in preparation for the US listing, where sources said it aimed to raise US$500 million.
Beijing’s stricter supervision of Chinese firms listed offshore also pushed Dmall to put its IPO plans on the backburner.
Dmall was founded in 2015, when it raised US$100 million in angel financing from IDG Capital and other investors. The company works with over 120 retail chains and 850 brands, according to its website.
Former Dmall CEO Liu Jiangfeng reportedly plans to cash out his shares if the HKEX listing goes as planned, a source said.
See also: Why Alibaba should spin off Lazada
Editing by Miguel Cordon and Lorenzo Kyle Subido
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