Chinese e-commerce portal Yunji Weidian taps banks for U.S. IPO

| September 5, 2018

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Chinese e-commerce portal Yunji Weidian has hired investment banks for an initial public offering it plans to launch in the United States early next year, a source with direct knowledge of the matter said on Wednesday.Yunji hopes to fetch a valuation of between $7 billion and $10 billion in the IPO, and has mandated Morgan Stanley, Credit Suisse Group AG and JPMorgan Chase & Co to lead the listing on the Nasdaq stock exchange, the source said, requesting anonymity because the plans are not public.Representatives for Yunji, Morgan Stanley, Credit Suisse and JPMorgan declined to comment.The Yunji listing would follow other Chinese e-commerce companies public in the United States, including Alibaba, JD.com and Pinduoduo Inc. Pinduoduo, which has a market capitalization of around $23 billion, went public in July in an IPO that priced at the top of its targeted range.

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