男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Technology

Pinduoduo makes biggest group offer yet with IPO

By Tan Xinyu | chinadaily.com.cn | Updated: 2018-07-17 15:50
Share
Share - WeChat
The logo of e-commerce company Pinduoduo. [Photo/VCG]

Chinese online group discounter Pinduoduo proposed raising up to $1.87 billion in an updated prospectus through listing on the Nasdaq Global Select Market under the symbol "PDD", with 85.6 million American depositary shares on offer at a price range between $16 and $19 per share.

The 3-year-old company's market value will be more than $24 billion if the offering price falls on the highest end of the indicative price spectrum, compared with $12.5 billion of value in its latest fundraising in March, news portal sina.com reported.

Pinduoduo's shareholders — Tencent Holdings Limited and Sequoia Capital — each planned to purchase up to $250 million of the ADSs representing Class A ordinary shares in the initial public offering according to its prospectus, which was uploaded to the website of the US Securities and Exchange Commission on Monday.

The prospectus said 40 percent of net proceeds from this offering will be used to enhance and expand business operations, another 40 percent will go to research and development and the rest will be for general corporate purposes and working capital, including potential strategic investments and acquisitions.

Like many technology companies such as Google and Facebook, Pinduoduo would have a weighted voting rights structure, or dual-class shares, which allows founders to keep outsized voting rights. After the offering, Huang Zheng, founder, chairman and CEO of Pinduoduo, will own a 46.8 percent stake with aggregate 89.8 percent voting power, while Tencent, Banyan Partners Funds and Sequoia Funds are to take up 17 percent, 9.3 percent and 6.8 percent respectively, data from the prospectus showed.

The updated version of the prospectus presented Pinduoduo Inc as the entity to issue shares instead of Walnut Street Group Holding Ltd, Pinduoduo's parent company, named in the initial prospectus released on June 29.

The latest prospectus also announced a panel of advisors in the management team, including former president of Goldman Sachs, John Thornton, chairman of Kerry Logistics Network George Yong-Boon Yeo and artificial intelligence expert and former COO of China's internet search giant Baidu Inc, Lu Qi.

The Shanghai-based startup aims to combine value-for-money and entertainment, and has accumulated 343.6 million active buyers in the 12-month period ending on June 30, with 262.1 billion yuan ($39.24 billion) in gross merchandise volume.

Second-quarter financial data released in the prospectus showed annual spending per active user has increased from 673.9 to 762.8 yuan, while monthly active users on average reached 195 million, up 17 percent from the first quarter.

Meanwhile, domestic e-commerce peers are pushing back. Alibaba, for instance, launched a new platform called Taobao Tejia, or Taobao Special Price Edition, and JD.com has introduced group shopping. Both let users make bulk purchases of cheap products in a similar way to Pinduoduo.

Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited and China Renaissance Securities (Hong Kong) Limited are underwriters for the IPO, as the prospectus showed, and Deutsche Bank Trust Company Americas, as depositary, will register and deliver the ADSs.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 和田市| 华池县| 文成县| 岳西县| 塔城市| 通河县| 莒南县| 遵义县| 阿克苏市| 锦州市| 普宁市| 高雄县| 周宁县| 柘城县| 小金县| 双柏县| 五家渠市| 广元市| 五华县| 乐昌市| 仙桃市| 年辖:市辖区| 浦北县| 灵山县| 长海县| 宿州市| 安徽省| 罗源县| 宜宾市| 道真| 温泉县| 红河县| 防城港市| 濮阳市| 抚远县| 海兴县| 永寿县| 汝州市| 荥阳市| 余江县| 湟中县|