NEW YORK, March 21 (Xinhua) -- Yunji, a Chinese e-commerce site that uses a social platform to promote its products, filed on Thursday for an initial public offering (IPO) on the U.S. stock market.
The company plans to list on the NASDAQ under the symbol "YJ," with an expectation to raise up to 200 million U.S. dollars in the IPO, according to its prospectus filed with the U.S. Securities and Exchange Commission.
Morgan Stanley, Credit Suisse, J.P. Morgan and CICC (China International Capital Corporation) are the joint bookrunners on the deal. No pricing terms were disclosed.
Founded in 2015, the Hangzhou, China-based company generates revenues primarily from selling products on its platform to users, including both members and non-members. As of Dec. 31, 2018, it had accumulated 7.4 million members, according to the company.
Yunji booked about 1.9 billion U.S. dollars in sales for the 12 months that ended Dec. 31, 2018, showed its prospectus.
The Chinese e-commerce platform said it intended to use the proceeds of its IPO mainly in four aspects, including expanding business operations, enhancing technological capabilities, improving its fulfillment facilities as well as general corporate purposes.