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.
The company, which broke even in 2017 and expects to be profitable in 2018, has plans to raise around $1 billion in the IPO, the source said. Yunji has more than 35 million active users, the source added. Representatives for Yunji, Morgan Stanley, Credit Suisse and JPMorgan declined to comment.