Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
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Chinese social media-based e-commerce firm Pinduoduo is said to seek for an initial public offering in the U.S. with a valuation of US$30 billion, according to Chinese local media citing insiders.
The report said the firm will submit its IPO application next week and Goldman Sachs and China International Capital Corporation (CICC) are its underwriters.
Pinduoduo, Goldman Sachs and CICC did not immediately respond to China Money Network’s emails seeking for comments.
If confirmed, Pinduoduo will be the latest Chinese unicorn joining the wave for IPO rush. Other unicorns in the club include smartphone maker Xiaomi Inc., and on-demand local services firm Meituan Dianping.
Founded in September 2015, Pinduoduo allows users to participate in group buying deals, mostly through Tencent’s WeChat. It targets low-income consumers from lower-tiered cities in China. In 2017, its total amount of goods sold on the platform, or gross merchandise value (GMV), was RMB4 billion (US$604 million) per month, up from RMB100 million (US$15 million) a month in early 2016. Also, more than 200 million people placed a purchase on the website last year.
In 2016, Banyan Capital, New Horizon Capital and Tencent Holdings invested US$110 million in a series B round in the company.
Source: China Money Network
