Huitongda Weighs $1 Billion Hong Kong IPO

News

Date: 20.05.2021

Huitongda Network Co., a Chinese e-commerce platform serving the country’s rural areas, is weighing a Hong Kong initial public offering that could raise as much as $1 billion, according to people familiar with the matter.

The company, which counts Alibaba Group Holding Ltd. among its backers, is working with advisers on the prospective listing and is considering going public as soon as the second half of this year, the people said, asking not to be identified as the information is private.

The Nanjing-based firm empowers rural retailers with supply chain and digital technology, according to its website. Its network covers 21 provinces and over 19,000 towns and villages across China.

Alibaba, which has talked about expanding into lower-tier areas to boost small merchants and drive rural consumption, invested 4.5 billion yuan ($701 million) in Huitongda in 2018, a U.S. exchange filing shows. Accelerating the economic development of China’s countryside, where about 36% of its 1.4 billion-strong population lives, has long been a priority of Chinese President Xi Jinping.

Based on: Bloomberg

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