Jingdong Mall's on-again, off-again stock market listing is off - again.
The mainland's top online retailer, often dubbed China's Amazon.com, is postponing its planned initial public offering of shares on Nasdaq in the United States, aimed at raising about US$5 billion.
The company had been expected to file its listing form as soon as this month and launch the IPO by September. But after recent discussions with investment bankers, it has decided to delay any listing until next year because of weak market sentiments worldwide, people familiar with the matter say.
Last year, Jingdong shelved its listing plans as markets softened.
Beijing-based Jingdong, which operates 360buy.com targeting China's fast-growing online market, was eyeing Nasdaq, where many internet businesses, including Facebook, are listed.
Volatile markets have damped investor enthusiasm for IPOs around the world, prompting the delay of some big listings including Graff Diamonds, which intended to raise US$1 billion in Hong Kong before pulling the deal earlier this month. Even Facebook, the world's No1 online social network operator, which raised US$16 billion in an IPO last month, has struggled. The listing ranked as the world's sixth-largest ever and the biggest technology IPO in history. But the stock quickly fell and is trading far below the offer price, casting a pall over new listings worldwide. Senior executives of Jingdong were in Hong Kong last month talking to bankers about 'how strong an appetite the market may have for technology companies after the Facebook IPO', one of the people said.
'If Jingdong is keen to launch its IPO in the current market environment, I think it can make the IPO happen, but the size of the IPO may have to be cut half,' said a person who asked not to be named because the talks between banks and Jingdong are private.