Advertisement
Chinese enterprise services platform operator Zhubajie makes third attempt at IPO in Hong Kong
- Operator benefits from ‘growth opportunities in China’s customised enterprise services e-commerce market’, filing says
- Zhubajie potentially on course for a fourth straight year of losses
2-MIN READ2-MIN
Zhang Shidongin Shanghai
Zhubajie, the Chinese e-commerce platform offering enterprise services, has filed an initial public offering (IPO) application with the Hong Kong stock exchange in its latest effort to revive the flotation after two failed attempts.
The company has hired Citic Securities and CCB International as joint sponsors of the deal, according to an exchange filing. Zhubajie plans to use the proceeds from the stock sale to expand its user base, enhance its commercialisation capability, strengthen its research and development, and replenish its working capital, it said.
Zhubajie, whose namesake platform matches transactions between enterprises in need of customised services and specific service providers, might test overseas investors’ appetite.
Advertisement
Such investors have fled markets in both Hong Kong and mainland China this year amid jitters about the durability of China’s post-Covid-19 economic recovery. The value of IPOs in Hong Kong has dropped 56 per cent from the same period in 2022 to US$5.31 billion so far this year, according to Bloomberg data.
“We benefit from growth opportunities in China’s customised enterprise services e-commerce market,” Zhubajie said in the filing. “The vast and steady growth in the number of businesses, in particular SMEs [small and medium-sized enterprises], in China has driven extensive demand for enterprise services.
Advertisement
“At the same time, the emergence of flexible employment has brought new vitality to the supply of enterprise services.”
Advertisement
Select Voice
Select Speed
1.00x