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Tencent, Alibaba-backed industrial products e-commerce platform operator ZKH gets Beijing’s nod for US IPO

  • Shanghai-based ZKH aims to raise US$300 million to US$500 million from its public listing in the US
  • The company describes itself as the Amazon for industrial maintenance, repair and operations products

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ZKH Industrial Supply (Shanghai) Co describes itself as the Amazon for industrial maintenance, repair and operations products. Photo: Shutterstock
Jiaxing Li
ZKH Industrial Supply (Shanghai) Co, operator of an e-commerce platform for industrial products, has been given the green light by Beijing to proceed with its initial public offering in the United States, according to China’s state media, after mainland authorities signalled a new approach to end the long-standing stalemate with the US over corporate audits.

The China Securities Regulatory Commission (CSRC) said in an online meeting with some US-listed Chinese firms on Sunday that it has “no objection” to the IPO plans of ZKH, assuring that overseas listing for mainland companies remains a “smooth” process, according to a report by China Securities Journal on the same day.

ZKH would be among the first batch of Chinese technology firms to resume plans to float their shares in the US, after ride-hailing giant Didi Chuxing’s IPO in the New York Stock Exchange in June last year. Days after its listing, Didi was put under a cybersecurity investigation. By December, Didi started its move to delist in the US.

Founded in Shanghai in 1998, ZKH aims to raise US$300 million to US$500 million from its public listing, according to a Bloomberg report earlier this month. China Renaissance Holdings and Goldman Sachs are helping ZKH with its IPO.

A screenshot of ZKH Industrial Supply (Shanghai) Co’s website. Photo: SCMP
A screenshot of ZKH Industrial Supply (Shanghai) Co’s website. Photo: SCMP

ZKH transformed into an e-commerce marketplace for industrial maintenance, repair and operations products in 2014, after initially operating as a sales agent for chemical products, including industrial adhesives and lubricants.

As the self-described Amazon for industrial products, ZKH said it has established a transparent and low-cost online marketplace for business-to-business transactions. Its digital procurement system was designed to help drive digital transformation in the country’s manufacturing sector, according to the company.
Jiaxing Li
Jiaxing Li
Jiaxing is a business reporter covering markets, finance, and broad business news in the region. Prior to that, she wrote about China's tech sector for the Post. She has a master's degree in Journalism from the University of Hong Kong.
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