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China’s on verge of NYSE listing

Chinese online discount retailer is expected to list on the New York Stock Exchange later on Friday as the first Chinese company to go public in the US since last August.

According to the International Financing Review under Thomson Reuters, the company has raised USD71.5 million through issuing over 11 million primary shares and a 15 percent greenshoe at USD6.5 per share, 23.5 percent down from the low end of its proposed price range of USD8.5 to USD10.5.

Founded in 2008, the company sells branded clothes, cosmetics, handbags and leather products at high discounts. It posted USD227.1m in revenue after a nearly 6-time annual increase last year, but its losses still amounted to USD107.3m.

(Source: Shanghai Daily )