Deals
China’s $3 Billion Used-Goods Platform Seeks Pre-IPO Funding
- Zhuanzhuan is weighing a new round to raise about $400 million
- Tencent-backed startup could seek an IPO as soon as next year
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Beijing Zhuanzhuan Spirit Technology Co., an online second-hand marketplace backed by Tencent Holdings Ltd., is considering raising about $400 million in a new funding round before an initial public offering, according to people familiar with the matter.
The company, currently valued at $3 billion, is gauging interest from private equity and strategic investors for the fundraising, the people said, asking not to be named as the matter is private. Zhuanzhuan, which means “pass on” in Chinese, is exploring an IPO as soon as next year and the U.S. is among listing venues under consideration, the people said.