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Credit Suisse, CICC Picked for Beijing United GDRs, Sources Say

  • E-commerce firm’s Swiss offering could happen soon as 2023
  • United joining flurry of Chinese firms weighing GDR sales

Chinese e-commerce platform Beijing United Information Technology Co. has selected banks for a sale of global depositary receipts in Switzerland that could raise about $500 million, according to people familiar with the matter.

The Shanghai-listed company is working with China International Capital Corp. and Credit Suisse Group AG on the potential share sale, the people said. A listing could happen as soon as end of this year, the people said, asking not to be identified as the information is private.