Chinese online apparel site VANCL is planning its initial public offering in next month, according to people familiar with the matter. Couple weeks ago the Beijing-based company was reportedly gearing up to go public this month to raise up to US$ 1 billion.
Earlier reports noted that VANCL has hired CCIC (China International Capital Corporation), Citigroup, Goldman Sachs, Credit Suisse and Morgan Stanley for the potential largest Chinese internet listing in the U.S. this year in the fourth quarter.
VANCL isn’t the only Chinese online retailer that wanted to get listed in November of this year, given the current economic turmoil, it seems that China’s ecommerce companies are facing a “now or maybe never” situation. Some pulled their IPO plan due to sluggish market and are waiting for the market to shift in their favor, like Xunlei.com. Some speeded up aggressively trying to catch the last ride, such as 55Tuan and Lashou which all planning their imminent IPO in this month.