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China Ecommerce Roundup: IPOs, Downsizing, and Gaopeng
VIPShop to Go IPO: Founded in 2008 as a luxury etailer and then pivoted to online outlet of popular brands in early 2009, VIPShop surely rode a skyrocket on its IPO path, partly due to the big capitals behind its back including DCM and Sequoia China, it seemed to some. However, its prospectus didn’t look very money with cash reserves that could only sustain the company for another 2 months.
After being beleaguered by shorters, VIE structure problem and auditing concerns, VIPShop’s SEC filing along with ADChina and Zuche’s IPO filing might signal that China Concept Stocks are back in the game again.
Lashou and VANCL all backed off from its IPO road show due to market volatile.
Shangpin.com, another Chinese luxury online outlet reportedly downsized a lot due to uncertainly in raising new round.
VCotton CEO Confirms Downsizing Rumor: Lin Wei, founder and CEO of VCotton, a B2C site focusing on men and women socks, underwears as well as accessories, confirmed Weibo rumors revealing the vertical has been undergoing some sort of downsizing with two veterans, COO plus other staffs like HR assistant and editors leaving. Lin Wei said that the company is “trying to do the right thing” with no further comments.
Founded by former Kingsoft exec in early November of 2010 as a sock vertical, VCotton later on expanded to other categories like underwears, scarfs and so forth. As of now, VCotton has about 60 employees.
It raised RMB tens of millions in angel rounds. Except for announcing to raise A round in last August, there’s no updates with regard to new funding.
Gaopeng to Announce New Exec: According to local report, Gaopeng is about to announce a new exec soon, the JV between Groupon and Tencent is also looking for execs and senior staffs on technology, financial, business process management fronts. It looks like the Chinese subsidiary of Groupon is picking up.
Moonbasa to Go Public in 2012: Moonbasa, women apparel site is planning to go public in this year with either Hong Kong or the U.S. as its choice oflisting location.
Founded in 2007, the China southern Guangzhou-based company as of now hit a sales volume of over RMB 1 billion yuan with 9 in-house brands covering male, female and kids clothes, shoes and cosmetics.
VANCL Claims 80% of Repeat Purchase Rate: China’s online apparel site VANCL today disclosed that in last year more than 10 million users bought from the site while 80% of them made repeat purchases with the Beijing-based company.
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