Couple days ago someone anonymous broke online that Chinese online apparel site VANCL is currently operating at negative cash flow with a huge loss of over US$ 314 million (RMB 2 billion). Though later on Chen Nian, founder and CEO of VANCL dismissed the claim, people still have concerns over the company’s healthy.
And today, one anonymous VC disclosed that VANCL has more than US$ 200 million under its belt while the company’s Series F round of financing valued the company at US$ 3.2 billion. The Beijing-based company raised US$ 230 million in Series F from CITIC PE, Temasek, IDGVC and so on.
VANCL planned to initial its IPO process in November 22, however, the company decided to put it hold on due to less robust market condition, and, probably also has something to do with its investors’ disagreements on the company’s IPO timing as some of VANCL’s investors insisted that the company should get listed whenever possible and the opposition asserted that holding on the offering till next year to steer clear of the unprecedented market turmoil for a better valuation should better serve investors’ interests.