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Report: China's Yunji Weidian hires banks for upcoming IPO

Chinese e-commerce platform Yunji Weidian has hired Morgan Stanley, Credit Suisse Group AG and JPMorgan Chase & Co. to help with its plans to launch an IPO in the U.S. in early 2019, Reuters reported, citing a source familiar with the matter.

The source reportedly said Yunji intends to raise about $1 billion when it lists on the Nasdaq stock exchange. The company is also seeking a valuation of between $7 billion and $10 billion in the offering.

Yunji's expected IPO follows other Chinese e-commerce firms' decisions to go public in the U.S., including Alibaba, JD.com and Tencent Holdings Ltd.-backed Pinduoduo Inc.

In July, Pinduoduo Inc. saw its shares rise 40.5% on its debut in the country, raising $1.63 billion with its IPO.