Chinese social networking platform Douban is looking to conduct an initial public offering overseas, Technode reported Aug. 7, citing a leaked email.

The funds from the public offering are intended to allow its product lines to run on independent budgets.

Douban CEO Yang Bo reportedly emailed his employees, calling for the company's "pragmatic" pivot due to "waning, profit losing" products, such as Dongxi, which will be terminated by the company.

Bo also spoke of a plan to launch a new content business group called Douban Time, which will focus on paid content.