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Report: Chinese online retailer Meili targeting $500M US IPO

Chinese social e-commerce platform Meili Inc. is looking to raise $500 million in a U.S. IPO in the second half, Reuters reported May 9, citing sources with direct knowledge of the matter.

The sources said the company hired Morgan Stanley to lead the listing, alongside Credit Suisse and China Renaissance.

Meili and China Renaissance did not immediately respond to requests for comment by S&P Global Market Intelligence, while Morgan Stanley and Credit Suisse could not be reached for comment.

Meili was established in 2016 via a merger between Chinese female-focused social shopping sites Meilishuo and Mogu Street in a deal that valued the company at about $3 billion.

In April, Bloomberg News reported that a potential U.S. IPO for the business could come with a targeted valuation of about $4 billion.

One source told Reuters that the company would prefer to list in the U.S. because it's believed investors there would be more familiar with e-commerce operations, with fellow Chinese companies Alibaba Group Holding Ltd. and Inc. already trading in New York.