China Online Pharmacy Ecmoho Plans $100 Million U.S. IPO
(Bloomberg) — Ecmoho, an online marketplace for drugs and supplements, is planning a U.S. initial public offering, according to people with knowledge of the matter.
The Shanghai-based company is working with advisers on a planned offering that could raise about $100 million, the people said. The share sale could happen as soon as this year, one of the people said, asking not to be identified because the information is private.
Ecmoho is laying its plans amid an escalating trade war between China and the U.S. that has caused market uncertainties and delayed several deals. DouYu International Holdings Ltd., a Chinese video-game live-streaming platform, in May postponed the launch of its U.S. IPO following market jitters. Hutchison China MediTech Ltd. delayed a Hong Kong listing, Bloomberg reported Tuesday.
Deliberations are at an early stage, and details including the fundraising size and timeline could change, the people said. Ecmoho did not immediately respond to emails and phone calls seeking comment.
The e-commerce platform, launched in 2011, has more than 150 exclusive distribution or online partnerships with brands such as Unilever and Beijing Tong Ren Tang Chinese Medicine Co., according to its website. It also develops and manufactures supplements, as well as operates a postnatal care center.
Another online pharmacy platform operator in China, 111 Inc., has lost half its value since it raised $100 million in a U.S. IPO in September. The S&P 500 index rose 1% during the same period.
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