Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Ecommerce Aggregator Listed in Shanghai Through Back-door Listing

By Yuan Ruiyang and Mo Yelin / Mar 20, 2020 04:10 PM / Business & Tech

Photo: VCG

Photo: VCG

Ecommerce aggregation site operator Shanghai Zhongyan Information Technology has listed in Shanghai through a backdoor-listing plan, following a year-long failure to seek an IPO.

According to the IPO plan, which was completed as of Thursday, Shanghai Zhongyan piggybacking off a struggling chemical manufacturer called JiangXi ChangJiu Biochemical Industry Co. Ltd, which earlier this month it was suspending trading in Shanghai in preparation for a restructuring.

Shanghai Zhongyan’s assets would be transferred to JiangXi ChangJiu, while JiangXi ChangJiu would buy the same amount of the assets through capital means including issuing new shares. Shanghai Zhongyan was listed under the name of JiangXi ChangJiu, when it resumed trading Thursday.

Shanghai Zhongyan’s was an aggregation site for other third-party ecommerce platforms and brands. As of end of last year, it had 240 million registered users while its namesake app had monthly active users of 10.6 million in 2019. The company mainly makes money through commission fees on completed orders of products listed on its site. Last year, the company reported net profit of 151 million yuan ($21 million) on revenues of 611 million yuan.

Read the full story on Caixin Global later.

Contact reporter Mo Yelin (

Related: E-Commerce Platform in Crisis After Spending $225 Million in Merchants’ Cash

Share this article
Open WeChat and scan the QR code