Money-losing American e-commerce company Wish is known for off-the-wall offers: wireless headphones that come free with $3 shipping, $2 piles of worms, or $6 sex toys.

The trade-off? Unbranded items, lower quality goods, longer wait times, and an overwhelming dependence on Chinese merchants.

San Francisco-based parent ContextLogic Inc. wants to raise $1.27 billion from its Nasdaq debut -- said to be imminent -- if the underwriters exercise the option to allocate an additional 6.9 million shares.

But with more than 90% of its retailers being China-based, its model could put it at risk from the strained relationship between Beijing and Washington.

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Contact reporter Anniek Bao (yunxinbao@caixin.com) and editor Flynn Murphy (flynnmurphy@caixin.com)