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Luxury Retailer Secoo Looks to Join Exodus of Chinese Companies from U.S. Stock Exchanges

By Ding Yi / Jan 12, 2021 03:48 PM / Finance

Nasdaq-listed Chinese luxury retailer Secoo may join the exodus of U.S.-listed Chinese companies from American stock exchanges, as Washington increases its scrutiny amid mounting tech and trade tensions between the world’s two largest economies.

Secoo’s board has received an offer from its founder, chairman and CEO Li Rixue to take the company private, according to a stock filing on Monday.

Li proposed to purchase the American depositary shares (ADSs) he and his affiliates do not already own for $3.27 each, representing a premium of 10.5% to Secoo’s Monday closing price of $2.96, the statement said.

Secoo said that its board has formed a special committee to evaluate the proposed deal, adding that there can be no assurance that any definitive offer will be made.

Secoo’s shares closed up 22.82% on Monday.

Beijing-based Secoo runs an integrated shopping platform consisting of its website, apps and offline experience centers selling products from more than 3,800 global and domestic brands.

Secoo’s gross merchandise volume (GMV) reached 4.1 billion yuan ($606.9 million) in the third quarter, up 12.5% from a year earlier. Its net income was 21.8 million yuan, down from 60.9 million yuan in the same period of last year, according to its latest earnings report.

The news comes two months after Ruhnn, a Chinese firm that promotes e-commerce through online influencers, announced the receipt of an offer to take it private from three founders, a little more than a year after listing on the Nasdaq.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Weibo Owner Sina Agrees to Go Private in Sweetened $2.6 Billion Deal


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