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.

92-Year Old Li Ka-Shing Receives First Dose of BioNTech Vaccine
China Becomes World’s Biggest Buyer of Chip Equipment in 2020, Says SEMI
Geely-Controlled Swedish Electric Carmaker Polestar Raises $550 Million in First External Funding
Xpeng Looks to Cut Reliance on Foreign Made Chips Amid Global Shortage
Trending in China: The Fake Writing Competition That Conned Beijing Parents for Years
ByteDance Powers Up Gaming Investment with C4games Acquisition
Didi Given Greenlight to Test Autonomous Vehicles in Beijing Pilot Zone
Xpeng Debuts New Car As China’s NEV Market Heats Up
Lenovo Still Top Dog in Global PC Market in First Quarter of 2021
Tesla Says Any Data It Collects in China Is Stored in the Nation
Medtech Startup StoneWise Raises $100 Million to Promote Use of AI in Drug Development
Plus Accelerates Uptake of its Autonomous Truck Tech with Italian IVECO Deal
Trending in China: Farmer Given Suspended Jail Time For Felling Own Trees – Social Media Chimes In
‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing
Didi Reportedly Looking to List in U.S. as Soon as July
China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers
Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March
Didi to Expand New Logistics Service From 8 to 19 Cities in China
China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development
Plant-Based Food Firm Beyond Meat to Open Plant Based in China
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 (

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

Share this article
Open WeChat and scan the QR code