The Wall Street Journal
With the market for Chinese initial public offerings shut since last November, 99 Wuxian Ltd. is seeking up to 20 million Australian dollars (US$18.5 million) in an Australian IPO, according to a prospectus seen by MoneyBeat.
The Hong Kong-incorporated company, known as 99wuxian, operates an online marketplace for use on smartphones and other handheld devices and allows consumers to buy both intangibles like mobile phone credit and physical items like groceries.
Through its partners, including China’s four largest banks—China Construction Bank Bank of China ” postfix=””], Agricultural Bank of China and Bank of China—99wuxian has access to more than 800 million mobile phone users and two billion debit and credit cards.
The businesses it’s connecting those users with include mobile providers China Unicom , China Mobile and China Telecom , Chinese online hotel- and ticket-booking agent Ctrip, Chinese online-game developers NetEase Inc. , Shengda Online, Perfect World, Tencent Holdings Ltd. and Shanda Interactive Entertainment, Chinese catering-service providers Dianping.com and 85°C Café and online grocer Yihaodian.