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Jingdong plans US IPO

Chinese e-commerce company 360buy Jingdong is seeking to raise $2 billion through an initial public offering (IPO) in the US.

It plans to use the proceeds to expand in China’s e-commerce market, which according to McKinsey & Co, will expand to $395 billion from 2011 to 2015.

China has 214 million online shoppers, more than any other country. By 2015, it is predicted that those consumers will be spending $1000 per year online – the same as current US levels.

Jingdong’s IPO will be the biggest offering by a Chinese company in the US after China Life Insurance’s $3.3 billion IPO in 2003.

360buy Jingdong was founded by Qiangdong Liu in 2004. The online retailer is backed by Saudi Arabian company Kingdom Holding Company, chaired by Saudi prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.

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