Three of China’s largest internet technology companies – Tencent Holdings, Alibaba Group Holdings and Baidu – have all chosen the US as the market for raising their capital.
That is a trend the Chinese market regulator is trying to change, as it offers incentives and fast-track procedures to attract Ant Financial, Zhong An Online Property & Casualty Insurance and other technology companies to list on either the Shanghai or Shenzhen exchanges.
Fanli, named by Deloitte as one of China’s top high-growth technology firms, earned nearly three billion yuan in 2016 revenue, or about 10 per cent of the total transaction value, Ge said, adding that the company is profitable.
“When people go shopping, value for money is always their goal since they want to find the best products at the lowest prices,” said Ge. “We aim to expand our businesses to better tap the vast consumer market.”
Fanli raised more than US$100 million of capital from investors such as Steamboat and Japanese internet retailer Rakuten.
Ge, 36, said the company will focus on integrating its online and offline businesses to vie for a bigger share of China’s massive consumer market.
