Tencent-backed Meilishuo is said to seek IPO at $4 billion value
Hong Kong: Yet another Chinese technology company is headed for an initial public offering. Meilishuo, the online fashion retailer backed by Tencent Holdings Ltd, is in talks with several investment banks about a US initial public offering that could value the start-up at about $4 billion, according to people familiar with the matter. The company, whose name means “Beauty Talk,” is one of the more popular fashion and cosmetics retailers online, a niche it’s clung to despite the dominance of Alibaba Group Holding Ltd and JD.com Inc. Meilishuo’s envisioned $4 billion valuation is an initial target and could change if a deal proceeds, the people said. Smartphone maker Xiaomi Corp. is seeking a valuation of as much as $100 billion in a much-anticipated offering, people familiar with the matter have said, while Meituan Dianping, a Chinese food review and delivery giant also backed by Tencent, has begun discussions about a Hong Kong IPO at a valuation of at least $60 billion. “Tencent wants to develop e-commerce via its partners, so Meilishuo could get a lot of resources and help,” said Li Yujie, an analyst with RHB Research Institute Sdn in Hong Kong.
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