360buy.com, a DST Global-backed Chinese retailer, and Beijing Lashou Network Technology Company, a China-based daily deals site backed by affiliates of Richemont, a Swiss-based luxury goods company, are both reportedly eyeing US initial public offerings.
360buy.com is pursuing an initial public offering in the US at a $4bn valuation, according to news provider Financial Times yesterday. This followed 360buy Jingdong Mall raising $1.5bn in April from investors including DST Global, according to news provider Reuters. However, Walmart, which has been named as an investor, said on Wednesday, according to the FT: "To date, we have not invested in 360buy. We have a lot of respect for them and the business they have built."
Separately Lashou is looking at another flotation and is looking to replace its advisers ,Morgan Stanley and Goldman Sachs, because they are advising the float of US-based rival Groupon, according to news provider Bloomberg today. It has already secured at least one bank to do so.
Lashou raised $110m in its series C round in April from a consortium including Switzerland-based luxury goods maker included Richemont’s affiliates Reinet Fund and Remgro. This deal gave it a reported $1.1bn valuation according to news provider Financial Times.
Venture capital firm Milestone Capital led Lashou’s C round, joined by venture capital peers and previous investors GSR Ventures, Norwest Venture Partners and Tenaya Capital. In December, Lashou reportedly raised $50m from a consortium including services peer Rebate Network, according to news provider TMC. News provider Mobinode said venture firms Tenaya Venture, Norwest Venture and GSR Venture were also part of the consortium that had provided an initial $10m.