Baixing, the China-based classified listings platform spun out of e-commerce company eBay, has filed for an initial public offering on China’s National Equities Exchange and Quotations (Neeq), China Money Network reported today.
Established in 2005, Baixing operates an online classified listings service. It was originally launched as Kijiji.cn but rebranded in 2008.
The service claims more than 10 million monthly active users across 367 cities in China.
In March 2015, the company was reportedly raising $354m in series E funding. However, the regulatory filing for the flotation reveals that round never took place.
The same filing also shows that the company only secured $40m for its series D round in January 2014, less than half of the $100m reported at the time.
The company’s shareholders include advertising firm Marktplaats, which holds an 18% stake. GSR Ventures owns a 41% stake, which the firm acquired in 2008 for approximately $4m. Benchmark Capital, Tenaya Capital and Menlo Park have also backed Baixing.