A Chinese industrial accessories e-commerce site is considering reviving a US initial public offer after a signal of support for homegrown tech firms came from China’s securities watchdog, reports Bloomberg. According to people familiar with the matter, Zhenkunhang Industrial Supermarket Shanghai Co. is working with China Renaissance Holdings and Goldman Sachs to resume preparations for the listing. A share sale could raise about $300 million to $500 million, the people said.
The China Securities Regulatory Commission told banks that it would permit some US listings by companies that meet certain criteria, such as those that don’t possess sensitive data, the people said. Zhenkunhang’s IPO is not expected to proceed immediately, given the turmoil in markets, they said.
Deliberations are ongoing, details of the plan such as size and timing could change and other banks could be added to the lineup, the people said. Representatives for China Renaissance and Goldman Sachs declined to comment, while CSRC and Zhenkunhang didn’t immediately respond to requests for comment.