Tencent and Alibaba-backed ZKH Industrial Supply, which operates an industrial products e-commerce platform, has been given the go-ahead by Beijing to move forward with its initial public offering (IPO) in the US, reports the South China Morning Post. Founded in Shanghai in 1998, ZKH aims to raise $300 million to $500 million from its public listing. China Renaissance Holdings and Goldman Sachs are helping ZKH with its IPO.
The China Securities Regulatory Commission (CSRC) said in an online meeting with some US-listed Chinese firms on Sunday that it has “no objection” to the IPO plans of ZKH, assuring that overseas listing for mainland companies remains a “smooth” process.
ZKH would be among the first batch of Chinese technology firms to resume plans to float their shares in the US, after ride-hailing giant Didi Chuxing’s IPO in the New York Stock Exchange in June last year. Days after its listing, Didi was put under a cybersecurity investigation. By December, Didi started its move to delist in the US.