P6's VC Co in China
Monday, September 11 2:12 PM SGT
INTERVIEW: China's 8848.net To Raise More Funds ""Soon""
HANGZHOU (Dow Jones)--Chinese online retailer, 8848.net, is planning to raise more funds "very soon," but Chairman John
Wang declined to say whether it will be through an initial public offering or another round of fund-raising among venture
capitalists and institutional investors.
8848.net, which got its name from the height of Mt. Everest measured in meters, recently recived $20 million from private
institutional investors, such as PSINet Inc. (PSIX) and Softbank (J.SFT) of Japan.
"What I can say is that the next step is coming very soon," Wang told Dow Jones Newswires Monday, but he declined to
elaborate.
When asked to give its earnings projection, Wang said he can't provide the numbers "because we're going to disclose it publicly
soon."
A company needs to publicly disclose its financial projections in an IPO prospectus.
8848.net has been reported to be eyeing an overseas stock listing, but the company has kept mum about the issue.
Wang said the Web site currently has 1.1 million registered customers and more than 2,000 companies selling their products.
Aside from the business-to-customer service, which was its original concept, 8848.net is now providing electronic-distribution
services for overseas products.
Last March, it set up its business-to-business division with Intel Corp., Compaq Computer Corp., 3Com Corp. and Xerox
Corp. as its partners.
"Our B-to-C revenue is getting smaller and smaller," representing only 20% of its total revenue, Wang said.
Wang said the ongoing consolidation among dotcom companies, especially among B-to-C service providers, has benefited the
company.
"The situation is now getting better for us, because all other players are either closing or downsizing," he said, adding that it is
considering plans to buy into some of these companies.
Company Web site: www.8848.net |
