Chinese IPO Debuts at the New York Stock Exchange
A chinese online retailers selling to overseas customers made its debut on the New York Stock Exchange in a bid to boost their profitability. Beijing based LightInTheBox is the first Chinese IPO in the United States this year. The Chinese firm sells electronics, clothes, toys, gadgets and sporting goods.
Based on date given by the National Development and Reform Commission cross border online trade volume surges 33 percent year on year since 2011 of up to 1.6 trillion yuan. An increase of 25 percent in 2012 to 2 trillion yuan exceeding the total trade growth of 6.2 percent. Clothes merchant Lin Wenxin launched its online shopping website more than two years ago and sells to the United States, Brazil, Australia and Europe.
Companies and enterprises attended a forum that examines the e-commerce development in the cross border trading held in Zhejiang in Ningbo which also created their own cross-border sales websites. Also most firms and traders selling products through online retail platforms like Amazon, AliExpress and Ebay under Alibaba a Chinese online retail giant.
Many companies and entrepreneurs attending a Saturday forum examining e-commerce development in cross-border trading, held in the Zhejiang city of Ningbo, had created their own cross-border sales websites.Alternatively, many firms and traders are selling products through online retail platforms such as eBay, Amazon and AliExpress, which is operated by Chinese online retail giant Alibaba.
Officials believe that the company’s listing in the Stock Exchange show the recognition of China’s cross border e-businesses but are warned of the sector facing difficulties in terms of inspection, quarantines, customs clearances, payment and logistics.
Government officials believe LightInTheBox’s listing in New York illustrates recognition of China’s cross-border e-businesses, but warned that the sector faces difficulties in terms of customs clearances, inspections, quarantines, logistics and payment.