China e-commerce site Wowo opens on NASDAQ

Global Business

Group deal seller Wowo gives its initial public offering on the US Nasdaq market. Wang Lihuan filed this report from Shanghai.

China e-commerce site Wowo opens on NASDAQ

China e-commerce site Wowo opens on NASDAQ

Group deal seller Wowo gives its initial public offering on the US Nasdaq market. Wang Lihuan filed this report from Shanghai.

Highlights:

  • With only a few major players now dominating the group buying market in China, Wowo may still not have enough leverage to take the lead even if its IPO is successful.
  • Wowo will be the first Chinese group-buying website listed in the US if it completes an IPO before the end of this month as required by its investors.
  • If successful, the company will raise nearly $69 million, but that may still not be enough for Wowo to compete with the big players in the market.
  • In January, top group-buying website Meituan raised 700 million dollars in D-round financing. Analyst says Wowo’s IPO is more of a symbolic move.