Alibaba’s online retail platform Tmall announced on Tuesday that they have set up a department to help retailers launch an IPO, as well as aid communication flow between retailers, securities traders and stock exchanges.
It’s said that over 50 retailers on Tmall plan to launch IPOs. In late March, 10 retailers jointly wrote a proposal asking Alibaba to set up an “IPO-assistance department” to help them prepare materials for an IPO.
“We will give strong support to the companies which are planning to launch IPOs,” Gu Ying, the director of the new department said. “We have pulled resources from different departments including finance, legal and data security to work on the procedures for an IPO.”
The China Securities Regulatory Commission requests that securities traders and auditors interview Alibaba in order to verify Tmall sellers applying for IPOs.
Alibaba has three main online retail platforms: Taobao, Tmall and Juhuasuan. Its gross merchandise volume (GMV) for fiscal year 2016, spanning April 1, 2015 to March 31, 2016, reached RMB three trillion (USD 463 billion), surpassing Wal-Mart Stores, Inc. to become the world’s largest retail platform.
(Top photo from Baidu.com)