Cross-border payments company LianLian Global could seek as much as 1.5 billion yuan ($223 million) as the Ant Group competitor eyes an initial public offering (IPO) in Hong Kong.
The startup is said to be working with China International Capital Corp. on the financing round, Bloomberg reported on Tuesday (July 12), citing unnamed sources with insider information. The funding could elevate LianLian Global’s valuation to about 20 billion yuan. The company is currently valued at roughly 16 billion yuan.
See also: Cross-Border Payments Help eCommerce Merchants Navigate China’s Business Complexities
The Hangzhou-based startup is reportedly looking toward a Hong Kong IPO in 2023 once it has enough investors. After than, the company could go after a listing in China, Bloomberg reported.
Ant’s stock market debut — which would have been the world’s largest — was killed by regulators in 2020, setting off a series of crackdowns by regulators that ended with IPOs being withdrawn or plans abandoned.
Read more: LianLian Global Intros Multi-Currency Wallet
Sources told Bloomberg that discussions for a public listing for LianLian Global are just beginning and anything could change.
LianLian Global representatives couldn’t be reached for comment.
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LianLian Global works with numerous eCommerce giants including Amazon and Shopee and has been backed by Sequoia Capital China, Boyu Capital and China Everbright Industries Group, per the report. The company handles 5.5 trillion yuan in transactions, according to its website.
Headquartered in Hangzhou, China and founded by Zhengyu Zhang, LianLian Global is a cross-border payment service provider (PSP) that strives to connect local sellers to global opportunities.
The startup obtained money transmitter licenses in all 50 states as of 2021 after four years of working toward that goal, according to a press release at the time. The move is part of the company’s strategy to “own the rails” as it aims for greater reliability, better risk management and improved product solutions for customers to execute embedded cross-border payments.
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