Netease Tech, 3/20/13
Kang Jingwei, Chairman of Shenzhen-based Mancheng Software, which operates IC e-commerce website Cogobuy, revealed today that the company plans to IPO on the Hong Kong exchange in H1 2014. According to Kang, Cogobuy has chosen to IPO in order to help the company reach its yearly sales target of RMB 100 bln. "Last year we reached yearly sales of RMB 1 bln, this year we've already reached RMB 1 bln in the first quarter of the year. We estimate that sales will reach RMB 10 bln in 2013, and hope that we can reach RMB 100 bln in 2014," said Kang, speaking on the company's IPO prospects.
Kang noted that Cogobuy has always been profitable, and that the company's gross profit margin currently stands at 6%-10%, with a pre-tax profit margin as high as 4%-5%.
Editor's Note: For more background on this topic, please see "IC E-Commerce Website Cogobuy to IPO" MD 3/19/13 issue.