National Business Daily, 1/28/10
Informed sources have revealed that B2B pharmaceutical e-commerce site ZC511.com is planning to IPO on the ChiNext growth enterprise board. According to public information released by the Zhejiang Environmental Protection Bureau, ZC511.com is currently applying for an IPO environmental inspection.
ZC511.com, based in Hangzhou, was originally a pharmaceutical wholesaler. The company says that funds raised by the listing will be invested in an "e-commerce platform construction and technical upgrade" project. ZC511.com has previously received investment from Sequoia Capital and Sinowisdom. According to internal sources, the company has 10,680 pharmaceutical and medical equipment products from more than 1,000 manufacturers available on its website. The company's 2008 sales volume reached RMB 420 mln, and 2009 revenues are expected to exceed RMB 800 mln.