Qiming’s portfolio company Fanli.com went public today on Shanghai Stock Exchange via a reverse merger with Jiangxi Changjiu Biochemical (SHSE: 600228). The stock price is CNY 12.25 per share at the open of trading today, representing a market cap of CNY 10.085 billion.
The company used “Fanli Technology” as its stock abbreviation to highlight its technology attribute, implying that it will enhance its technological capabilities to earn a growing expectation from the capital market.
Qiming Venture Partners first invested in Fanli.com in 2011 in its first funding round and worked alongside the company for ten years. Qiming owns 4.48% of the company after the public listing.
The listing of Fanli.com is the sixth public listing in the Qiming portfolio in 2021 and the 18th public listing since 2020.
Founded in 2006, Fanli.com is a leading third-party online shopping guide platform in China, providing shopping guidance, advertising promotion and technical services to customers and merchants. As of June 30th, 2020, Fanli.com has more than 260 million registered users across the App, website and WeChat mini program. Fanli.com covers various consumer scenes, including shopping, travels, dining, ticketing, education, among others.
Fanli.com has built user portraits and optimized search results with big data and artificial intelligence technology. This improved the conversion rate and optimized the operations, so that users can obtain brand discounts with greater convenience and efficiency.
Mr. Ge Yongchang, Founder and CEO of Fanli.com, once said that the company would expand its business scope from the e-commerce sector to more consumer scenes such as lifestyle. Fanli.com will provide consumer users with shopping guidance and provide brands and merchants with integrated marketing services empowered by big data technology. Fanli.com will provide more innovative services via its platforms.