Steel site plans IPO
Print Edition
ZHAOGANG.COM, which trades steel and iron products online, said yesterday that it raised 1.1 billion yuan (US$167 million) in a latest round of financing and that it plans to list domestically within two years.
Shanghai-based Zhaogang will use the capital raised to upgrade its online platform. It expects to launch its initial public offering in the domestic market within two years, said Wang Dong, founder and CEO of Zhaogang.
In 2015, Zhaogang’s trade volume hit more than 32 million tons, triple the pervious year’s level.
Steelmakers face challenges as China’s economy moves from an investment-led growth to a consumption-driven model, which has hit their sales.
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