Beijing-based Wowo Limited, which operates Chinese group-buying site 55tuan.com, has filed with the U.S. Securities and Exchange Commission to raise up to US$40 million in a NASDAQ IPO, according to a securities filing.
No pricing information or timing of the IPO have been determined.
The company announced its IPO plans three years ago, but it went nowhere as China’s group-buying sector was pressured by fierce competition.
Investors are cautious of the prospects of its current IPO plan because of the company’s poor financials and weak competitive position.
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