Shanghai-based Chinese online classified advertising firm Baixing.com has reportedly received RMB2.2 billion (US$354 million) series E financing from CITIC, Suzhou High-tech Venture Capital Group, Shenzhen Capital Group, and other investors, according to Chinese media reports.
After the latest financing round, Baixing.com is said to plan an initial public offering on China’s domestic stock exchanges.
Representatives at Baixing.com did not respond to inquires to confirm the news, and China Money Network cannot verify the reports.
Six months ago, Baixing.com received series D financing from undisclosed investors, according to its website. Media reports then said the financing round totaled US$100 million.
In 2011, Baixing.com received undisclosed investment from Menlo Park, California-based venture firm Tenaya Capital, according to information posted on its website. No other information is available regarding the company’s previous financing rounds.
Established in March 2005, Baixing.com claims it has monthly active users of over 10 million covering 367 cities in China as of June 2014.
(Update on November 2, 2015: Baixing.com has filed to list on China’s New Third Board, and its prospectus suggests that the company did not raise a series E funding round.)