<article>Chinese online luxurious product retailer Secoo Holding Limited &#8211; backed by IDG Funds and Ping An &#8211; has filed for a $100-million IPO on the Nasdaq.</article>

Chinese online luxurious product retailer Secoo Holding Limited &#8211; backed by IDG Funds and Ping An &#8211; has filed for a $100-million IPO on the Nasdaq.
The company said, in a regulatory filing, Gold Ease Global Limited and YTL E-Solutions Berhad had agreed to purchase $20 million and $10 million of its Class A ordinary shares, respectively, at a price per share equal to the IPO price, through a private placement.
“We intend to use the net proceeds from this offering and the concurrent private placements to invest in our marketing and branding efforts, including enhancing our brand coverage and promotional activities, setting up additional offline experience centers and growing our active customers, optimize our logistics network, strengthen our IT infrastructure and technology capabilities, and for general corporate purposes, which may include working capital needs and potential acquisitions, investments and alliances, although we are not currently negotiating any such transactions,” it said.
The company is backed by Siku Holdings (32.5 per cent), <a href="https://www.dealstreetasia.com/tag/idg/">IDG Funds</a> (24.5 per cent), CMC Galaxy Holdings (11.7 per cent), <a href="https://www.dealstreetasia.com/tag/ping-an/">Ping An</a> (9.2 per cent) and Ventech China II SICAR (7.2 per cent).
Secoo was recognized as Asia&#8217;s largest online integrated upscale products and services platform by gross merchandise volume (GMV) in 2016, which rose 34.9 per cent to reach RMB3.47 billion ($511.9 million). The GMV in the first half of 2017 already hit $283.9 million.
Secoo claims it has 15.1 million registered members as of June 30, 2017, and approximately 0.3 million active customers in 2016, having operated the Secoo.com website, mobile apps and offline experience centrers.
Secoo Holding brand was launched in 2011 as a Cayman Island-incorporated entity through merging Hong Kong Secoo Investment Group Limited and Beijing Secoo Trading Limited.
In June 2016, the company entered the Southeast Asia market with a strategic partnership with Chinese real estate developer Country Garden to establish Secoo Garden Tradings Sdn. Bhd and open an offline experience center in Malaysia.
Secoo recorded a $198.6 million revenue for the six months ended June 30, 2017 – a 30 per cent year-on-year increase. Meanwhile, it gained a net profit of $7.7 million in the period, while making a net loss of around $11.4 million in the first six months of 2016.
The China luxury retail market is expected to grow more quickly than those in other countries or regions in the world, thanks to the rising middle and high income population, according to a Frost &amp; Sullivan report.
Domestic players have dominated the online upscale products and services retail market over the past years, with a market share of 71.1 per cent in terms of the total retail sales value in 2016.
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Chinese online luxurious product retailer Secoo Holding Limited has filed for a $100 million IPO on Nasdaq under the symbol SECO.

China's online luxury goods retailer Secoo files for $100m Nasdaq IPO

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China's online luxury goods retailer Secoo files for $100m Nasdaq IPO

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