Chinese e-commerce platform Dmall said to plan $500m US IPO this year

Beijing DMall E-commerce Co., an online retail service provider backed by Chinese supermarket Wumart Group, is planning an initial public offering in the U.S., according to people familiar with the matter.

Beijing-based Dmall is working with advisers and is aiming to list as soon as the second half of this year, the people said, asking not to be named because the matter is private. The firm could raise about $500 million, one of them said.

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