QQJ, a Chinese online shopping platform that connects suppliers, businesses, and consumers, filed on Wednesday with the SEC to raise up to $9 million in an initial public offering.
The Hangzhou, China-based company plans to raise $9 million by offering 2.3 million shares at $4. At the proposed price, QQJ would command a market value of $69 million.
QQJ is an e-commerce platform building an integrated ecosystem of business, shopping, entertainment, and social media for people aged 40 and older. Launched formally in 2021, its Quanqiujia mobile platform utilizes an S2B2C model. The platform selects suppliers through vigorous screening process to offer products across a large variety of categories. It offers membership to mini businesses to sell their products, enabling them to build their e-commerce operations through its social shopping network. For consumers, it offers products with competitive pricing and features. In the FY23, QQJ's GMV was approximately $51.5 million, with approximately 1.5 million total orders placed on its mobile platform.
QQJ was founded in 2021 and booked $10 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol QQJ. The company filed confidentially on April 27, 2022. Network 1 Financial Securities is the sole bookrunner on the deal.
