Chinese secondhand electronics trading platform Aihuishou is aiming to raise $500 million to $1 billion in a US initial public offering by early June, said two people with direct knowledge.
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Aihuishou recycles second-hand mobile phones, computers, laptops, cameras and other electronics products from individuals and corporations and resells them on its website and apps, as well as offline stores in 140 cities, according to its website.
The 10-year-old company, backed by online retailer JD.Com Inc, is targeting a valuation of $4 billion to $5 billion in the float, said the people.
Aihuishou has hired Bank of America and Goldman Sachs to work on the IPO and plans to file around mid-May, said the sources, who declined to be named as the information is confidential.
The company and the two banks declined to comment.
