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Thursday, November 27, 2014, 16:20

HK's eCargo eyes Sino-Aussie e-commerce with Australia IPO

By Xinhua
 HK's eCargo eyes Sino-Aussie e-commerce with Australia IPO

Company share prices are displayed inside the Australian Stock Exchange in Sydney on Sept 9, 2013. (AFP PHOTO / Greg WOOD)

SYDNEY - Hong Kong-based e-commerce company eCargo is set to list on the Australian stock market on Friday, eying to help ambitious Australian retailers tap into the lucrative Chinese market.

The company will raise 40 million Australian dollars ($34 million) by offering 100 million shares at 40 Australian cents (34 US cents) per share, which will capitalize eCargo at approximately 224 million Australian dollars ($193 million).

"We have worked really hard to this point but this is only the beginning. The IPO will really help us as a business to grow by allowing us to attract very good talent and provide a transparent ownership structure," said Christopher Lau, chief executive of eCargo.

The funds will help position the company for growth in its primary markets of Chinese mainland and Hong Kong, as well as future expansion in Australia, the United Kingdom and Europe.

Lau told Xinhua Thursday that many Australian retailers are looking to get involved in China's online market, and the boosted presence of his company in Australia will facilitate this process.

Lau said the company's mission was simple - to help bring international brands to online platforms in Chinese mainland. 

"As China continues to grow, our consumers become more affluent and become more picky. They would like greater choice in terms of their brands for consumer products specifically in apparel and cosmetics and beauty and items like that," he said.

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