B2B marketplace Qifa puts off IPO due to situation on capital market

MOSCOW. Aug 7 (Interfax) - Russian-Chinese wholesale marketplace PJSC Qifa is postponing its initial public offering on the Moscow Exchange due to the unfavourable situation on the global financial and capital markets, the company said.

The company did not specify how long the IPO will be delayed, but said it would wait for the "stabilization of the situation."

"The company will continue to do business openly and report on its achievements and challenges, short-term and long-term plans," Qifa said in a statement.

Qifa announced plans for the IPO on the Moscow Exchange on July 10 and announced a price range of 92-110 rubles per share for the offering on July 25. The company intended to offer up to 18.5 million new shares.

Qifa, founded in 2013, operates a B2B e-commerce platform for transactions between suppliers and buyers from Russia and China. The platform offers goods from China in categories such as footwear, clothing, building materials, children's goods, leather goods, packaging materials, equipment, machinery and spare parts, electronics and appliances, textiles and so on.

The company is wholly owned by Chinese company Qifa Silu. The beneficiary owner is company founder Sun Tianshu.