BRIEF: Agricultural goods trader Yimutian files for Nasdaq IPO

Yimutian Inc. has filed to list on the Nasdaq, billing itself as China’s largest B2B platform for trading in agricultural products. The company didn’t disclose any fundraising targets in its IPO prospectus filed on Monday. But Renaissance Capital reported the listing could raise up to $40 million.

The China Securities Regulatory Commission previously approved the listing in February, giving Yimutian a year from that time to complete the IPO. The company said its platform hosted over 38 million merchants at the end of last year offering more than 21 million products.

The company reported revenue of 161 million yuan last year, down 14% from 188 million yuan in 2023. Its gross margin rose to 81.0% in 2024 from 73.7% in 2023, allowing it to pare its net loss to 34.9 million yuan from a 105.6 million yuan loss over that period. Yimutian was founded in 2011 as a B2B marketplace, and gradually expanded its scope to include wholesale trading, according to its website.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here