Top Alibaba rival files for $1.5B IPO

|About: Alibaba Group Holding Limited (BABA)|By:, SA News Editor

While investors continue waiting for Alibaba's (ABABA) IPO filing, #2 Chinese e-commerce firm has filed for a $1.5B IPO. No symbol has been proposed yet. BofA/Merrill and UBS are underwriting. (F-1) claims it's "the largest online direct sales company in China in terms of transaction volume;" Alibaba, by contrast, typically acts as an eBay-like middleman. The company claims to have 35.8M active customer accounts, and a fulfillment infrastructure that includes 82 warehouses and 1,453 "delivery stations."

Over the first nine months of 2013, had revenue of $8.04B (+71% Y/Y), and net income of $10M. Gross margin was just 9.8%. The IPO filing follows a stellar 2013 for Chinese Internet stocks.