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China’s Lashou.com Plans I.P.O.

Chinese group-buying website Lashou.com is planning an initial public offering in the United States, Bloomberg reports, but has yet to set a timeline. The company has raised $110 million from investors including GSR Ventures, and has a valuation of roughly $1.1 billion, Reuters reports. The company is looking for advisers to replace Morgan Stanley and Goldman Sachs, which are underwriting the IPO of rival Groupon Inc, Bloomberg wrote.

(Reuters) – China’s leading group-buying website Lashou.com is planning an initial public offering in the U.S., but has not yet set a timeline, Bloomberg reported.

The company is looking for advisers to replace Morgan Stanley (MS.N) and Goldman Sachs (GS.N), which are underwriting the IPO of rival Groupon Inc, Bloomberg said, citing people familiar with the matter.

Lashou has retained at least one new bank and is looking for more, the report said.

In April, the company raised $110 million from investors including GSR Ventures, valuing the company at $1.1 billion.

Earlier this week, Reuters reported that Groupon has put its IPO on hold for at least a few weeks, hoping to wait out the prevailing global market turmoil while dealing with regulatory questions surrounding its highly anticipated public float. (Reporting by Brenton Cordeiro, editing by Bernard Orr)