Dangdang.com to Float on NASDAQ in December

Dangdang.com, China's largest B2C book retailer, will have an initial public offering on the NASDAQ in December, people familiar with matter said Thursday. It is likely to raise as much as $1 billion, an investment bank has predicted. Dangdang's net earnings was worth only ¥5 million ($1 = ¥6.7) in 2009. CEO Li Guoqing told Yicai.com late last month that the money would be used to develop logistical facilities and expand coverage of goods we sell. Growth of Dangdang's book sales slowed to 60% last year, but its non-book goods registered a 230% rate, taking total revenue to ¥2.4 billion. The website was founded in 1999 and currently represents 50% of the nation's online book market and 10% to 15% of the entire book market. It is shifting its focus to cosmetics, nursing and home improvement products.