WeTrade Group, which operates a membership-based platform for e-commerce services in China, filed on Friday with the SEC to raise up to $121 million in an initial public offering. The company is currently listed on the OTC under the symbol "WETG" with a market cap of $1.7 billion.
The company provides technical services and solutions via its membership-based social e-commerce platform, and derives revenue from service fees charged for transactions conducted on its e-commerce platform-based SaaS products.
The Beijing, China-based company was founded in 2019 and booked $3 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol WETG. The company has yet to select and underwriter. No pricing terms were disclosed.
