BRIEF: Yimutian approved by China for Nasdaq IPO

China has approved an application to list on the Nasdaq by Yimutian Inc., according to a notice posted Monday on the securities regulator’s website. According to the notice, Yimutian has successfully registered its application to sell 196 million ordinary shares in the IPO. It must complete the listing within 12 months, or it will need to apply again.

Yimutian is one of China’s leading online platforms for trading in agricultural products, according to its website. It was founded in 2011 as a B2B marketplace, and gradually expanded its scope to include wholesale trading. It says its platforms currently host trading in more than 15,000 categories of agricultural products by more than 56 million business users.

By Doug Young

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