NEW YORK -- Xiao Shanglue has plenty of titles already -- he is founder, chairman and CEO of Yunji, a Chinese e-commerce startup. But if things go as planned, he will soon bag another one: billionaire.
Xiao owns close to half of Yunji, which is scheduled to list on the Nasdaq on Friday. The company is expected to be worth more than $2 billion after its initial public offering. Located in Hangzhou, where Alibaba Group Holding is also based, the young company seeks to upset China's e-commerce landscape with its social sharing and membership model. Yunji expanded its customer base tenfold within two years to 23.2 million in 2018.