Listing and Series D financing are not of the same type and cannot be compared.

Generally, companies have already been listed in the C round. If the D round has not yet been listed, there should be other considerations rather than funding issues.

For example, the intra-city freight platform Lalamove completed a US$300 million Series D financing in February 2019.

Hillhouse Capital led the D1 round, Sequoia Capital China Fund led the D2 round, Bell Capital and PV Capital followed, but they still have not chosen to go public.

1. D-round financing D-round financing represents the fourth round of financing, and D-round financing is an upgraded version of C-round financing.

Series C financing refers to the company's business model is mature, has a large number of users, has a dominant or leading position in the industry, and is preparing for listing, while round D financing refers to the financing carried out after the enterprise has developed to a certain stage. A company is developing

There may be multiple rounds of financing during the process, such as Series A, Series B, Series C, D, etc., and even Series E, F, G, etc.

2. Listing Listing is a securities market term.

In a narrow sense, Initial Public Offerings (IPO) refer to the process in which companies issue additional shares to investors through the stock exchange for the first time in order to raise funds for corporate development.

When a large number of investors subscribe for new shares, the shares need to be allocated by lottery, also known as drawing new shares. Investors who subscribe expect to be able to sell at a price higher than the subscription price.

In the Chinese environment, listing is divided into Chinese companies listing on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China; Chinese companies directly listing on non-Mainland China stock exchanges (such as the Hong Kong Stock Exchange, the New York Stock Exchange, and the Nasdaq Stock Exchange).

Dak Stock Exchange, London Stock Exchange, etc.) and Chinese companies indirectly through three ways: setting up offshore companies overseas and listing (red chip stocks) on overseas stock exchanges in the name of the offshore company.

3. Advantages of listing 1. Improving financial situation The funds obtained through stock listing do not have to be repaid within a certain period of time. On the other hand, these funds can immediately improve the company's capital structure, which allows the company to borrow loans with lower interest rates.

In addition, if the new stock listing is very successful and the trend in the market is very strong in the future, then the company may issue additional shares at a better price in the future.

2. Use stocks to acquire other companies (1) Listed companies usually purchase other companies through their stocks (rather than paying cash).

If your company is publicly traded on the stock market, shareholders in other companies will be happy to accept your shares in lieu of cash when they sell their shares.

Frequent buying and selling in the stock market provides flexibility to these shareholders.

When needed, they can easily sell their shares or use them as collateral to borrow money.

(2) The stock market will also make it much easier to estimate share prices.

If your company is private, then you have to do your own valuation and hope that the buyer agrees with your estimate; if they don't, you have to bargain to determine a "fair" price that is mutually acceptable to both parties, which is very likely.

Less than your company’s actual value.

However, if the stock is publicly traded, the value of the company is determined by the market price of the stock.