Founded in 2015, the company generates revenue primarily from selling products to users, including both members and non-members.

As of the end of last year, it had accumulated 7.4 million members, according to the company.

Yunji booked about $1.9 billion in sales for the 12 months that ended on Dec 31 last year.

China's online retail industry continues to grow.

The online penetration rate of the retail market increased from 10.3 percent in 2015 to 17 percent in 2017, and is expected to further increase to 24.4 percent in 2022, the company said in its prospectus, citing statistics from the China Internet Network Information Center.

Xinhua contributed to this story.