The instalment buying-based e-commerce platform is reportedly preparing for an IPO in the US that will allow Bertelsmann and JD.com to exit.

Corporates JD.com and Bertelsmann are set to exit China-based e-commerce platform Fenqile in an initial public offering in the US expected to raise $600m, China Money Network reported on Friday, citing local media.

Fenqile operates an e-commerce marketplace that enables customers to pay for products through instalments. It had built a user base of more than 10 million customers as of May 2016.

The company, which began life as an electronics retailer catering to students, has since diversified its customer…