Steinhoff Africa Retail plans for a private placement of shares priced between R18 ($1.38) and R23 ($1.77) each, in order to raise between R62bn ($4.78bn) and R79bn ($6.1bn).
Based in South Africa, Steinhoff Africa Retail is a household products retailer and a subsidiary of Steinhoff International Holdings.
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Xingbianli has secured an angel funding of CNY100m ($15.24m) from a venture capital round led by Lightspeed China Partners.
The round also saw the participation of Zhang Tao, Wang Xing and other investors.
