Lucky Pai, a Shanghai-based home-shopping network that hawks jewelry and electronics to millions of Chinese households, is showcasing—itself.

Eric O'Brien, a member of Lucky Pai's board of directors and general partner at investor Lightspeed Venture Partners, said the company will be soliciting bids from investors for its second institutional round worth $25 million to $30 million.

Lucky Pai, whose revenue went from zero to $18 million in 2007, is seeking to expand operations while Lightspeed, with about 15 percent of its $475 million fund invested in China, is seeking to extend its investment reach, Mr. O'Brien said.

"The nutshell here is when we invested in 2006, it was basically a Powerpoint and three guys," he said. Lucky Pai projects revenue will spike to $140 million in 2008 and tip the company into profitability.

Not surprisingly, that kind of growth has attracted investment bankers' attention.

"We've definitely heard from bankers that if they remotely operate on this trajectory—two-third of what the projections are—that this could be a 2009 IPO," said Mr. O'Brien, who added that as a patient investor, Lightspeed doesn't "need to see that."

Lightspeed led Lucky Pai's $15 million A round, joined by co-investors Intel Capital and DT Capital, based in Shanghai.

Among Lightspeed's other investments in China are: MSP/Drilex, a maker of oil and gas exploration gear; Gmedia, builder of mobile Internet commerce infrastructure; 99Bill, an online payments firm; AMEC, a semiconductor capital equipment company, and Teralane Semiconductor, a chip design firm.

The company also is backing a "stealth" startup intended to address a nascent used-car market in China. "There hasn't been a supply of cars to sell used," said Mr. O'Brien, who contrasts the United States, where two-thirds of cars sold are used to China, where 80-90 percent of sales are of new vehicles. "You look at the automobile supply chain. We think there's opportunity."

Mr. O'Brien said that, as the Chinese economy takes off, opportunity remains for venture capitalists given the rigid policies of Chinese banks, which often demand real estate as collateral.

"They don't know how to lend against receivables," he said. "The opportunity is we get equity ownership for debt-level risk."