Chinese group-buying website 55tuan.com filed its IPO with the US Securities and Exchange Commission (SEC) on Friday for a listing on the NASDAQ, in an attempt to raise up to $40 million.

55tuan.com plans to launch an IPO under the stock code "WOWO" on the NASDAQ, and Boston-based Axiom capital management Co will serve as the underwriter for the listing, according to the filing.

The company's net revenue fell 25.4 percent year-on-year to $20.6 million in the first three quarters of 2014, according to its IPO prospectus.

Besides, the group-buying site reported net losses of $32.4 million in the first nine months of 2014, up 53.6 percent from the same period of the previous year.

A report by China's group-buying navigation website tuan800.com shows in late October that transaction volume of 55tuan.com accounted for 7.2 percent of the total generated by domestic group-buying sites as of September 2014, ranking it fourth and far behind its key competitor meituan.com, which is backed by China's e-commerce giant Alibaba and held 52.6 percent of the overall market.

China had 5,058 group-buying websites at the peak of the industry in early 2011 but some 2,000 were shut down by the end of 2011, according to group-buying information portal lingtuan.com.

55tuan.com originally planned a listing on the NASDAQ in 2011 but the IPO was postponed due to investor concerns over alleged accounting problems.

Another group-buying portal lashou.com withdrew its IPO application submitted to the SEC in June 2012 and announced in June 2012 it will refine its operation to gain a stronger foothold in the sector.