Economy

Chinese online small consumer credit provider Qudian debuts on NYSE

Chinese online small consumer credit provider Qudian debuts on NYSE”

Online microlender Qudian Inc. said Wednesday it raised $900 million after pricing its initial public offering above its forecasted range and promptly saw shares rally in debut trading, the latest in a surge of USA listings from Chinese companies.

Qudian priced its initial public offering of 37,500,000 American depositary shares (ADSs) at $24.00 per ADS for a total offering size of approximately $900 million, assuming the underwriters do not exercise their option to purchase additional ADSs.

Qudian, backed by Alibaba Group affiliate Ant Financial, raised US$900 in its IPO, making it one of the biggest listings of a Chinese firm in the USA this year, Reuters reports.

Qudian, backed by Alibaba's affiliate Ant Financial, runs a service that allows young Chinese-mostly college students or white-collar workers-to buy consumer electronics in monthly installments.

The company targets hundreds of millions of young Chinese who need access to small credit, but can not go to traditional financial institutions, mainly for lack of traditional credit data.

More news: Italy to face Sweden in World Cup playoffs

Qudian sold 35.63 million new shares in the IPO, while shareholders including Kunlun Group and board directors Li Du and Yi Cao sold 1.88 million existing shares.

In the six months ended June 30, 2017, Qudian facilitated approximately $5.6 billion in transactions to 7.0 million active borrowers.

Qudian became profitable in 2016.

Profit jumped nearly eight times to US$144 million in the six months ended June, while revenue rose near five-fold to US$270 million.

Qudian said it plans to leverage the proceeds to launch more marketing campaigns to draw in more borrowers and potential acquisitions, Reuters reports.



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