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.

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.



Like this

loading...
loading...

Latest


19 October 2017
Jio 'Diwali Dhamaka' at just Rs 149 with double data
Another change in all its plans is that the post FUP speed in unlimited data plans has been reduced from 128Kbps to 64Kbps. Jio will offer the Rs 509 plan which offers 2 GB high-speed data per day to users for a validity period of 49 days.

19 October 2017
Accountability court reserves decision to indict ousted PM Nawaz , daughter, son-in-law
After the Panama Papers were published, PM Nawaz Sharif's son, Hussain Nawaz, had accepted the family's ownership of the flats. PML-N Lawyers Forum has already announced that they would not come to witness the indictment proceeding on Oct 19.

19 October 2017
Man City star Kevin De Bruyne gets frustrated with Silva and Fernandinho
We kept in control because he stopped that penalty. "Everyone is playing at a high level". If we did not play good, we could not beat that team".

19 October 2017
Italy to face Sweden in World Cup playoffs
They are strong defensively and they will be very physical against us. He told the Irish Sun: "We are discussing that with the Danish FA".

19 October 2017
Ultimate Ears Debuts BLAST & MEGABLAST Alexa-Enabled Speakers
Both the Blast and Megablast feature 360-degree audio speakers, for sound which really fills the room, regardless of positioning. That means you get a hefty 93 dBC but a more powerful mid-range, deeper bass and clearer reproduction of vocals and instruments.

19 October 2017
Notable Stock Analysts Ratings Gilead Sciences Inc. (GILD)
Over the last five days, shares have managed 0.5% gains and now is down -8.98% since hitting its 200-day moving average of $13.32. Palisade Capital Management Limited Liability Corporation Nj has 8,800 shares for 0.02% of their portfolio.

19 October 2017
Here's What We Know About Nia Jax's WWE Absence
PWInsider .com can confirm that Jax was not at Monday's Raw in Portland, Oregon, although she was originally slated to be there. She had been slated to film content tomorrow and Friday, one source close to the production of the reality series has told us.

19 October 2017
China's economy grew 6.8% in the 3rd quarter
Retail sales were up 10.3 percent on year, beating expectations for 10.2 percent and up from 10.1 percent in the previous month. The data is expected to show 6.8% economic growth this quarter, which is down slightly from the 6.9% of the previous period.

19 October 2017
What's Happening To These Stocks? - Encana Corporation (ECA), SunPower Corporation (SPWR)
Equity Investment Corp Acquisition Inc increased its position in shares of Encana Corporation by 5.4% during the second quarter. Atria Investments LLC purchased a new stake in shares of Encana Corporation in the second quarter worth approximately $113,000.

19 October 2017
Reese Witherspooon's speech made Laura Dern realize she 'was sexually assaulted'
Dern refused to go into details, but admitted she was "very moved" by the stories she heard at the Elle event, especially Witherspoon's.