It looks like another Chinese fintech unicorn wants a U.S. IPO.
China Money Network:
Shenzhen-based installment payment e-commerce platform Fenqile aims to raise around US$600 million via an initial public offering on a U.S. stock exchange later this year, according to media reports citing insiders.
Fenqile provides installment plans for everything from mobile phones to laptops and clothes, and it currently boasts over 10 million users as well as nearly $300 million in sales. It also seems to be popular with big-name investors; after scoring $100 million from Russian investment company DST Global and Bertelsmann Asia Investments, Fenqile went on to have JD.com lead its Series A round and have China Renaissance’s Huasheng Captial usher its $235 million Series C. Not bad, no?
Its IPO will be facing some serious competition though – its main rival, the Ant Financial-backed Qufengi, also seems to be planning a U.S. offering this year, and so do a few fintech biggies such as P2P giant Ppdai.com.
At any rate, the startup does appear to be dead-set on going public soon. In fact, its appears to have hired a new CFO just to smooth things out:
In January, the start-up hired Zeng Yan as chief financial officer, reportedly to prepare the company for it U.S. IPO.
Zeng was formerly chief financial officer at Chinese payment platform YeePay.com. Earlier in his career he was chief financial officer at Shenzhen Exchange listed Internet security company Venustech Group Inc., as well as working at senior positions at NASDAQ-listed VanceInfo Technologies Inc. and Hong Kong listed food company Hop Hing.
Let’s see how it goes.
Photo: Jim Winstead