Banking, finance, and taxes
Chinese Firm 360 Finance Closes in on IPO
Published:
Last Updated:
360 Finance has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company is offering 3.1 million American depositary shares (ADSs) in the range of $16.50 to $18.50, with an overallotment option for an additional 465,000 ADSs. Each ADS represents two class A ordinary shares. At the maximum price, the entire offering is valued up to $65.95 million. The company intends to list its shares on the Nasdaq under the symbol QFIN.
The underwriters for the offering are Citigroup, Haitong International, AMTD, Lighthouse Capital, China Securities International, TF International, HeungKong Financial and North Beta Capital.
This is a leading digital consumer finance platform and the finance partner of the 360 Group, the successor of Qihoo 360 Technology’s business after its privatization in 2016 and one of the largest internet companies in China, connecting over a billion accumulated mobile devices.
The firm provides tailored online consumer finance products to prime, underserved borrowers and is funded primarily by its funding partners. Its proprietary technology platform enables a unique user experience supported by resolute risk management. When coupled with the 360 Group partnership, the technology translates to a meaningful borrower acquisition, borrower retention and funding advantage, supporting the rapid growth and scaling of the business. From its inception to September 30, 2018, the company has facilitated over RMB94.4 billion (US$13.7 billion) in loans to 6.4 million of its borrowers.
360 Finance generates the majority of its revenue through loan facilitation service fees and post-origination service fees as a percentage of loan originations. For the year ended December 2017, the company earned RMB309.1 million (US$45.0 million) in net revenue, compared to RMB0.06 million for the period from its inception to December 2016. For the nine months ended September 30, 2018, its net revenue was RMB1,385.6 million (US$201.7 million), compared to RMB74.4 million for the same period of 2017, representing a year-over-year growth of 1,762.4%.
The company intends to use the net proceeds from this offer for brand promotions, research and development, as well as general corporate purposes.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
