Major Chinese consumer lender approved for NYSE listing
China Rapid Finance Ltd has filed for a US IPO of $100m. The peer-to-peer lender said its IPO of American depositary shares representing class A ordinary shares have been approved for listing on the NYSE under the symbol “XRF.”
Financial services providers Morgan Stanley, Credit Suisse and Jefferies served as the underwriters for the IPO.
Founded in 2001, Shanghai-based China Rapid Finance is one of China's leading consumer lending platforms, with offline and online lending channels.
Commenting on the IPO, founder, chairman and chief executive Dr. Zane Wang, said: “We founded our business with the simple idea of using our marketplace and our unique technology developed over 16 years to bring affordable consumer credit to China’s EMMAs and meet the lifetime credit needs of this economically active group. Over the past few years, we have collaborated with leading companies in China, including the top Chinese banks and Internet companies, who have validated our unique know-how and technology, and have trusted us to leverage the information on their vast customer bases to create a vibrant consumer credit market in China.”
“We have made great strides towards our goals, but still have much work to do to achieve my vision of bringing affordable credit to China’s emerging middle class, one of the world’s largest untapped consumer credit markets.”