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China's 360 Finance prices IPO

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China's 360 Finance prices IPO

China's 360 Finance Inc. priced its IPO of 3.1 million American depositary shares at US$16.50 apiece, the low end of the pricing guidance.

Shanghai-based 360 Finance operates a digital consumer finance platform and is the finance partner of the 360 Group, the successor of Qihoo 360 Technology Co. Ltd.'s business after its privatization in 2016. The company previously provided a price range between US$16.50 and US$18.50 per ADS.

The company said the underwriters of the IPO have a 30-day option to buy a maximum of 465,000 additional ADSs at the same price. Assuming the underwriters do not exercise their option to buy additional ADSs, the total IPO size will be about US$51.2 million.

The company's shares are set to begin trading on the NASDAQ Global Market on Dec. 14 under the ticker symbol QFIN.

The IPO's joint book runners are Citigroup Global Markets Inc., Haitong International Securities Co. Ltd., AMTD Global Markets Ltd. and Lighthouse Capital International Inc.