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China's Puyi files for US IPO

China's Puyi Inc. file for an IPO of American depositary shares, or ADS, on the Nasdaq Global Market "on a best efforts basis."

The price and volume of the ADS subject to the offering have not yet been determined. For the purpose of calculating the registration fee, the proposed maximum aggregate offering price is US$40 million, according to a Form F-1 filed Nov. 21.

The company has reserved the ticker symbol PUYI for listing.

The company said it plans to use any net proceeds from the IPO to expand its branch network, upgrade its IT infrastructure, launch additional funds of funds and non-performing loan funds and for general corporate purposes, including to fund strategic investments and acquisitions.

Puyi Inc. is a third-party wealth management services provider in China, with a 10.4% market share based on 2017 transaction value, according to China Insights Consultancy. For the year ended June 30, 2018, the company reported net income and net revenues of 63.6 million yuan and 165.8 million yuan, respectively.

As of Nov. 21, US$1 was equivalent to 6.93 Chinese yuan.