trending Market Intelligence /marketintelligence/en/news-insights/trending/OVFO8in-YPxFtyQ1vQBpmQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

UPDATE: Chinese microlender raises US$900M in US IPO

Southeast Asian broadband providers report varying performance amid COVID-19

Cable networks react to pandemic by cutting SG&A, programming costs

Strong Competition Remains For Thailand Digital Terrestrial TV Channel

Banking Essentials Newsletter - November Edition

UPDATE: Chinese microlender raises US$900M in US IPO

Chinese microlender Qudian Inc. raised US$900 million after pricing its U.S. IPO at $24 per American depositary share.

The microlender said it sold 35,625,000 new shares, while shareholders sold 1,875,000 existing shares. The selling shareholders include Kunlun Group and board directors Li Du and Yi Cao, Reuters reported.

In addition, the selling shareholders granted the underwriters an option to purchase up to an aggregate of 5,625,000 additional shares to cover overallotments. The purchase will be exercised within 30 days from the date of the final prospectus.

The shares are expected to begin trading on the New York Stock Exchange on Oct. 18 under the symbol "QD."

Proceeds from the issuance will be used for marketing campaigns to sign up more borrowers, as well as on potential strategic acquisitions and general corporate purposes.

Citigroup, China International Capital Corp Ltd., Credit Suisse, Morgan Stanley and UBS worked as joint book runners on the Qudian IPO.

Qudian, founded in 2014, is backed by Alibaba Group Holding Ltd. affiliate Ant Financial Services Group and facilitates college students and young white-collar workers to buy laptops, smartphones and other consumer electronics in monthly installments.

Qudian's offering represents the biggest U.S. listing by a Chinese financial technology firm and highlights robust U.S. investor demand for fast-growing Chinese companies.