China’s QuantGroup plans to raise US$200m in US, say sources
HONG KONG: QuantGroup, a financial technology (fintech) company backed by Chinese movie stars, is planning a United States initial public offering (IPO) that could raise about US$200 million (RM867.7 million), according to people with knowledge of the matter.
The firm has asked banks to pitch for a role on the potential offering, the people said. The deal is at an early stage.
QuantGroup joins other Chinese fintech companies in seeking funds in the US equity market as consumers in the world’s most populous nation increasingly turn to non-traditional lenders.
Fenqile, a Chinese online shopping mall that lets buyers pay in instalments, picked banks to work on a planned IPO that could raise about US$600 million.
SmartFinance, a Chinese Internet loans business that judges borrowers on factors including how often they charge their phones, has also consulted banks about a possible US listing that could happen as soon as this year. They would follow China Rapid Finance Ltd, which has risen 31 per cent in New York trading since its US$69 million IPO last month.
Backers of QuantGroup include Star VC, the investment firm started by a group of Chinese celebrities. Actress Li Bingbing and actor Huang Xiaoming are among partners at Star VC, according to the website of fellow portfolio company Handu.com. Bloomberg