China’s Quan­tGroup plans to raise US$200m in US, say sources

New Straits Times - - Business -

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 Bloomberg

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