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With regulatory changes in China the online lender LexinFintech scaled back their IPO target from $500mn to $120mn; the company is looking to IPO next week and is offering 12 million shares at a price range of $9 to $11; recent IPOs by Chinese fintechs like Qudian have seen a significant drop in value after the regulatory push in China. Source.
Chinese online consumer lender, LexinFintech, filed a $500mn IPO to list on the Nasdaq; LexinFintech provides installment loans for consumers to buy products; regulators have been looking closer at consumer lending in China with recent companies listing on US exchanges; the listing is being underwritten by Goldman Sachs, BofA Merrill Lynch, Deutsche Bank Securities and China Renaissance. Source.
China online consumer finance platform LexinFintech announced it will invest more than $150mn in partnerships over the next three years; the company’s CEO said the investment will focus on co-branded credit cards with financial institutions, expanding services to include more use cases and working on technology cooperation. Source.
LexinFintech Holdings operates Fenqile, a leading online lender in China, and is now rethinking their IPO plans; LexinFintech is attempting to raise $500mn through their IPO but concerns about regulators in China have made the company have second thoughts; the company is planning to come to a decision soon on whether or not to plan their roadshow ahead of the IPO. Source.