PPDAI plans for an IPO this month and co-founder Shaofeng Gu owns more than 25% of the business; Ning Tang of Yirendai, a US listed public company, owns 36% of the company; This year three Chinese fintech companies have gone public, raising $2.45 billion; Bloomberg provides data on the rise of the wealthiest billionaires in China. Source
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A new wave of IPOs by mainland Chinese fintech companies is taking shape; P2P companies in particular are hungry for fresh capital to reinforce their business growth; two mainland-based P2P operators – Yirendai and China Rapid Finance – are currently traded in New York; Sorghum Investment last month announced a reverse merger with Nasdaq-listed China Commercial Credit which would make it the third. Source
During the week I share the latest marketplace lending news on Twitter as it happens. Then every Saturday I take...
In late March, 2017 we learned that Chinese online lender China Rapid Finance filed to go public, hoping to raise...
Ppdai is reportedly looking to a US IPO and plans to raise $200 million; it would be the second lender to do so after Yirendai in 2015 who raised $75 million; the company was founded in 2007 and offers unsecured loans. Source
The leading Chinese online insurance company, ZhongAn Online Property & Casualty Insurance Co, started trading on the Hong Kong stock...
During the week I share the latest marketplace lending news on Twitter as it happens. Then every Saturday I take...
Two weeks ago I wrote about China Rapid Finance and their plans to go public. I shared information about their...
Though fairly young, fintech in China has really taken off the last few years as Yihan Fang, CEO of Yirendai explained in her LendIt USA 2017 keynote; when compared to other industries like insurance, fintech has shown a great deal of promise; payments have become widespread, online lending is growing steadily and new technologies like blockchain have taken off; this has allowed Yirendai to help the underbanked and create a credit data infrastructure; after a few high profile fraud cases the government has started to regulate the industry closely and the number of lenders has been consolidated; Yihan is optimistic about the future, she expects to be lending $15 billion per year by 2020 and hopes to increase the average assets under management of each high net worth investor on their platform. Source
Ning Tang, founder of CreditEase speaks about 2016 headwinds faced by Yirendai, the company's P2P lending arm; in August, 2016 the stock declined after new rules were put in place by Chinese authorities on P2P lenders; according to Ning Tang, "We need to do more in terms of investor education and communication as most of the international investors do not have a clear understanding of China's credit market and financial innovation."; 2016 transaction volume was 20 billion yuan ($2.92 billion) in 2016; Tang eyes 100 billion yuan ($14.59 billion) by 2020; looking forward, the company plans to form closer relationships with traditional banks to reach offline customers. Source