Yixin Group Ltd., a Chinese online car lender, filed for a Hong Kong IPO looking to raise $900mn; the deal could value the fintech company at $6.5bn if shares price on the higher end; Yixin Group Ltd. is a unit of NY listed Bitauto and is backed by Baidu Inc., Tencent Holdings Ltd. and JD.com Inc. Source.
In China only prime consumers have credit cards with just 21% of the population carrying one; the delinquency rate on...
With continued low bank rates Chinese consumers have flocked to new fintech firms that offer better returns; lower income individuals use Yu’E Bao money market fund and high net worth individuals use wealth management products; this has helped younger more savvy investors to abandon stocks and real estate, though regulations in China can always change quickly. Source.
Several years of tighter crypto regulation in China has given Huobi further impetus to expand into other parts of Asia with Europe and the U.S. next.
A senior Chinese regulatory official said the country needs to come up with better legislation to monitor the market; "FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets," said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum reported by Xinhua; the regulations need to catch up with innovation and ensure that investors are protected. Source.
New statistics show e-commerce spending in China continues to rise, with projections estimating the average digital buyer will spend RMB12,198 ($1,836) online in 2017, an increase of 7% over 2016; growth is expected to slow to 5% or less after 2017; the forecasts could point to a peak for China's e-commerce giants and also serve as a catalyst for the broad ranging expansion of China's top e-commerce companies. Source
On the heels of the Ant Financial IPO news earlier this week leading Chinese online wealth management platform Lufax is...
One of China’s leading online wealth management companies Lufax is looking to go public in Hong Kong at a $60bn valuation; the South China Morning Post reports the company intends to file their application by the end of January; Lufax was last valued at $18bn in 2016, they have more than 33 million users and over $75bn in assets under management. Source.
Shares of Qudian surged almost 48 percent on the first day of trading; the share offering raised about $900mn, making it the largest Chinese listing in the US this year; reaching as high as $35.45 the company ended the day at $29.86; Qudian extends loans to millennials and students for small ticket items like smartphones or concert tickets. Source.
UP Fintech Holding is an online broker based in China and has raised $104 million by offering 13 million ADS...