BUSINESS Chinese financial services platform 9F sets terms for US IPO

BUSINESS

Chinese financial services platform 9F sets terms for US IPO

Xinhua

02:19, August 10, 2019

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(Photo: Agencies)

NEW YORK, Aug. 9 (Xinhua) -- 9F, an online financial services provider in China, set terms for its US initial public offering (IPO) on Thursday.

It plans to list on the New York Stock Exchange under the symbol "JFU" at a price range of $7.5-$9.5 per American Deposit Share (ADS). The Beijing-based company first filed for the IPO listing with the US Securities and Exchange Commission on July 25.

9F and its selling shareholders have offered 8.9 million ADS in aggregate, noting it will not receive any proceeds from the sale of ADSs by the selling shareholder.

Each ADS represents one of 9F's Class A ordinary shares, according to the prospectus. At the midpoint of the proposed range, 9F would command a fully diluted market value of $1.7 billion.

9F added CLSA and China Investment Securities International Brokerage as joint bookrunners on the deal, along with Credit Suisse, Haitong International and 9F Primasia Securities.

The core business lines of 9F include installment consumption, internet lending, mobile overseas securities and big data assessment, according to the company.

The company saw total net revenues of $179.4 million in the first three months this year, a marked increase from the nearly $159 million for the same period last year.


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