China's VC-backed Qudian files for US IPO
China-based Qudian, previously known as Qufenqi, a VC-backed micro-lending services provider, has filed for an IPO on the New York Stock Exchange.
The company has made an initial filing, but it has et to indicate how many shares will be sold or at what price.
Beijing-based Qudian was launched in 2014. It targets young mobile users, allowing them to pay for online purchases, ranging from electronic products to watches and sports and outdoor products, in installments. It currently partners with more than 480 merchandise suppliers to provide such services.
The company has also expanded its online payments and credit appraisal businesses through collaboration with Ant Financial's Alipay and Sesame Credit. In the first half of this year, it facilitated $5.6 billion in transactions to seven million active borrowers in China.
Qudian's revenue reached RMB1.44 billion ($220 million) in 2016, up from RMB235 million the previous year. It recorded a net profit of RMB577 million in 2016 compared to a net loss of RMB233 million in 2015.
The company has raised several rounds of funding from PE and strategic investors. BlueRun Ventures provided Series A funding and then the Series B came from Source Code Capital, Golden Summit and BlueRun in August 2014. The Series C closed four months later.
In 2015, Qudian raised a $100 million Series D round led by Shenzhen-listed games developer Kunlun Tech, and a $200 million Series E led by Ant Financial. Last year, the company shifted its focus to a domestic IPO. It completed two rounds of renminbi-denominated funding from onshore investors, including Beijing Phoenix Fortune, and removed its variable interest entity (VIE) structure.
According to the filing, Beijing Phonenix and Beijing Kunlun Tech each hold a 19.2% stake in Qudian, the second-largest shareholders after Min Luo, the company's founder. Source Code owns 16.1%, while BlueRun has a 7% interest.
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