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Bloomberg
QuantGroup, a financial technology company backed by Chinese movie stars, is planning a US initial public offering that could raise about $200 million, according to people with knowledge of the matter.
The Beijing-based firm has asked banks to pitch for a role on the potential offering, the people said, asking not to be identified because the information is private. The deal is at an early stage, and details are yet to be finalized, the people said.
QuantGroup joins other Chinese fintech companies in seeking funds in the US equity market as consumers in the world’s most populous nation increasingly turn to non-traditional lenders. Fenqile, a Chinese online shopping mall that lets buyers pay in installments, picked banks to work on a planned IPO that could raise about $600 million, people with knowledge of the matter said in March.
SmartFinance, a Chinese internet loans business that judges borrowers on factors including how often they charge their phones, has also consulted banks about a possible US listing that could happen as soon as this year.