X Financial Announces Initial Public Offering

X Financial (NYSE: XYF), a Shenzen, China-based technology-driven personal finance company, has priced its initial public offering.

The company prizes 11,000,000 American Depositary Shares, each representing two Class A ordinary shares, at US$9.50 per ADS for a total offering size of approximately US$104.5m, assuming the underwriters do not exercise their option to purchase additional ADSs.

The ADSs have been approved for listing on the New York Stock Exchange and are expected to begin trading today under the ticker symbol “XYF.”

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 1,650,000 additional ADSs at the initial public offering price less the underwriting discount.

Deutsche Bank Securities Inc. and Morgan Stanley & Co. International plc are acting as joint book runners for the offering.

X Financial is a technology-driven personal finance company focused on serving China’s underserved prime borrowers and mass affluent investors. The company’s platform, which leverages its risk management capabilities and technology, matches borrowers’ loan requests with investors’ investment demands and executes loan and investment transactions to provide borrowers with funding.
X Financial utilizes data-driven and technology-empowered credit analysis and protection offered by ZhongAn’s credit insurance on its investment products.

FinSMEs

19/09/2018

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