} ?>
(Yicai Global) Nov. 18 -- Nasdaq-listed Chinese credit technology platform 360 Digitech said it has raised about HKD277.2 million (USD35.5 million) from its secondary listing in Hong Kong after pricing the offering well below the top of the marketed range.
The 5.54 million shares on offer were priced at HKD50.03 (USD6.40) each, and will begin trading on the Hong Kong Stock Exchange tomorrow, the Shanghai-based firm said in a statement on Nov. 23. The top end of the marketed range was HKD88.80 (USD11.36) a share.
The offering will have net proceeds of HKD170 million (USD21.74 million), after underwriting fees and other expenses are deducted. An over-allotment option could lift that by about a further HKD37.7 million (USD4.82 million), the firm said.
Based on HKD88.80 a share, 360 Digitech would have raised HKD490 million (USD62.7 million) before underwriting fees and other expenses.
The new funds will be used on research and development over the next three years to boost the company’s technology and credit evaluation capabilities, as well as expand its user base.
Founded in July 2016, 360 Digitech’s products include 360 Credit Loans, 360 Small and Micro Loans, and 360 Installments, and its revenue mainly comes from providing credit-tech services to financial institution partners by matching borrowers, who have not yet or still need loans, with offering funds.
Zhou Hongyi, chairman of 360 Group, China’s largest internet security company, holds a 14.3 percent stake and 75 percent of the voting rights. Zhou is also the chairman of 360 Digitech, which went public on the Nasdaq in December 2018.
360 Digitech’s net profit slumped 37 percent to CNY988.4 million (USD137.29) in the third quarter of this year from a year earlier on a 10 percent drop in revenue to CNY4.14 billion (USD576 million).
Editor: Peter Thomas