(Yicai Global) Nov. 18 -- 360 DigiTech, a Chinese internet finance firm that went public in New York almost four years ago, has launched a secondary share offering in Hong Kong.

The unit of web security giant Qihoo 360 Technology is offering 5.54 million shares, 4.98 million globally and 560,000 in Hong Kong, the Shanghai-based micro-lender said in a stock exchange filing.

Based on HKD88.80 (USD11.35) a share, 360 DigiTech could raise about HKD492 million (USD62.6 million). The shares went on sale today, and the Hong Kong tranche will debut on the HKEX on Nov. 29.

The proceeds will go to enhance the company’s technical and credit assessment abilities and to expand its user base in the next three years, according to an earlier prospectus.

Founded in July 2016, 360 DigiTech enables financial institutions to provide better and more targeted products and services to a broader consumer base. It also offers standardized risk management services in the form of software-as-a-service modules to institutional clients.

360 DigiTech's net profit fell 37 percent to CNY988.4 million (USD140 million) in the third quarter from a year earlier. Revenue was CNY4.1 billion (USD574.9 million), down over 10 percent.

Qihoo 360’s Chairman Zhou Hongyi owns 14.3 percent of 360 Digitech, equal to 75 percent of the voting rights. Zhou is also 360 DigiTech’s chairman.

The company’s Nasdaq-listed stock [NASDAQ: QFIN] closed up 3.2 percent at USD15.34 yesterday.

Editor: Futura Costaglione