(Yicai Global) Dec. 7 -- 360 Finance, one of China's biggest fintech firms, has lowered expectations for its New York Stock Exchange listing, and now plans to raise up to USD54 million rather than USD200 million, according to the Nasdaq bourse's website.

The Shanghai-based consumer lending platform aims to offer 3.1 million American depositary shares, priced from USD16.5 to USD18.5, the firm said in an updated prospectus today. The firm is expected to go public next week, the Nasdaq report added. 

Founded in 2016, the financial startup submitted its first IPO prospectus to the US Securities and Exchange Commission in late October and applied to list under the ticker of QFIN.

The firm had lent CNY94.4 billion (USD13.7 billion) to 6.4 million borrowers as of Sept. 30, resulting in an outstanding balance of CNY34.7 billion. The company almost doubled or more than doubled its return of investment during some of quarters in the past two years.

Zhou Hongyi, the firm's board chairman, holds 39.8 million B-shares of the firm, making up a bit over 14 percent of the total, according to the prospectus. Chief Executive Xu Jun holds 13.5 million A-shares that account for 4.8 percent of all.

The firm's net revenue was CNY309.1 million (USD45 million) last year. Its soared to CNY1.4 billion in the first nine months this year while losses almost tripled from the same period last year to CNY469.3 million.

Haitong International Securities, AMTD Asset Management and Lighthouse Financial are some of the underwriters of the deal. 

Editor: Emmi Laine