Chinese fintech company Pintec Technology debuts on Nasdaq

Source: Xinhua| 2018-10-26 02:41:36|Editor: yan
Video PlayerClose

NEW YORK, Oct. 25 (Xinhua) -- Pintec Technology Holdings, an independent technology platform enabling financial services in China, started trading on the Nasdaq Stock Market on Thursday.

The company, trading under the ticker symbol of "PT," announced its initial public offering (IPO) of 3,725,000 American depositary shares (ADSs), each representing seven Class A ordinary shares, at a price to the public of 11.88 U.S. dollars per ADS for a total offering size of approximately 44.3 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

Pintec started trading at 14.35 dollars per share on Thursday, climbing 8.54 percent from its pricing, and was traded at 12.89 dollars apiece around midday.

William Wei, founder and CEO of Pintec, told Xinhua that the company has made great efforts to provide better financial solutions for its partners and clients and it hoped to explore the international market by making the Nasdaq debut.

The fund raised will be primarily used for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditures, and other general and administrative matters, said the company.

Goldman Sachs (Asia) L.L.C., Deutsche Bank Securities Inc., and Citigroup Global Markets Inc. are acting as joint bookrunners for the offering.

Launched in June 2015, the Beijing-based company offers on point-of-sale lending, personal installment lending, SME lending, wealth management and insurance products.

It has 183 business partners, 83 financial partners and approximately 25.1 million registered end users for its point-of-sale financing and installment loan solutions as of June 30, according to its prospectus.

The total revenues of the company grew from 54.9 million Chinese yuan (7.9 million U.S. dollars) in 2016 to 568.7 million yuan in 2017. In addition, its total revenues jumped to 577.7 million yuan in the first half of 2018 from 174.0 million yuan in the same period last year, the prospectus showed.

Meanwhile, its net loss decreased by 57.7 percent from 200.5 million yuan in 2016 to 84.9 million yuan in 2017, and turned a profit of 12.4 million yuan in the first half of 2018, said the same filing. (1 U.S. dollar equals 6.95 Chinese yuan)