Online lender Qudian set for New York IPO

Online lender Qudian set for New York IPO

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Online consumer microlender Qudian said it plans to raise up to $750 million in a New York IPO, in the second of two major fintech deals this month which are expected to kick off a wave of similar listings by year-end. Qudian disclosed the fundraising target in its first public filing with the US securities regulator late on Monday. But a source with direct knowledge of the situation told Caixin the final fundraising amount is likely to exceed $1 billion, possibly making it the largest IPO by a Chinese company in the US this year. The filing comes just a week after ZhongAn, an online-only insurance company with ties to internet giants Tencent and Alibaba, also launched its own IPO in Hong Kong, in a deal expected to raise up to $1.5 billion. Qudian provides consumer loans averaging about 1,000 yuan ($152) over the internet. ZhongaAn offers internet-based insurance policies that are also considered a financial product.