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Chinese online lender HeZhong International sets terms for U.S. IPO

Source: Xinhua| 2019-05-02 00:41:54|Editor: Mu Xuequan
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NEW YORK, May 1 (Xinhua) -- HeZhong International Holding, which operates a peer-to-peer lending platform in China, announced terms for its initial public offering (IPO) on the U.S. stock market Wednesday.

The company plans to list on the Nasdaq under the symbol "HZ," by offering 1,250,000 ordinary shares at a price of 4 U.S. dollars apiece, according to its prospectus filed with the U.S. Securities and Exchange Commission.

ViewTrade Securities is the sole bookrunner on the deal.

Based in Shenzhen, south China's Guangdong Province, the company provides services for its online marketplace connecting borrowers and investors.

It generates revenue from fees charged for loan facilitation and management service to borrowers and investors.

HeZhong International booked 34 million dollars in revenue and a net income of 4.27 million dollars for the fiscal year ending June 30, 2018, showed its filing.

It aims to grow user base by working with existing and new traffic partners, expanding its product offerings, investing in technology, continuing to enhance its brand and exploring financial markets overseas when suitable opportunities arise.

The company also cautioned risks in investing in its ordinary shares.

"We have a limited operating history in a new and rapidly evolving and competitive market, which makes it difficult to evaluate our future prospects and makes our business subject our inherent risk," said the company in its prospectus.

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