Fuqin Fintech Ltd., a China-based lending platform hoping to have their IPO soon, has officially applied for a US listing and is aiming to sell 8.5 million of their shares which will be prices around $5-$6.
Fuqin began its lending operations in 2014 matching borrowers and lenders and expanded into the online auto finance marketplace two years later. According to its prospectus filed Friday, the company had 96 business outlets throughout China, covering 86 second- and lower-tier cities, which the company said, were traditionally undeserved markets. Through its offices, Fuqin conducts promotion, assistance with lending applications, and installation of GPS devices on automobiles and is marketed to individuals, micro-, small-, and medium-sized enterprises, and sole proprietors. All loans Fuqin issues are secured by the borrowers' cars.
Although the majority of its business - 58 percent in 2017 - has been conducted offline, Fuqin said the trend has been shifting to online operations, and its online lending platform has been gaining popularity, fueled by the ability to reach more customers.
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