REFILE-Chinese online lender Lexinfintech surges in US market debut

From Reuters - December 21, 2017

(Reuters) - Chinese online lender Lexinfintechs shares surged in their U.S. market debut on Thursday, in a sign that investors were looking past Beijings recent crackdown on the booming micro-credit industry.

Shares of Lexinfintech Holdings Ltd (LX.O) rose as much as 53 percent on the Nasdaq, valuing the Shenzhen-based company at $4.51 billion.

Its initial public offering was priced at $9 per American depositary share, at the bottom of a $9 to $11 range, and raised $108 million.

The company last week slashed the size of the IPO by two-thirds to a maximum of $151.8 million following the clampdown on micro-lenders by Chinas financial regulators.

China is trying to curb the fast yet haphazard growth at the countrys online micro-lenders, unveiling tougher new rules in recent weeks including a ban on loans to borrowers who have no source of income.

The industry is booming amid rising Chinese incomes and a low credit card penetration rate.


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