Ant Financial-Backed Qufenqi Operator Plans $800M US IPO

The operator of Chinese e-commerce firm Qufenqi, backed by Ant Financial, is planning a U.S. IPO to raise between US$500 million to US$800 million during the first half of 2017, according to media reports.

Qufenqi, under Beijing Happy Times Technology Development Co., is currently working with investment banks on the potential stock market debut.

The company was valued at RMB8.3 billion (US$1.21 billion) at the end of July, according to a disclosure filing by one of its investors, Guosheng Financial Holding Inc.

In July, Qufenqi reportedly raised RMB3 billion (US$449 million) in pre-IPO investment from two A-share listed companies. Media reports back then said that the company dismantled its variable interest entity (VIE) structure in order to do an IPO domestically.

Founded in 2014, Qifenqi operates an e-commerce platform wh...

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