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 where university students could borrow money to buy goods and pay back the loans in monthly installments.
The company received several million RMB angel investments and several million U.S. dollar series A funding from BlueRun Ventures in 2014.
It then raised around US$10 million series B from BlueRun Ventures and Source Code Capital, followed by tens of millions series C financing round from undisclosed investors four months later in December 2014.
In 2015, it completed US$100 million series D round of financing led by Chinese online gaming firm Beijing Kunlun Tech Co., Ltd., with participation from BlueRun Ventures and Source Code Capital.
In August 2015, Ant financial led a US$200 million series E round in the company, with participation from Beijing Kunlun Tech, BlueRun Ventures and Source Code Capital, according to the company's website.
The company claims to have over 25 million cumulative users, mostly university students and young office workers.