Chinese Installment Payment Platform Fenqile Plans $600M US IPO

Shenzhen-based installment payment e-commerce platform Fenqile aims to raise around US$600 million via an initial public offering on a U.S. stock exchange later this year, according to media reports citing insiders.

Fenqile did not immediately respond to an email from China Money Network to confirm the news.

Founded in 2013, Fenqile targets young Chinese consumers, especially university students. The platform provides installment payment for popular consumer products such as mobile phones, laptops, cameras and clothes. Last May, its user base reached 10 million and sales totaled RMB2 billion (US$290 million).

The company previously raised a US$235 million series C round in June 2016 from Huasheng Captial, a venture capital arm of China Renaissance Partners. It received a US$100 million funding round from Russian investment company D...

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