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 DST Global and Bertelsmann Asia Investments in 2014, and later completed an undisclosed series A round led by JD.com in 2015.
In January, the start-up hired Zeng Yan as chief financial officer, reportedly to prepare the company for it U.S. IPO.
Zeng was formerly chief financial officer at Chinese payment platform YeePay.com. Earlier in his career he was chief financial officer at Shenzhen Exchange listed Internet security company Venustech Group Inc., as well as working at senior positions at NASDAQ-listed VanceInfo Technologies Inc. and Hong Kong listed food company Hop Hing.
Fenqile's biggest rival Qufenqi is also planning an IPO on a U.S. exchange, according to reports last November. At the same time, the Ant Financial-backed start-up hired Yang Jiakang, a former investment manager at Merrill Lynch, as chief financial officer to prepare for an IPO.