PPDai inks cooperation deal with Hong Kong's Sun Hung Kai after IPO

Lending platform sees nearly 180% jump in net profit to US$81.9 million in Q3 from a year ago.

Shanghai-based PPDai, which issued an initial public offering in the US market last month, said today it has signed a  cooperation agreement with Hong Kong-based Sun Hung Kai on asset management and online finance.

Both sides will establish a joint team to seek opportunities in services like consumer finance and innovative finance services, said Zhang Jun, PPDai’s chief executive.

The cooperation with Sun Hung Kai will help PPDai to diversify its business portfolio and hedge potential risks, according to industry insiders.

PPDai also reported its first fiscal report since its IPO today. 

The lending platform's net profit soared 179.7 percent to 541 million yuan (US$81.9 million) year on year in the third quarter.  Its revenue jumped 245 percent year on year to 1.25 billion yuan. The platform has 57.6 million users since it was created in 2007.

PPDai, which debuted on the New York stock market last month, raised about US$270 million from the IPO.

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