Jianpu shares gain after US$180m IPO
Jianpu Technology Inc, an independent online platform for financial products, has raised US$180 million in its initial public offering on the New York stock exchange.
Thirteen Chinese firms have gone public in the US this year, the biggest number since 2014, when Alibaba listed.
Jianpu jumped 4.9 percent on its first trading day to close at US$8.39, from its IPO price of US$8.00.
Jianpu, a subsidiary of Rong360, is an online platform for financial products such as credit card applications and mortgage comparisons.
It’s not yet profitable and has not set a timetable for profitability because it wants to be a professional and third-party platform offering unique services in China, according to Ye Daqing, chief executive and co-founder of Jianpu.
Chinese companies that want issue IPOs now have to run a gauntlet of tighter scrutiny, with a stricter and more complicated IPO review process.
Among the 13 Chinese companies that listed in the US this year, three are fin-tech firms: Jianpu, PPDai and Qudian.
Compared with PPDai and Qudian, which offer loans online, Jianpu’s model seems to be more welcomed by regulators in China, industry insiders say.