China’s oldest P2P lender plans $200m flotation in New York

CHINA’S oldest peer-to-peer lender Ppdai.com is preparing for a $200m (£161m) stock market flotation in New York.

The initial public offering (IPO) is scheduled for the first half of 2017, according to IFR, a Thompson Reuters publication, who first reported the news.

Citigroup and Credit Suisse will lead the IPO, according to IFR sources.

Read more: What we can learn from China’s flawed P2P sector

Ppdai.com, Citigroup and Credit Suisse declined to comment when contacted by IFR.

Ppdai.com would not be the first Chinese P2P lender to choose the New York Stock Exchange for its flotation.

Read more: When will the UK see its first peer-to-peer IPO?          

Yirendai chose to launch its IPO there in December 2015 and saw the value of its stock almost quadruple over the following year. However, shares slumped towards the end of 2016 due to tougher rules on the sector in China after a series of fraud scandals.

Another Chinese lender, Lufax, is reportedly preparing to float in Hong Kong.

Read more: China’s P2P crisis “should never happen” in the UK