Hexindai Inc. (NASDAQ: HX) a peer to peer lending platform operating in China, priced and closed its initial public offering (IPO) of 5,000,000 American depositary shares at $10 per ADS raising $50.0 million. Each ADS represents one ordinary share of the Company. The shares commence trading on the NASDAQ Global Market as Xiaobo An, Chairman and Zhou Xinming, Chief Executive Officer, will ring the Opening NASDAQ Bell.
Hexindai is a fast-growing consumer lending marketplace based in Beijing, China and a top ten player in the unsecured medium-sized consumer loan market in China. The online lender had facilited about $1.45 billion in loans as of June 2017 backed by 110,000 investors and 56,000 investors.
Hexindai provides borrowers with ready access to credit through its online marketplace with a range of products designed based on customer segmentation data and tailored to the specific needs of the emerging middle class in China. Individual investors may lend to various types of investment products with different risk levels and risk-adjusted returns.
China is host to the largest online lending market in the world with the vast majority of loans being backed by individual investors in a true peer to peer lending model.