China fintech startup Guangdong Wangjin plans US$500m HK IPO
Goldman Sachs, Credit Suisse lead sale planned for this year, IFR reports
Guangdong Wangjin Holdings Technology, which builds and operates online finance platforms for Chinese banks and insurers, plans to raise at least US$500 million in an initial public offering in Hong Kong in 2017, IFR reported on Friday, citing people familiar with the plans.
Credit Suisse and Goldman Sachs are leading the sale, IFR said. The deal size hasn’t been fixed and could reach as high as US$800 million depending on valuation and the number of shares to be offered it said.
Credit Suisse and Goldman Sachs declined to comment, while Wangjin didn’t immediately reply to a Reuters request for comment on the plan. IFR is a Thomson-Reuters publication.
The company would join other technology startups planning Hong Kong listings this year, including Lufax, China’s biggest peer-to-peer lending and wealth management platform, which plans a US$5 billion IPO.