Chinese fintech Jiayin Group files for US IPO

NEW YORK - Jiayin Group, a Chinese online lending marketplace, is seeking to raise up to $57.5 million in an initial public offering (IPO) on the US stock market.

The company plans to list its American depositary shares (ADSs) on the Nasdaq under the symbol "JFIN," according to its prospectus filed Wednesday with the US Securities and Exchange Commission.

Founded in 2011, the Shanghai-based company, with its business connecting individual investors and borrowers, is one among the first online individual finance platforms in China.

It was the third largest individual finance marketplace in China in terms of transaction volume in the first half of 2018 for mid-term to long-term loans, according to independent market research firm, iResearch.

The company generates revenues primarily from fees charged for its services in matching investors and borrowers and for other services provided over the term of a loan.

Jiayin booked its revenue of $327.7 million in 2017, an increase of 280.8 percent from 2016. During the nine months through September, the company's revenue reached $316.2 million, up 46.7 percent year over year, said its prospectus.

The company cited a growing peer-to-peer lending market in China as its potential opportunities.

The online individual finance transaction volume in China is expected to reach $807.8 billion in 2022, up from last year's $312.1 billion, according to iResearch.

The Chinese financing platform said it intended to use the proceeds of its IPO to invest in its marketing to build brand awareness and expand its user base, as well as for strategic acquisitions and for general corporate purposes.

Roth Capital and Shenwan Hongyuan Securities are the joint bookrunners on the deal. No pricing terms were disclosed.