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Chinese celebrity-backed fintech firm is said to pick IPO banks

Bloomberg Published on Wed, Aug 30, 2017 / 8:39 AM GMT+8

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(Aug 30): Quant, a financial technology firm backed by Chinese movie stars, has picked JPMorgan Chase & Co. and Morgan Stanley to advise on a planned US initial public offering that could raise about US$200 million ($271 million), people with knowledge of the matter said.

Beijing-based Quant filed confidentially with the US Securities and Exchange Commission this month, the people said, asking not to be identified because the information is private. The company, which generates credit ratings and facilitates loans, plans to start gauging interest from potential investors in September, said the people.

Quant is among Chinese fintech firms seeking funds in the US equity market as consumers in the world’s most populous nation increasingly turn to non-traditional lenders. Fenqile, a Shenzhen-based online shopping mall that lets buyers pay in instalments, picked banks to work on a planned IPO that could raise about US$600 million, people with knowledge of the matter said in March.