AAA U51 charges to Hong Kong for IPO

U51 charges to Hong Kong for IPO

U51, a China-based personal finance management platform backed by corporates InTime Commercial, JD.com and Susquehanna International Group (SIG), filed to list on the Hong Kong Stock Exchange on Thursday, Kr Asia has reported.

Founded in 2012, U51 operates a financial services platform that offers services such as credit card bill management, online loans and wealth management. It claimed to have 810 million registered users across its apps as of the end of 2017.

The company has been in the black for two years, generating approximately $360m in revenue and a net profit of approximately $124m in 2017.

U51 most recently closed an $84m series C+ round backed by retail group InTime Commercial and asset manager Harvest Global Investments in October 2016.

The company had already secured $310m in series C capital the from Xinhu Zhongbao, Tiantu Capital, FunCity, HG Capital, Guoxin Hongsheng Investment, Shenzhen Qianhe Capital and Angel Plus the month before at a $1bn valuation.

E-commerce firm JD.com took part in U51’s $50m series B round in 2015 alongside GGV Capital and Shunwei Capital, two years after trading and technology firm SIG took part in a $15m series A round that included Meridian Capital China and Crystal Stream Capital.

Meridian Capital and angel investor Charles Xue had supplied an undisclosed amount of seed funding for U51 in 2012. Smartphone producer Xiaomi is also among its shareholders according to Kr Asia, though further details could not be ascertained.

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