360 Finance becomes Nasdaq-listed

2018-12-18 10:21

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China’s 360 Finance, the fintech arm of cybersecurity company 360 Security Technology Inc., went public in Nasdaq on Dec. 14 night.

The market value for 360 Finance amounted to 2.37 billion U.S. dollars, which topped the fintech enterprises in the U.S. stock market. The issuance pricing of its stock was set at 16.5 U.S. dollars per share.

Though only three years old, the company’s market valuation is believed to be undervalued.

There were 6,400,000 borrowers at 360 Finance, with an aggregated loan amount of 94.4 billion yuan (13.7 billion U.S. dollars) and an outstanding loan balance of 34.3 billion yuan (4.97_U.S. dollars) as of Sept. 30 this year, according to the company’s prospectus.

The company’s revenue reached 309 million yuan (44.8 million U.S. dollars) in 2017, with a net loss of 166 million yuan (24.07 million U.S. dollars). Its revenue rose to 1.386 billion yuan (200 million U.S. dollars), up by 87 percent with a net loss of 469 million yuan (68 million U.S. dollars) in the first three quarters of this year.

Leverage by 360 Security Technology Inc.’s data advantages, it has rolled out several risk management tools, which prevented its bad debt from growing.

The company made earnings from matching lenders and borrowers as well as after-deal services and other loans-prompting brokerage businesses.

Among all the fintech companies which are backed up by Internet giants in China, 360 Finance ranked the fifth place following Ant Financial, Webank, JD Finance and Du Xiaoman Financial regarding their outstanding loans made in the second quarter of this year, as shown by Oliver Wyman, an international consulting firm specializing in banking and financial services.
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