Hui Ying Financial Holdings, which operates an online peer-to-peer lending platform in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Shanghai, China-based company now plans to raise $32 million by offering 5.6 million shares at a price of $5.85. The company had previously filed to offer 6.8 million shares at the same price. Hui Ying Financial Holdings will raise -19% less in proceeds than previously anticipated and command a market value of $436 million. Shares are currently listed on the OTCQB under the symbol SFHD.
Hui Ying Financial Holdings was founded in 2014 and booked $58 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol HYJF. The Benchmark Company is the sole bookrunner on the deal.
