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Hongling plans domestic listing within three years
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HONGLING Chuangtou Ecommerce Co has started preparations for an initial public offering in the domestic market and plans to finish the listing in three years, after the Shenzhen-based online lender admitted earlier this month that a 70 million yuan (US$11 million) debt had gone sour.
The company targets a market value of 50 billion yuan, Zhou Shiping, its founder and board chairman, told a investor briefing on Saturday in response to earlier media reports that the peer-to-peer lending company has signed with a listed apparel company in Fujian Province for a backdoor listing.
Zhou didn’t deny the backdoor listing but he added that further details over the listing plan will be released in July.
The five-year-old P2P company’s total transactions rose 7.6 times to 14.7 billion yuan in 2014, according to its annual report released on its website.
On February 7, Hongling, which runs the my089.com lending website, said it will pursue legal action to get back a 70 million yuan loan to Senhai Gardening Landscape Co that had gone sour.
Last year, Hongling’s bad debts totaled 100 million yuan — the largest in China’s P2P sector.
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