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PPDai and HK firm ink deal to cooperate
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SHANGHAI-BASED PPDai, which issued an initial public offering in the US market last month, said yesterday it has signed a cooperation agreement with Hong Kong-based Sun Hung Kai on asset management and online finance.
Both sides will form a joint team to seek opportunities in consumer finance and innovative finance services, said Zhang Jun, PPDai’s chief executive.
The cooperation with Sun Hung Kai will help PPDai to diversify its business portfolio and hedge potential risks, according to industry insiders.
PPDai also released its first fiscal report since its IPO yesterday.
Its net profit soared 179.7 percent to 541 million yuan (US$81.9 million) year on year in the third quarter. Revenue jumped 245 percent annually to 1.25 billion yuan. The platform has 57.6 million users since it was created in 2007.
PPDai, which debuted on the New York stock market last month, raised about US$270 million from the IPO.
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