Xiaotai, a P2P Lender Seeking IPO, Provides Latest Financials
Xiaotai International Investment Inc., a peer-to-peer Chinese lender, is proceeding toward its initial public offering in New York steadily and surely, having updated its financials in the latest filings Friday.
The Hangzhou-based company, which is seeking a listing on the NYSE American exchange under the symbol "TAI," first filed for a maximum offering of $20 million back in November.
In today's filing, Xiaotai, operating as Tairan or TRC.com, said its revenue last year reached $43.4 million, up 32 percent from 2017. It reported income of $7.3 million for 2018 compared with $11.3 million in the prior year.
From its launch in 2014 through December 2018, the company said it had facilitated $3.9 billion in loans for more than 2.7 million users. It had $1.2 million in cash and cash equivalents as of Dec. 31.
The number of shares, the price per share, and the underwriters of the deal were not specified in the filings.
Two members of the company's top management, the chief operating officer and chief technology officer, Suchun Wu and Yinhai Fu, respectively, previously served with China's leading e-commerce company, Alibaba Group Holding Ltd. (NYSE: BABA).
Xiaotai said it intends to use the proceeds of its IPO for general corporate purposes. These may include expanding its branch in various cities in China, strategic acquisitions, and working capital, it added.
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