Deals
DST-Backed Chinese Startup Fenqile Said to Plan $600 Million IPO
- Hybrid of e-commerce, consumer finance plans 2017 share sale
- Website targets university students eager to shop online
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Fenqile, a Chinese online shopping mall that lets users pay in installments, is planning a U.S. initial public offering that could raise about $600 million, according to people with knowledge of the matter.
The Shenzhen-based startup, founded by former Tencent Holdings Ltd. executive Xiao Wenjie, could list as soon as this year, according to the people, who asked not to be identified because the information is private. Fenqile, which means “Happy Installment Payments” in Chinese, targets university students who are eager to buy consumer products yet can’t afford to pay in full.