Chinese peer-to-peer lender Hexindai shrugs off tighter scrutiny concerns, rising more than 60pc on Nasdaq debut
Zhang Qisen, Hexindai CFO: ‘In the next two years, there’s unlikely to be any new regulations rolled out by the authorities as there is already a set of established rules for the P2P sector’
Shares in Hexindai, China’s fifth biggest P2P lender, surged more than 60 per cent on its Nasdaq debut on Friday, shrugging off looming concerns of possible tighter scrutiny on P2P lending platforms by Chinese authorities.
Shares in the company traded up 65 per cent to US16.50, just 20 minutes into the listing under the symbol HX, from its offering price of US$10 per American depositary share. The company aims to raise up to US$88 million through the flotation.
“What our American investors care most are the potential policy risks China’s P2P sector faces,” said Zhang Qisen, CFO of Hexindai, during a phone interview on Friday.
“In the next two years, there’s unlikely to be any new regulations rolled out by the authorities as there is already a set of established rules for the P2P sector.”
Zhang also said the company would collaborate with firms like wedding planning agencies, education providers, as well as medical cosmetology operators in future to expand its customer base.
“In general, we want to associate with companies that can create more consumption to increase the number of our mainly middle-class customers,” he said.