Nasdaq-listed 360 Finance may kick off HK listing end-2020 - sources

Qfin Holdings

11/06/2020 11:41

BEIJING, June 11 (Reuters) - Nasdaq-listed 360 Finance Inc
 QFIN.O  may kick off its Hong Kong listing process as soon as
December, two sources familiar with the matter said, as
U.S.-listed Chinese firms pursue dual listings amid uncertain
Sino-U.S. relations.
    The online-lending platform of billionaire Zhou Hongyi has
held intensive internal talks on its dual listing plan, and will
speed up preparations once it has met the listing requirements
of the Hong Kong stock exchange, one of the sources said.
    A firm has to have had its first listing for at least two
years before seeking a dual listing in Hong Kong. 360 Finance
made its debut in Nasdaq in December 2018.
    360 Finance did not reply a Reuters request for comment. 
    If the plan goes ahead, 360 Finance will follow Chinese
firms including JD.com and Netease in launching a second listing
in Hong Kong amid rising tensions between Beijing and
Washington. 
    U.S. regulators are considering measures to improve scrutiny
of U.S.-listed Chinese firms, while Hong Kong has altered its
listing rules to welcome more tech companies and biotech firms
to its market.  urn:newsml:reuters.com:*:nL1N2D100Y
    "No matter what changes in capital markets in the U.S. and
China, a healthy and technology-driven company will eventually
be recognized by investors anywhere," Liu Wei, a senior vice
president at affiliate 360 Group, told Reuters in an interview
on Wednesday.
    "As long as its business makes tremendous progress and shows
good tenacity amid risks."
    Last week, 360 Finance said 360 Group had acquired a 30%
stake in Tianjin-based Kincheng Bank.  urn:newsml:reuters.com:*:nASA00SWE
    The deal will allow Kincheng Bank to tap 360 Finance's core
client base of white-collar workers, expanding further into
China's lucrative digital lending market, Liu said.
    Kincheng Bank can grow into a lender with total assets of
nearly 100 billion yuan ($14.15 billion), 10 times its current
size, if the business goes well, said Liu.
    ($1 = 7.0647 Chinese yuan renminbi)

 (Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by
Mark Potter)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))