<article>Shenzhen-based online consumer lender <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/?s=LexinFintech+Holdings">LexinFintech Holdings</a> filed on Monday with the SEC to raise as much as $500 million in an initial public offering (IPO) in the United States.</article>

Shenzhen-based online consumer lender <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/?s=LexinFintech+Holdings">LexinFintech Holdings</a> filed on Monday with the SEC to raise as much as $500 million in an initial public offering (IPO) in the United States.
LexinFintech said in a filing that it planned to list on the Nasdaq equities exchange under the ticker symbol LX. The move makes it the latest Chinese online lending platform to seek a listing in the United States, after NYSE-listed <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/?s=Qudian">Qudian</a> and <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/?s=PPDAI+">PPDAI Group</a>.
The company is selling primary American Depositary Shares through Bank of America Merrill Lynch, China Renaissance, Deutsche Bank and Goldman Sachs. The pricing terms have not been announced yet.
Founded in 2013, LexinFintech said it had approximately 3 million active customers in 2016 and 3.3 million in the first nine months of this year. As of September 30, 2017, it had over 6.5 million customers with an approved credit line and over 20 million registered users.
It reported RMB3.988 billion ($599 million) in revenue for the first three quarters of 2017, surging from RMB2.949 billion in the same period last year.
This year, it also turned a profit for the first time as it posted a net income of RMB140 million ($21 million) as of September-end, compared to a net loss of RMB105 million in the January-September period in 2016.
Private consumption in China is growing rapidly, allowing for the rapid development of the online consumer finance market, said the filing.
The global management consulting firm Oliver Wyman cited the outstanding loan balance of the consumer finance market in China was projected to grow from RMB5,618 billion ($844 billion) in 2016 to RMB11,010 billion ($1,655 billion) by the end of 2020.
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Shenzhen-based online consumer lender LexinFintech Holdings filed on Monday with the SEC to raise as much as $500 million in an IPO in the US.

China's lending platform LexinFintech files for $500m U.S. IPO

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China's lending platform LexinFintech files for $500m U.S. IPO

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