Chinese P2P lender Senmiao Technologies files for $20m US IPO

Photo: REUTERS/Brendan McDermid/Files

Chinese fintech startup Senmiao Technologies Limited has filed for an initial public offering (IPO) in the US Securities and Exchange Commission (SEC) seeking to raise up to $20 million, according to its prospectus filed with the SEC on Monday (October 30).

The Chengdu-based firm intends to list on the Nasdaq under the symbol AIHS. ViewTrade Securities Inc will serve as sole bookrunner on the transaction.

Senmiao Technologies connects Chinese investors with individual and small- to-medium-sized enterprise (SME) borrowers and creditors. It has facilitated direct loans and assignment of loans with an aggregate of principal of over $41.2 million (RMB274 million) as of September 30, 2017.

The firm also recorded a total of 3,347 investors, 290 borrowers and two creditors to have participated in loan transactions through its platform.

Net proceeds of the offering amounting to $1.2 million shall be used to fund an escrow account for a period of 18 months following the closing date of this offering.

“We plan to use the net proceeds we will receive from this offering for business development, technology development, new hires, as well as for general working capital purposes,” Senmiao Technologies said in a statement.

Shares of common stock outstanding before this offering was at 45 million shares.

The company notes that it intends to use approximately 50 per cent of net proceeds on developing technologies that are essential to expanding its business, including risk management system, lending mobile application and business operation management system. About 40 per cent will be spent on marketing and promotion, and approximately 10 per cent on hiring additional employees.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.