Online lender WeLab said to delay $500m Hong Kong IPO

WeLab founder and CEO Simon Loong. Photo: WeLab's LinkedIn page

WeLab Holdings Ltd., which filed an application in July to list on the Hong Kong stock exchange, will postpone its $500 million initial public offering, according to people with knowledge of the matter.

The online lender asked bankers to suspend preparation citing current market volatility, said the people, who asked not to be identified as the information is private. WeLab has no timetable for resuming the IPO work and may consider options such as seeking a new private funding round, one of the people said.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter