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360 DigiTech dips on commencing global offering (NASDAQ:QFIN)

admin by admin
November 18, 2022
in Business Deals


360 DigiTech (NASDAQ:QFIN) shares fell 2% premarket Friday in response to the Chinese credit-tech platform’s global offering of 5.54M Class A ordinary shares.

The offering comprises a Hong Kong public offering of initially 560K Class A ordinary shares and an international offering of initially 4.98M Class A ordinary shares and listing of the firm’s Class A ordinary shares on the Main Board of The Stock Exchange of Hong Kong.

American depositary shares, each representing two Class A ordinary shares of the company, will continue to be listed and traded on the Nasdaq Global Select Market.

Investors in the global offering will only be able to purchase Class A ordinary shares and will not be able to take delivery of ADSs.

Upon listing in Hong Kong, the Class A ordinary shares listed on the Hong Kong Stock Exchange will be fully fungible with the ADSs listed on the Nasdaq.

The offer price for the Hong Kong offering will be no more than HK$88.80 per Class A ordinary share. The offer price for the International Offer will be set on Nov. 23, 2022.

Net proceeds will be used for R&D effort, for further penetrating the credit-tech industry and expanding user base, and for general corporate purposes and working capital needs.



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