CNFinance Holdings (CNF) IPO Opens Modestly Higher

Today's IPO for CNFinance Holdings Limited (NYSE: CNF) opened for trading at $7.61 after pricing 6,500,000 American Depositary Shares ("ADSs"), each representing 20 ordinary shares, at US$7.50 per ADS.

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 975,000 additional ADSs at the initial public offering price less the underwriting discount.

Roth Capital Partners is acting as sole book running manager for the offering and Shenwan Hongyuan Securities (H.K.) Limited is acting as co-manager for the offering.

CNFinance Holdings Limited is a leading home equity loan service provider in China. CNFinance facilitates loans by connecting micro- and small-enterprise ("MSE") owners with its funding partners. The Company's primary target borrower segment is MSE owners who own real properties in Tier 1 and Tier 2 cities in China. The loans CNFinance facilitates are primarily funded through a trust lending model with its trust company partners who are well-established with sufficient funding sources and have licenses to engage in lending business nationwide. The Company's risk mitigation mechanism is embedded in the design of its loan products, supported by an integrated online and offline process focusing on risks of both borrowers and collateral and further enhanced by effective post-loan management procedures.

You May Also Be Interested In

• Doncasters (DPC) indicating open around $40, IPO priced at $33
• Gores Holdings XI closes $358.8M IPO on Nasdaq
• NorthStar and Viking file F-4 for $300M SPAC merger