Shearman & Sterling advised Hexindai Inc. on its approximately $50 million initial public offering of American Depositary Shares on the NASDAQ Global Market. The successful completion marks the first consumer lending marketplace in China to list on the NASDAQ Global Market and the fourth Chinese company of such type to list on the U.S. to date.
The American Depositary Shares of Hexindai, priced at $10 each in the IPO, rose 26.6 percent to $12.66 on its debut on November 3, 2017. Network 1 Financial Securities, Inc. acted as the underwriter for the offering.
Founded in March 2014, Hexindai is a fast-growing consumer lending marketplace based in Beijing with a focus on facilitating loans to meet the increasing consumption demand of the emerging middle class in China. Hexindai provides borrowers with convenient and ready access to credit through its online marketplace.
The Shearman & Sterling team was led by Hong Kong partners Matthew Bersani (Picture) and Stephanie Tang, with support from counsel Yang Ge and associates Leo Wong and Isabella Ma.
Law Firms: Shearman & Sterling;
Clients: Hexindai Inc.;