9F Inc.’s $84.6 Million Initial Public Offering and Nasdaq Listing

Davis Polk advised the underwriters on the SEC-registered initial public offering by 9F Inc. of 8,900,000 American Depositary Shares, consisting of 6,750,000 ADSs sold by 9F and 2,150,000 ADSs sold by the selling shareholder, for gross proceeds of $84.6 million.

Each ADS represents one Class A ordinary share of 9F. 9F has granted the underwriters an option to purchase up to an additional 1,335,000 ADSs. The ADSs are listed on Nasdaq under the symbol “JFU.”

9F is a leading digital financial account platform integrating and personalizing financial services in China, with an investment footprint expanding overseas, providing a comprehensive range of financial products and services across loan products, online wealth management products and payment facilitation, all integrated under a single digital financial account. It is the largest online consumer finance platform in terms of outstanding loan balance as of 2018, and also strategically continues to invest in technology, focusing on artificial intelligence and technology enablement to empower its partners including financial institutions and companies of various other sectors.

Credit Suisse Securities (USA) LLC, Haitong International Securities Company Limited, CLSA Limited, China Investment Securities International Brokerage Limited and 9F Primasia Securities Limited acted as underwriters on the deal.

The Davis Polk corporate team included partners James C. Lin (Picture) and Li He and counsel-registered foreign lawyer Xuelin (Steve) Wang. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Marcie Goldstein – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: 9F Primasia Securities Limited; China Investment Securities International Brokerage Limited; CLSA Limited; Credit Suisse Securities (USA) LLC; Haitong International Securities Group Limited;

Author: Michael Patrini