Alibaba-backed online lending marketplace WeLab is seeking to raise up to $500m in an initial public offering on the Hong Kong Stock Exchange.
WeLab, a China-based peer-to-peer lending platform backed by e-commerce group Alibaba, is preparing a $500m initial public offering on the Hong Kong Stock Exchange, Bloomberg reported today.
The company has selected banks for the proposed offering and aims to go public in 2018, according to people with knowledge of the matter.
Founded in 2013, WeLab operates two online lending platforms: Wolaidai, which is aimed at mainland China, and WeLend, which targets the Hong Kong market. The company claims its risk…
