The online lending marketplace, which counts Alibaba, Tom Group, Nan Fung, ING and Ule as investors, was previously reported to be targeting $500m.

WeLab, a China-based peer-to-peer lending marketplace backed by corporates including e-commerce group Alibaba and conglomerate Nan Fung, has filed for an initial public offering in Hong Kong.

Although the company, which has raised about $425m in funding altogether, has not set a target for the offering, reports in November 2017 stated that it was looking at raising about $500m. Morgan Stanley and JP Morgan are the joint sponsors of the IPO.

WeLab operates mobile-focused online lending platform Wolaidai…