LexinFintech starts IPO amid sector crackdown

Beijing’s recent crackdown in the peer-to-peer lending sector does not seem to have affected the fundraising plans of some online micro lenders.

LexinFintech is braving Beijing’s crackdown on peer-to-peer lending with a US share sale worth up to $132 million, banking on the market's overall bullish sentiment to steer the reduced offering through the sector's difficulties.

The Shenzhen-headquartered online micro lender, which launched the deal on Thursday, joins a flurry of other Chinese internet finance companies, including Qudian, PPDai and Hexindai, in their rush to  raise capital with a New York listing as competition builds.

The four-year-old company pushed forward with its plans for an initial public offering on Nasdaq just as US equities continued climbing to record highs, unfazed by the Federal...

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