How Does Ppdai Work?

Online peer-to-peer lender Ppdai Group Inc. plans to issue 17 million American Depository Shares in its initial public offering ahead of its debut on the New York Stock Exchange on Friday. Above, traders work on the floor of the New York Stock Exchange in New York City on Monday. Photo: Visual China

Despite increasingly stringent regulations, investors are still chasing after Chinese online peer-to-peer (P2P) lenders.

Ppdai Group Inc. is the latest Chinese microlender seeking an offshore listing. It is hoping to raise up to $371 million ahead of its New York debut on Friday, although it will be dwarfed by Qudian Inc., which raised $900 million ahead of a New York listing last month, which made it the biggest initial public offering (IPO) by a Chinese fintech firm in the U.S.

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