(Yicai Global) March 23 -- Chinese fintech unicorn 51 Credit Card Inc. has formally submitted its prospectus for listing on the Hong Kong Stock Exchange, with Citibank Inc. and China Merchants Securities Co acting as underwriters.
The Beijing-based credit card management platform posted CNY2.3 billion in revenue last year, an almost fourfold increase on the year before, the prospectus states.
Established in 2012, 51 Credit Card operates an app that can intelligently manage credit card bills with one-click and meets the needs of users, especially multi-card users, to manage their own liabilities.
After years of development, 51 Credit Card covers one-stop personal financial services for personal credit management, credit card technology services and online credit-matching and investment services, running a range of apps such as 51 Credit Card Manager and 51 Personal Loans.
51 Credit Card Manager was China's first and largest online credit card management platform when it started out, a report from Oliver Wyman states. It has managed approximately 106.3 million credit cards as of the end of last year, helping users to complete a total of CNY108.5 billion in repayment transactions. Registered users number across all apps have reached 81 million.