(Yicai Global) Dec. 11 -- Jodin Holdings, a large institutional Chinese investor, plans to put another CNY2.5 billion (USD377.9 million) into its internet finance app Jiedaibao, which is set to float next year, via a listed company it owns.
Jodin Holdings subsidiary Kunwu Jiuding Investment Holdings Co. [SHA:600053] said on Dec. 9 that it would transfer a 100-percent stake of a technology company under its management to Jiedaibao, thereby increasing the latter's capital by CNY1.94 billion in equity assets.
Jiuding Investment will also invest CNY553 million in the form of cash to acquire partial equity of Jiedaibao. After these two transactions are completed, Jiuding Investment will have 35.75 million Jiedaibao shares, representing a 4.19-percent holding.
Jiedaibao's initial public offering may take place next year or in 2019, and the Hong Kong market is a priority consideration, The Beijing News quoted Chief Executive Wang Lu as saying.
Jiedaibao, an internet finance platform Jodin Holdings set up in 2015, mainly provides peer-to-peer lending services, adopting a unidirectional model that requires real-name certification for borrowers and allows lenders to remain anonymous. Jiedaibao has a valuation of CNY52 billion, Wang said.