(Yicai Global) Nov. 14 -- Lexin Group, the parent company of online shopping mall Fenqile, yesterday submitted its initial public offering prospectus to the US Securities and Exchange Commission.

The group plans to IPO on the Nasdaq with the stock code [NASDAQ:LX], the document shows. The firm hopes to raise up to USD500 million, though the price and number of shares to be issued remain unknown, online news outlet Sina reported.

Lexin Group is a leading Chinese fintech group committed to advancing Big Data, cloud computing, artificial intelligence and other technology to make online financial services more convenient and accessible. The group also believes in improving quality of life through credit growth, serving the real economy and spearheading the rise of consumption in China, the company claims on its website.

In the first nine months of this year, Lexin's total revenue was CNY3.988 billion (USD599 million). It took a swing into the black over the period, netting profit of CNY5.282 million (USD794,000) attributable to shareholders, up from a net loss of CNY194 million over the first three quarters of last year.

The firm lost CNY118 million (USD17.73 million) on revenue of CNY4.34 billion (USD652 million) throughout last year, with a net loss attributable to common shareholders of CNY223 million. In 2015, Lexin pulled in CNY2.53 billion in income but lost CNY310 million, with CNY362 million attributable to shareholders.

A number of Chinese fintech firms have recently turned to overseas markets to float. Regulations in China prevent many of these companies, which have not been profitable for an extended period of time, from going public.

Xiao Wenjie, founder and chief executive, currently holds 111.6 million shares in the group, or a 36.6-percent stake. All senior executives and directors, including Xiao, hold a total of 114.8 million shares, making up 37.3 percent of the firm's equity.