(Yicai Global) Dec. 15 -- Chinese internet finance firm Lexin Group has cut back the value of its initial public offering in the US after taking a hit from tightened policies.

The firm submitted an updated prospectus to the US Securities and Exchange Commission yesterday, changing its plans to list on the Nasdaq. The company will now issue 12 million American depositary shares at between USD9 and USD11 million a share, slashing the value of the IPO from the initially planned USD500 million.

If the underwriters have an over-allotment option, the company could actually issue 13.8 million shares and raise as much as USD152 million.

Four Chinese online finance companies have already listed in the US this year: Qudian Inc. [NYSE:QD], Hexindai Inc. [NASDAQ:HX], Ppdai Group Inc. [NYSE:PPDF] and Jianpu Technology Inc. [NYSE:JT]. However, regulators in China have stepped up industry regulation and share prices at these firms have underperformed, dropping below the offering price at three of them.

The whole scenario is causing quite the stir, with some people attributing online lenders to spiraling debts, usurious interest rates and violent debt collections.

Founded in 2013, Lexin Group offers platforms for wealth management and financial cooperation. It had 18 million users as of June, it claims on its website.