On March 31, China's independent financial big data analytics solution provider Bairong entered the main board of the Hong Kong Stock Exchange, with the issue price of HKD 31.8 per share.
Bairong issued about 124 million shares, 10% of which were sold in Hong Kong and 90% were placed internationally. According to incomplete statistics, it was oversubscribed by about 150 times.
The firm obtained a series of financings in 2014 from IDG initiating and Hillhouse Capital Group, while it completed its latest series C round of CNY 1 billion led by China Reform Holdings Corporation and Sequoia Capital in April 2018.
In regards to its current business structure, the three core businesses in order of scale are data analysis service, precision marketing service and insurance distribution service. In the last three years, its revenue has expanded 3.5 times, due to the jump in the number of core customers and the increasing income per capita.
According to the prospectus, the fund raised will be mainly used to further improve product functions, explore cutting-edge technology and strengthen existing technology infrastructure, expand existing products, make strategic investments or acquisitions and strive to build a leading financial SaaS cloud platform. In addition, Zhang Shaofeng, CEO of Bairong, said that Bairong would continue to deepen the application of artificial intelligence and big data in the financial field and help financial institutions in the post-epidemic era with digital transformation, reconstruct the industry ecology, continuously improve R & D ability and customer service level, and enhance the comprehensive strength of enterprises.
Bairong was founded on March 19, 2014. It is an intelligent technology company that provides customers with life-long management products and services for the financial industry. The company is committed to technology-driven, enabling digital innovation and transformation of financial institutions to achieve the idea of ‘inclusive finance.’
As of September 30, 2020, Bairong has provided services to more than 4200 financial institutions in China, including the vast majority of state-owned banks, more than 650 regional banks, the vast majority of consumer finance companies, more than 90 major insurance companies, and many other financial institutions.