Chinese Credit-Tech Platform 360 DigiTech Debuts Secondary Listing on the HKEX

Financials Author: Yiran Xing Nov 29, 2022 04:57 PM (GMT+8)

The listing in Hong Kong makes 360 DigiTech the first Chinese credit technology platform to complete a dual listing.

360 Finance

360 DigiTech, Inc. (Chinese: 360数科, HKEX:3660) (“360 DigiTech” or the “Company”) was listed on the Hong Kong Stock Exchange On 29 November. The issue price was HKD 50.03 (USD 6.40) and the opening price was HKD50.60, up over 1.1% from the issue price.

The listing in Hong Kong makes 360 DigiTech the first Chinese credit technology platform to complete a dual listing.

Zhou Hongyi, Chairman of 360 DigiTech, said that the landing of 360 DigiTech in Hong Kong means it has become part of the trend of Chinese stocks returning to Hong Kong, and the company looks forward to contributing to the prosperity of the Hong Kong market.

360 DigiTech is a China-based company mainly engaged in credit technology services. The services provided by the Company are divided into credit-driven services and platform services according to the nature of the service and the level of related credit risk. The credit-driven services match potential borrowers with financial institutions, enabling financial institutions to obtain borrowers, conduct credit evaluation, fund matching and post-loan services. The platform services include a full range of loan assistance and post-loan services under the capital-light model, intelligent marketing services, referral services, and risk management software as services (SaaS) for financial institution partners under the Intelligent Credit Engine (ICE) model. 

360 Digitech’s net profit slumped 37% to CNY988.4 million (USD137.29) in the third quarter of 2022 from a year earlier on a 10 % drop in revenue to CNY4.14 billion (USD 576 million).

As of press time, the company closed at HKD 51.75 apiece, with a market cap of HKD 16.46 billion.