Online lending firm WeLab plans $500m IPO
Hong Kong-based online mobile lending platform WeLab is looking to an initial public offering (IPO) on the country's stock exchange to help raise $500m, according to anonymous insiders. The four-year-old start-up, which counts Alibaba Hong Kong Entrepreneurs Fund and Credit Suisse Group among its backers, analyses unstructured data in seconds to help borrowers make decisions on loans. The IPO comes at a time when China is cracking down on micro-lenders, and regulatory body the Internet Financial Risk Special Rectification Work Leadership Team Office recently asked local governments to stop issuing licences.

Hong Kong-based online mobile lending start-up WeLab, backed by investors including Credit Suisse Group AG, local tycoon Li Ka-Shing and Alibaba Hong Kong Entrepreneurs Fund, is planning an initial public offering on the Hong Kong Stock Exchange.