Chinese company YX Asset Recovery seeks US IPO

NEW YORK (Xinhua) – YX Asset Recovery, which provides delinquent consumer debt collection services in China, filed for an initial public offering (IPO) on the United States (US) stock market.

The company plans to list on the New York Stock Exchange, with an expectation to raise up to USD200 million, according to its prospectus filed this week with the US Securities and Exchange Commission.

Deutsche Bank Securities, CMB International Capital, Raymond James, AMTD Global Markets and SunTrust Robinson Humphrey are the joint bookrunners on the deal. No pricing terms were disclosed.

The Changsha-based company said the primary purposes of this offering are to expand its operations, attract, retain and motivate talented employees by providing them with equity incentives, and obtain additional capital.

The number of Chinese firms listed on the US exchanges has increased in recent years, as more companies mull going public driven by the country’s fast economic development.

A total of 43 Chinese companies were newly listed in the US market last year, up from 24 in 2017 and 10 in 2016, according to financial data provider Wind.

As of last Friday, the S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, stood at 2,899.42, marking a 6.27-per cent increase for the month-to-date returns and a 26.54-per cent gain for the year-to-date returns.