FinTech in China is booming, and one of the country's peer-to-peer lenders is making its market debut on the New York Stock Exchange. Simon Ho, CFO of PPDAI, joins us to discuss his company's decision to go public. Shares opened for trading at $13.30, slightly above its IPO price of $13 a share.
PPDAI is not the only Chinese lending company seeking investments from the public markets. Ho fills Cheddar in on why there is such a massive opportunity in peer-to-peer lending in China. He notes that companies capitalized on the governments unwillingness to hand out small loans to individuals.
The IPO comes during a time of heightened concerns over Chinese regulations over tech companies. Regulators are worried some lenders are charging unreasonably high rates. Ho explains how the PPDAI is navigating the waters of regulations and breaks down the company's rate structure.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
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