Chinese FinTech CFO on IPO Day: Mobile, Blockchain Will Drive Industry Innovation
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.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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