PPDai and HK firm ink deal to cooperate

Updated 2017-12-15 09:36:12 Shanghai Daily

Shanghai-based PPDai, which issued an initial public offering in the U.S. market last month, said yesterday it has signed a cooperation agreement with Hong Kong-based Sun Hung Kai on asset management and online finance.

Both sides will form a joint team to seek opportunities in consumer finance and innovative finance services, said Zhang Jun, PPDai's chief executive.

The cooperation with Sun Hung Kai will help PPDai to diversify its business portfolio and hedge potential risks, according to industry insiders.

PPDai also released its first fiscal report since its IPO yesterday.

Its net profit soared 179.7 percent to 541 million yuan (.9 million) year on year in the third quarter. Revenue jumped 245 percent annually to 1.25 billion yuan. The platform has 57.6 million users since it was created in 2007.

PPDai, which debuted on the New York stock market last month, raised about 0 million from the IPO.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 17 2018 01:00:25

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 17 2018 01:00:25

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 17 2018 01:00:25

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords