Alibaba-backed Chinese online micro-credit service provider Qudian has just raised around $900 million in an IPO in New York on Wednesday. Its American depositary shares were priced at $24 each, above the marketed range of $19-$22. The price is believed to be higher than expected, demonstrating US investors’ huge interest in burgeoning Chinese companies.

Qudian, backed by Alibaba’s affiliate Ant Financial, runs a service that allows young Chinese—mostly college students or white-collar workers—to buy consumer electronics in monthly installments. In 2015, Qudian reached a strategic cooperation agreement with Alipay, where the mini-credit company set up its service in the Alipay app to draw in more users.

The IPO from Qudian is said to be the largest-ever US listing from a Chinese fintech company. At the IPO price, Qudian’s market value is estimated at about $7.9 billion.

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Timmy Shen

Timmy Shen is a technology reporter based in Beijing. He's passionate about photography, education, food and all things tech. Send tips and feedback to timmyshen@technode.com or follow him on twitter at...