萨摩耶金服拟赴美上市：用户粘性增长，上半年净利2560万元扭亏-Lanjinger
What happened: Samoyed, a leading online loan facilitator focused on operating in China’s credit card repayment market, filed for an $80 million IPO in the New York Stock Exchange. Its registered users reached 17 million by the end of 2017 and further increased to 24.4 million as of June 30, 2018. The company has turned to profit with a net profit of RMB 24.6 million in the first half of this year.
Why it’s important: Samoyed targets credit-proven millennials in China, especially individuals born in the 1980s and 1990s who already have credit cards. The company facilitates three credit services for credit-proven millennials: credit card balance transfer, cash advance and credit loans. China’s personal debt-to-income ratio increased from 5.9% in 2011 to 18.1% in 2017. However, this ratio is still far behind that of the United States, which reflects a significant growth opportunity for China’s personal lending market, according to Oliver Wyman. China’s tech IPO boom of this year has triggered the listing of several online credit card loan services, such as V Credit, 51 Credit Card, X Financial.