Jianpu Technology, the Chinese financial comparison site poised to list later this year, has been stripped of its status as a “unicorn” worth $1bn after regulatory filings revealed it had inflated the funds raised from investors. Jianpu’s filing is the latest to raise questions over the veracity of fundraising claims by Chinese private companies, a flurry of which are now heading to market, the Financial Times reports. Peer-to-peer lender Ppdai’s fundraisings detailed in its filing also fall short of earlier disclosures, according to calculations by Crunchbase, which collates its data from a variety of mostly publicly available channels, including US Securities and Exchange Commission documents. The disparity in numbers, first reported in China Money Network, stands to undermine confidence in China’s unicorns and prompt greater scrutiny of filings, most of which are lodged with the SEC. Investors have already balked at Qudian, the online lender backed by Alibaba’s payments affiliate Ant Financial, whose shares fell some 20% last week.
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