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Ant-Backed Snowball Finance Plans $300 Million U.S. IPO

May 07 2021, 1:26 PM
May 07 2021, 12:20 PM
May 07 2021, 1:26 PM
(Bloomberg) -- Snowball Finance Beijing Internet Information Technology Co., an online financial information portal that counts Ant Group Co. as one of its backers, is planning an initial public offering in the U.S., which could raise about $300 million, people with knowledge of the matter said. (Bloomberg) -- Snowball Finance Beijing Internet Information Technology Co., an online financial information portal that counts Ant Group Co. as one of its backers, is planning an initial public offering in the U.S., which could raise about $300 million, people with knowledge of the matter said. The Beijing-based company, known as “xueqiu” in Chinese, is working with advisers on the proposed share sale, said the people, who asked not to be identified as the information isn’t public. Snowball plans to file for the IPO as soon as this month, according to one of the people. Deliberations are ongoing, and details such as timing and offering size may change, the people said. A representative for Snowball Finance declined to comment. Founded in 2010 by Sanwen Fang and Nan Li, the company’s ambition is to help its users build their wealth like a snowball. In December, Snowball Finance raised $120 million in a series E funding round led by Orchid Asia Group, according to its website . It had previously raised over $170 million from backers including Sequoia Capital China, Morningside Group and Ant Group, the website shows. ©2021 Bloomberg L.P.

Elles Houweling 7th May 2021      (Last Updated May 7th, 2021 12:26)
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The Chinese financial information platform Snowball Finance Co is planning a $300 million initial public offering (IPO) on the US stock market. The Beijing-based fintech company backed by Ant Group Co announced on Friday that it could file to go public as early as this month. The company know in China as “Xueqiu” is working with advisers on the proposed share sale, Bloomberg reports. As deliberations are ongoing, the timing and offering size of the IPO may be subject to change. According to GlobalData market intelligence , Snowball Finance previously secured backing from Orchid Asia Group Management Ltd and Ant Financial Services Group. In each of the funding rounds, the fintech secured $120 million. Other major backers include Sequoia Capital, Wuyuan Capital, iHubo, and Renren. Founded in 2010 by Fang Sanwen and Li Nan, the company’s ambition is to “grow its customers’ wealth like snowballs.” According to its website , investors can use the platform to follow Chinese and U.S. stock markets in real-time and trade shares directly through the mobile app. Since its inception, the company has snowballed itself in zine, which according to CEO and co-founder Li Nan  is partially due to the “development of China’s capital market and more and more outstanding domestic companies moving towards IPOs.”
Ant Group, a spin-off from Chinese tech giant Alibaba, has faced issues with its own IPO . Last year, the company was due to go public with the largest IPO in history. However, plans fell through after Chinese regulators decided to block the listing at the last minute. Join Our Newsletter

Ant-backed fintech Snowball set for US IPO – report

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China's Snowball Finance Investigates Data Leak Affecting 120,000 Users
Liao Shumin
China's Snowball Finance Investigates Data Leak Affecting 120,000 Users
(Yicai Global) Aug. 21 -- China's leading investor exchange and trading community Snowball Network is investigating the leak of 120,000 of its users' data. The company does not disclose information to third parties and will continue to work to improve user security, tech news outlet 36Kr cited the Beijing-based firm as saying. A user on China's Twitter-like Wiebo upload what appears to be a screenshot of personal information belonging to several Snowball account holders today, saying they were prepared to sell the full set of data for just USD75. The information for sale includes names, identification card numbers, phone numbers, email addresses, passwords and a portfolio snapshot of Snowball account holders. Founded in 2010, Snowball offers real-time market quotes for the Shanghai, Shenzhen, Hong Kong and the United States bourses, as well as real-time trading. It was China's first platform offering American stocks and has a large number of professional investors among its users. Account holders can manage their trading accounts held with Snowball partner brokers via its app. The firm has raised funds five times since its formation, with the most recent bringing in about USD120 million in July 2018 and led by Ant Financial Services Group, the financial technology affiliate of Alibaba Group Holding. Editor: James Boynton

China's Snowball Finance Investigates Data Leak Affecting 120,000 Users

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Snowball Finance is an Internet-based financial information services company. The company owns a financial news site, iMeigu (艾美谷), and a financial social network, Xueqiu (雪球). iMeigu has been focusing on the U.S. stock market, while Xueqiu also covers Hong Kong's stock market and China's A-share market.

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