New Issues – IPOs: On the 15th of August, 9F Inc [NASDAQ: JFU] went public in the U.S. The company went public at $9.50, and was aiming to sell 8,900,000 shares. High demand saw the stock shoot up, to start its first day of trading at $10.88 before correcting to $9.53 on Friday. However, it has since regained bullish momentum and started this week in positive territory. In Tuesday’s session, the company gained by 23.46% to close the day at $12. This momentum continued even after markets closed.
Going back to the IPO details, the pubic share sale was led by Credit Suisse who were the main underwriters. CLSA, Haitong International, 9F Primasia Securities, and China Investment Securities were also involved in managing this public offer.
From the charts, 9F incorporated has been on an upward trend for the past 24-hours. It is currently trading at a 5-day resistance level at $12. If it builds momentum and breaks above this level in the trading day, it is likely to push higher in the short-term. In after-hours trading, it has already tested this resistance, to trade at $12.50. The company’s trading volume stood at 328,863 shares yesterday and had a market capitalization of about $2.3 billion.
About 9F Inc
This is a digital platform that focuses on the integration and personalization of financial services. Its core business is in artificial intelligence, Fintech, and Financial Services. At the time of going public, the company had over 68 million active users, and most of them were its mobile applications.
As per its public disclosures, the company is committed to the provision of simple and efficient, yet comprehensive, financial services. It aims to give users value through mobile applications, and big data risk management. The company has several brands under its umbrella. These are 9F Wallet, 9F Primasia Securities, 9F wallet, 9F Onecard, LabiFenqi, 9FChaoneng, and WeCash. It also has a startups division called Jiuchuang Fund and is already invested in over 10 startups.