Chinese fintech company Qudian jumped nearly 40 percent on its opening day of trading on the NYSE Wednesday.

Shares priced at $24 in the $900 million IPO, above the expected range of $19 to $22. The 37.5 million offering of American Depository Shares makes it one of the largest U.S.-listed floats by a Chinese company this year with a reported valuation of $7.9 billion.

Shares opened at $34.35. The company trades under the ticker symbol QD.

The Alibaba-backed company provides short-term micro loans through its mobile app to China’s young workers who are looking for extra cash to be able to affords things like premium-priced apparel or concert tickets.

In 2016, the company posted net income of about $85 million on total revenue of $212.8 million. In the six months that ended June 30 of this year, revenue was $270.4 million and net income came at $143.6 million, according to Qudian.

Morgan Stanley, Credit Suisse, Citigroup, CICC and UBS are joint book runners for the IPO.

– CNBC’s Saheli Roy Choudhury contributed to this report.

Source: Tech CNBC
Chinese fintech company Qudian spikes more than 40 percent in IPO