Jiangsu company aims for US listing

Updated: 2013-06-13 21:23


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China Commercial Credit, a Jiangsu-based lending company that provides loans and guarantees to small businesses and individuals, is gearing up for a US listing.

It plans to raise $18 million by offering 2.7 million shares at a price range of $6 to $7, and will command a market value of $76 million at the midpoint of the proposed range, according to information released by the US Securities and Exchange Commission on June 7.

Founded in 2008, the company expects to get listed on the NASDAQ under the symbol CCCR. It initially submitted the plan in February, choosing Burnham Securities as the sole bookrunner on the deal.

Located in Wujiang city in Jiangsu province, the rural lending company has gained $12 million in interest and fee revenue for the 12 months ended March 31, 2013, with a net profit of more than $8.3 million.