Chinese B2B cross-border payments company XTransfer has filed for an IPO in Hong Kong to raise US$186 million.
The company submitted its listing application to the Hong Kong Stock Exchange (HKEX), according to GuruFocus.
UBS and CICC are underwriting the offering.
XTransfer counts China Merchants Venture and Alibaba among its pre-IPO investors.
The company plans to list under a weighted voting rights (WVR) structure, with certain shares carrying ten votes each. Founder and Chief Executive Bill Deng will retain full control of these enhanced voting rights.
Founded in 2017, XTransfer provides payment settlement services for SMEs.
The company recently completed its seventh funding round in March, raising US$69 million at a post-money valuation of US$3.02 billion.
According to its filing, XTransfer reported revenue of US$115 million in 2023 and projects revenue to reach US$248 million by 2025.
Adjusted net profit is forecast to increase from US$11.2 million to US$47.67 million over the same period.
The company also projects transaction volume to exceed US$60 billion in 2025, representing an estimated 5.1% share of the global B2B cross-border payments market.
Watch Fintech News Network’s recent interview with XTransfer CEO Bill Deng on how the platform is solving cross-border payment challenges for SMEs:
Featured image credit: Edited by Fintech News Hong Kong, based on image by MDROTONALI via Magnific