China Fintech PingPong Said to Mull $1 Billion Hong Kong IPO (2)

Chinese fintech startup PingPong is considering an initial public offering in Hong Kong to raise as much as $1 billion, people with knowledge of the matter said.

The Hangzhou-based payment company is working with Morgan Stanley, Goldman Sachs Group Inc. and Citic Securities Co. on a listing that could happen as soon as this year, the people said, asking not to be identified as the information isn’t public. The firm had previously considered a listing in mainland China, one of the people said.

PingPong is also seeking about $300 million in a pre-IPO private funding round, the people said. ...