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Billionaire-Backed Hong Kong Fintech Firm Plans U.S. IPO

  • Digital wallet operator TNG aims to start trading next year
  • TNG is profitable, has valuation close to $1 billion
Security Preparations Ahead Of Chinese President Xi Jinping's Arrival
Photographer: Anthony Kwan/Bloomberg

TNG FinTech Group Inc., a Hong Kong-based digital wallet operator, plans to seek as much as $300 million in a U.S. initial public offering, according to people familiar with the matter.

The company, whose investors include billionaire Henry Cheng’s NWS Holdings Ltd., is working with advisers on preparations for the proposed share sale, according to the people. It aims to start trading next year, the people said, asking not to be identified because the information is private.