Chinese online lender Lexinfintech surged in its US debut on Thursday, after downsizing its US initial public offering and pricing shares at the bottom of a marketed range.

Shares of Lexinfintech Holdings Ltd rose as much as 53 percent on the Nasdaq, valuing the Shenzhen-based company at $4.51 billion.

Its initial public offering was priced at $9 per American depositary share, at the bottom of a $9 to $11 range, and raised $108 million.

The company last week slashed the size of the IPO by two-thirds to a maximum of $151.8 million following a clampdown on micro-lenders by China’s financial regulators.

China is trying to curb haphazard growth at the country’s online micro-lenders, unveiling tougher new rules in recent weeks including a ban on loans to borrowers who have no source of income.

The industry is booming amid rising Chinese incomes and a low credit card penetration rate.

Existing Lexinfintech shareholders including K2 Partners and Chinese e-commerce firm JD have expressed interest to buy $28 million of its shares at the IPO price, according to a filing with US regulators.

REUTERS