Shearman & Sterling represented China Rapid Finance Limited (NYSE:XRF) in its initial public offering on the New York Stock Exchange of American Depositary Shares (ADSs), each representing one Class A ordinary share.  The deal priced on April 29, 2017 and the ADSs were listed on the NYSE on April 30, 2017.  Initially, 10 million ADSs were issued at $6.00 per share, with an additional 1.5 million ADSs issued in the full exercise of the greenshoe.