BEIJING, Jan. 8, 2019
/PRNewswire/ -- Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the
"Company"), a fast-growing consumer lending marketplace
in China, today provided further details on its strategic
investment originally
announced on December 10, 2018. The
strategic investment is expected to help expand Hexindai's business.
Under the terms of the definitive agreements, Hexindai has
agreed to acquire a 5.88% equity stake in Phoenix Intelligent
Credit Group Ltd ("Phoenix Intelligent Credit"), a wholly
owned subsidiary of Phoenix Financial
Group Ltd ("Phoenix Finance") and operator of one of
China's leading peer-to-peer
lending (P2P) platforms, for a total consideration of approximately
US$29 million (RMB200
million). The two parties are expected to facilitate
about RMB10
billion in consumer credit loans over a term of three years beginning in
2019.
Mr. Xinming Zhou, Chief Executive
Officer of Hexindai, commented, "We are excited to begin
cooperating with Phoenix Finance's P2P platform. Together, we will
work closely on expanding our consumer credit loan business and
enhancing our big data-driven risk management systems to create
enormous synergies. Going forward, we will continue to develop
strategic relationships with respected institutions to seek
operating synergies, diversify our user acquisition channels and
funding sources, reduce funding cost, and further strengthen our
risk management as we work to increase confidence in our platform
and better serve customers."
About Hexindai Inc.
Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a
fast-growing consumer lending marketplace based in Beijing, China facilitating loans to meet the
increasing consumption demand of the emerging middle class in
China. Hexindai provides borrowers
with convenient and ready access to credit through its online
marketplace. The Company offers borrowers a wide range of products
designed based on customer segmentation data and tailored to the
specific needs of the emerging middle class in China by matching them with investors seeking
various types of investment products with appropriate risk levels
and risk-adjusted returns. Hexindai's strong user acquisition
capabilities combined with an online platform with extensive
offline networks, an advanced risk management system, and strong
strategic cooperative relationships with a custodian bank and an
insurance company to safeguard investments, allows the Company to
generate higher customer satisfaction, reliance, and realize faster
growth in China.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange
Commission (the "SEC"), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Any statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include, but not limited to the following: the Company's
goals and strategies; its future business development, financial
condition and results of operations; the expected growth of the
credit industry, and marketplace lending in particular,
in China; the demand for and market acceptance of its
marketplace's products and services; its ability to attract and
retain borrowers and investors on its marketplace; its
relationships with its strategic cooperation partners; competition
in its industry; and relevant government policies and regulations
relating to the corporate structure, business and industry. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the SEC. All
information provided in this announcement is current as of the date
of this announcement, and the Company does not undertake any
obligation to update such information, except as required under
applicable law.
For more information, please visit ir.hexindai.com
For investor inquiries, please contact:
Hexindai
Ms. Daisy Wang
Tel: +86-10-5380-6196
Email: ir@hexindai.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
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SOURCE Hexindai Inc.