BEIJING, Aug. 13, 2020 /PRNewswire/ -- Hexindai Inc.
(NASDAQ: HX) ("Hexindai" or the "Company"), a mobile e-commerce and
consumer lending platform in China, today announced that it has launched an
upgraded version of its new form of social e-commerce platform
Xiaobai Maimai, offering high-quality and affordable branded
products.
Xiaobai Maimai leverages its cooperation with major domestic
e-commerce platforms and services marketplaces as part of its
integrated buyer resources to select and source goods and services.
The upgraded version of Xiaobai Maimai offers a wider variety of
high-quality products covering food and beverage, wine and
cigarettes, cosmetic products, fashion and apparel, entertainment,
houseware, home appliances and cost-saving promotions at petrol gas
stations nationwide. On the shopping app, consumers can easily
compare these superior products at competitive prices without
having to change their shopping preferences or switch between
different online merchants. It is also a convenient, one-stop
platform for consumers to not only save big on daily necessities
when they shop online, but also stay informed of the latest
promotions with attractive discounts, coupons and rebates on the
app. Currently, Xiaobai Maimai deploys a membership rating system
that rewards users with a small commission for every purchase,
share or recommendation of a product made to friends.
Mr. Xiaobo An, Founder, Chairman
and Chief Executive Officer of Hexindai, commented, "We are on
track with our transformation strategy to further diversify our
revenue to include among other businesses, a social e-commerce
platform. In the first half of this year, we launched the social
e-commerce platform Xiaobai Maimai, which rewards users with a
small commission when they shop and recommend products to their
family and friends. This word-of-mouth and commission scheme has
been very well received among our users, and at the same time has
greatly reduced our marketing expenses. As of July 31, 2020, Xiaobai Maimai had approximately
160,000 active users on the app. Recently, the operating entity of
Xiaobai Maimai successfully joined the Social e-Commerce Branch of
China Association of Trade in Services (CATIS) and became one of
its Deputy Presidents. As the country's only national non-profit
social organization of trade in services established by the
Ministry of Commerce of China,
CATIS has more than 300 members representing various leading
companies and industries nationwide. The Social e-Commerce Branch
of CATIS was formally established in 2019 to assist the government
in conducting research in the field of social e-commerce related to
legislation, regulation, industry standards, and the development
roadmap. We are honored to join this alliance and jointly conducted
this year's research with the social e-commerce branch and released
the 2020 Social e-Commerce Development Report. According to the
report, China's social e-commerce
market continues to grow at an unprecedented rate. The domestic
e-commerce market now serves 740 million people with their daily
consumption needs and involves 83.5 million practitioners in the
market. The transaction volume of social e-commerce in 2020 is
expected to exceed RMB4 trillion, an
increase of 80% year-over-year. We are very pleased to enter this
dynamic field and further grow our expertise in digital
transformation. By leveraging years of experience in the Internet
industry and our strong technical capabilities, we are determined
and confident to actively explore new market opportunities in this
field. In the next steps, we will continue to deepen our
cooperation with major e-commerce platforms and introduce more
popular products and promotional events to our users. We will
continue to execute our strategy to diversify our business and
harness the booming online economy for more sustainable returns for
our shareholders."
For more information about the 2020 Social e-Commerce
Development Report, please visit
http://www.catis.org.cn/photoNewsDetail?id=618.
About Hexindai Inc.
Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is
a mobile e-commerce and consumer lending platform based in
Beijing, China. The Company
collaborates with brands both online and offline to offer
high-quality and affordable branded products through its new form
of social e-commerce mobile platform and facilitates loans to meet
the increasing consumption needs of underserved prime borrowers
through its online consumer financing marketplace. Hexindai's
strong user acquisition capabilities, cutting-edge risk management
system, and strategic relationships with respected financial
institutions allow the Company to generate higher customer
satisfaction, reliance, and realize fast growth.
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
Investor Relations
Email: ir@hexindai.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10- 5900-1548
E-mail: Eyuan@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
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SOURCE Hexindai Inc.