HANGZHOU, China, March 28, 2022 /PRNewswire/ -- Weidai Ltd.
("Weidai" or the "Company") (NYSE: WEI), a leading auto-backed
financing solution provider in China, today announced its preliminary results
of revenue, loss from operations and net loss for the full year
2021.
Preliminary, unaudited revenue of full year 2021 is expected to
be in the range of RMB698 million to
RMB708 million. Preliminary,
unaudited loss from operations of full year 2021 is expected to be
in the range of RMB744 million to
RMB754 million. Preliminary,
unaudited net loss of full year 2021 is expected to be in the range
of RMB1,144 million to RMB1,154 million. Preliminary, unaudited cash and
cash equivalents of full year 2021 are expected to be in the range
of RMB225 million to RMB235 million.
Included above are certain estimated preliminary unaudited
financial results for the full year ended December 31, 2021. We have provided ranges,
rather than specific amounts, for these periods because these
results are preliminary and subject to change, and there is a
possibility that our actual results may differ materially from
these preliminary estimates. These ranges are based on the
information available to us as of the date of this
announcement.
These estimated preliminary results for the full year 2021 are
derived from the preliminary internal financial records of Weidai
Ltd. and are subject to revisions based on our procedures and
controls associated with the completion of our financial reporting,
including the audit of our financial statements and all customary
reviews and approvals.
These estimated preliminary results should not be viewed as a
substitute for financial statements prepared in accordance with
U.S. GAAP. Our independent registered public accounting firm has
not audited and does not express an opinion or any other form of
assurance with respect to these estimated preliminary results. It
is possible that we or our independent registered public accounting
firm may identify items that would require us to make adjustments
to the preliminary estimates set forth above as we complete our
financial statements and that our actual results may differ
materially from these preliminary estimates. Accordingly, undue
reliance should not be placed on these preliminary estimates. These
preliminary estimates are not necessarily indicative of any future
period and should be read together with "Risk Factors," "Special
Note Regarding Forward-Looking Statements," and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our annual reports on form 20-F filed with the
Securities and Exchange Commission.
Regulatory Developments
The Company commenced the process to exit the peer-to-peer
lending business in May 2020. From
July 2020 to December 2021, the Company closely cooperated
with government authorities to promote a smooth exit of
peer-to-peer investments. In July
2021, the Company, in cooperation with the relevant
governmental authorities, repaid all outstanding net principal
balances (the aggregate principal invested by a certain investor
minus the aggregate amount that has been withdrawn by such
investor) to investors on its platform. From December 2021 to date, the Company continues to
consult government authorities to complete its exit of the
peer-to-peer lending industry.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "confident" and similar statements. Weidai
may also make written or oral forward-looking statements in its
periodic reports to 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. Statements that are not historical facts, including
statements about Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; its ability to comply with existing or
future laws and regulations related to data protection or data
security; and Weidai's ability to meet the standards necessary to
maintain listing of its ADSs on the NYSE, including its ability to
cure any non-compliance with the NYSE's continued listing criteria;
litigation and negative publicity surroundings China -based companies listed in the U.S.; and
the duration of the COVID-19 outbreak, including the emergence of
COVID variants, and its potential impact on the Company's business
and financial performance. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE Weidai Ltd.