BEIJING, March 30, 2017 /PRNewswire/ -- Yirendai Ltd.
(NYSE: YRD) ("Yirendai" or the "Company"), a leading online
consumer finance marketplace in China, today announced that it has entered
into an agreement of intent (the "Agreement") with the Beijing branch of PICC Property and Casualty
Company Limited (2328.HK) ("PICC P&C"), the largest property
and casualty insurance company in China[1].
Under the terms of the Agreement, PICC P&C will provide
Yirendai with performance bond for certain loans facilitated
through the Company's online marketplace. PICC P&C will
reimburse lenders within the agreed scope should any losses incur
due to the Company's failure to perform adequate due diligence
during the credit underwriting process.
"We are pleased to begin working with PICC P&C on
performance bond," said Ms. Yihan
Fang, Chief Executive Officer of Yirendai. "We believe a
strong alliance between our two industry-leading companies will
enable us to provide higher quality products and services to our
customers to better serve the large demand for personal
finance."
[1] According to PICC
P&C's annual report for 2015, PICC P&C is the largest
property and casualty insurance company in Mainland China. PICC
P&C's gross written premiums in 2015 achieved a market share of
33.4% in the property and casualty insurance market of the PRC,
with the incremental premiums maintaining number one ranking in the
market.
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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. 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 Yirendai'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 to, uncertainties as to
Yirendai's ability to attract and retain borrowers and investors on
its marketplace, its ability to introduce new loan products and
platform enhancements, its ability to compete effectively, PRC
regulations and policies relating to the peer-to-peer lending
service industry in China, general
economic conditions in China, and
Yirendai's ability to meet the standards necessary to maintain
listing of its ADSs on the NYSE or other stock exchange, including
its ability to cure any non-compliance with the NYSE's continued
listing criteria. Further information regarding these and other
risks, uncertainties or factors is included in Yirendai'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 Yirendai 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.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance
marketplace in China connecting
investors and individual borrowers. The Company provides an
effective solution to address largely underserved investor and
individual borrower demand in China through an online platform that
automates key aspects of its operations to efficiently match
borrowers with investors and execute loan transactions. Yirendai
deploys a proprietary risk management system, which enables the
Company to effectively assess the creditworthiness of borrowers,
appropriately price the risks associated with borrowers, and offer
quality loan investment opportunities to investors. Yirendai's
online marketplace provides borrowers with quick and convenient
access to consumer credit at competitive prices and investors with
easy and quick access to an alternative asset class with attractive
returns. For more information, please visit
yirendai.investorroom.com.
For investor and media inquiries, please
contact:
Yirendai
Hui (Matthew)
Li
Director of Investor Relations
Email: matthewli@yirendai.com
Christensen
In China
Christian Arnell
Phone: +86 (0) 10-59001548
E-mail: carnell@christensenir.com
In U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE Yirendai Ltd.