BEIJING, April 20, 2017 /PRNewswire/ -- Yirendai Ltd.
(NYSE: YRD) ("Yirendai" or the "Company"), a leading online
consumer finance marketplace in China, today announced that
the Company has made incremental progress in facilitating consumer
loan products with asset-backed security ("ABS") structure.
During fiscal year 2016, the Company facilitated a trust (the
"Trust") to extend loans with an aggregate principal amount of
RMB300 million to borrowers on
Yirendai's online marketplace. On April 5,
2017, the original beneficiary of the Trust transferred its
beneficiary rights in the Trust to Bohai International Trust Co.,
Ltd., which has completed the issuance of RMB300 million ABS through private
placements.
The underlying assets of the ABSs are the loans extended by the
Trust through Yirendai's online marketplace with a total principal
amount of RMB300 million. Yirendai will continue to provide
post-origination services with respect to the underlying
assets.
"We're pleased to see incremental progress in our innovative
efforts in diversifying our sources of funding," said
Mr. Dennis Cong, Chief Financial Officer of Yirendai. "We are
staying focused on partnering with more financial institutions to
optimize our funding structure, reduce our funding costs and better
serve our dedicated customer segment."
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
Email: carnell@christensenir.com
In U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@christensenir.com
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SOURCE Yirendai Ltd.