Jiayin Group Inc. Announces Acquisition of Certain Equity Interest in Keen Best Investments Limited
March 13 2020 - 8:00AM
Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading online individual finance marketplace in China, today
announced that Geerong (HK) Limited (“
Geerong”,
formerly known as Jiayin (HK) Limited), an indirect wholly-owned
subsidiary of the Company, has determined to acquire certain equity
interest in Keen Best Investments Limited (“
Keen
Best”) from China Smartpay Group Holdings Limited
(“
Smartpay”), a Cayman Islands incorporated
company, whose shares are listed on GEM of The Stock Exchange of
Hong Kong Limited (Stock code: 8325).
On March 13, 2020, Geerong and another independent purchaser
(“Purchasers”) entered into a share purchase
agreement (the “SPA”) with Smartpay, pursuant to
which, among others, Geerong agreed, subject to certain conditions,
to acquire 35 ordinary shares of Keen Best, representing 35% equity
interest in Keen Best, a wholly-owned subsidiary of Smartpay (the
“Shares”). Mr. Dinggui Yan, our founder, director
and chief executive officer currently beneficially owns
approximately 29.8% equity interest in Smartpay.
The closing of this proposed transaction is
subject to the following conditions, which should be fulfilled on
or before June 30th, 2020 or another date otherwise agreed by the
parties thereto: (i) the shareholders of Smartpay (other than Mr.
Dinggui Yan and those who may abstain from voting, where
applicable) having resolved and approved this transaction and the
SPA in accordance with Rules Governing the Listing of Securities on
GEM of the Stock Exchange of Hong Kong, if required; and (ii) all
necessary consents, approvals, authorizations, waivers, clearances
and certifications in relation to this transaction and the SPA
having been obtained, which can be waived. The purchase price for
the Shares is HK$105,000,000 and shall be paid in cash or other
means agreed by the Purchasers and Smartpay.
Information on Keen Best
Keen Best is a company incorporated in the
British Virgin Islands with limited liability and is a direct
wholly-owned subsidiary of Smartpay. As at the date of this
announcement, Keen Best holds 100% of the equity interests in Union
Evernew Investment Limited, a company incorporated in Hong Kong
with limited liability, which in turn wholly owns Massnet
Microcredit Company (Chongqing) Limited (“Massnet
Microcredit”), a company established in the PRC with
limited liability. Shanghai Yangyu Information Technology Company
Limited, a company established in the PRC with limited lability, is
a wholly owned subsidiary of Massnet Microcredit. Keen Best and its
subsidiaries are principally engaged in internet microcredit
business in the PRC.
The Company expects the investment in Keen Best
will provide more business opportunities for its future business
development.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading online individual finance
marketplace in China committed to facilitating effective,
transparent, secure and fast connections between investors and
borrowers, whose needs are underserved by traditional financial
institutions. The origin of the business of the Company can be
traced back to 2011. The Company operates a highly secure and open
platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs
advanced big data analytics and sophisticated algorithms to
accurately assess the risk profiles of potential borrowers.
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the
United States 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” and similar statements. The
Company 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 the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. Potential risks and uncertainties
include, but are not limited to, those relating to the Company’s
ability to retain existing investors and borrowers and attract new
investors and borrowers in an effective and cost-efficient way, the
Company’s ability to increase the investment volume and loan
origination of loans volume facilitated through its marketplace,
effectiveness of the Company’s credit assessment model and risk
management system, PRC laws and regulations relating to the online
individual finance industry in China, general economic conditions
in China, and the Company’s ability to meet the standards necessary
to maintain listing of its ADSs on the Nasdaq Stock Market or other
stock exchange, including its ability to cure any non-compliance
with the continued listing criteria of the Nasdaq Stock Market. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company’s filings with the U.S. Securities and
Exchange Commission, including its registration statement on Form
F-1 filed in connection with its initial public offering.
For more information, please contact:
In China:
Jiayin GroupMs. Shelley BaiEmail:
ir@niwodai.com
or
The Blueshirt GroupMs. Susie WangEmail:
susie@blueshirtgroup.com
In the U.S.:
Ms. Julia QianEmail: julia@blueshirtgroup.com
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