Jiayin Group Inc. Announces Acquisition of Certain Equity Interests in Shanghai Bweenet Network Technology Co., Ltd.
April 05 2021 - 7:00AM
Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading fintech platform in China, today announced that the Company
has determined to acquire 95% equity interests of Shanghai Bweenet
Network Technology Co., Ltd.(“Shanghai Bweenet”), a limited
liability company incorporated in the PRC.
On April 1, 2021, Shanghai Jiayin Finance
Technology Co., Ltd. (“Jiayin Finance”), a wholly consolidated
variable interest entity of the Company entered into a framework
acquisition agreement (the “SPA”) with Shanghai Bweenet and its
shareholders, pursuant to which, Jiayin Finance agreed, subject to
certain conditions, to subscribe for certain equity interests of
Shanghai Bweenet and acquire certain equity interests held by
current shareholders of Shanghai Bweenet, for an aggregate
consideration of RMB95 million. Following the completion of the
proposed transaction, Jiayin Finance will own 95% of the equity
interests of Shanghai Bweenet. The consideration will be paid in
several installments, subject to certain conditions. The closing of
the proposed transaction is subject to the certain customary
conditions, including completion of satisfactory due diligence.
Information on Shanghai
Bweenet
Shanghai Bweenet is a limited liability company
incorporated in the PRC. Shanghai Bweenet is principally engaged in
design of chips specialized in cryptocurrency mining, design and
distribution of cryptocurrency mining hardware, and management of
cryptocurrency mining farms and mining pools.
The Company expects that the investment in
Shanghai Bweenet will provide more business opportunities for its
future business development.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform
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 annual report on Form 20-F.
For more information, please
contact:
In China:
Jiayin GroupMs. Shelley
BaiEmail: ir@jiayinfintech.cn
or
The Blueshirt GroupMs. Susie
WangEmail: susie@blueshirtgroup.com
In the U.S.:
Ms. Julia QianEmail:
julia@blueshirtgroup.com
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