SHANGHAI, Aug. 15, 2018
/PRNewswire/ -- China Rapid Finance Limited ("CRF" or "the
Company") (NYSE: XRF), operator of one of China's largest consumer lending marketplaces,
announced that its board of directors approved a share repurchase
program whereby the Company is authorized to repurchase its
ordinary shares in the form of American depositary shares with an
aggregate value of up to US$20
million.
Dr. Zane Wang, Chief Executive
Officer, Founder and Chairman, said, "With this share repurchase
authorization, our board is making a strong statement about our
confidence in the future of the Company. We have more than enough
cash to fund our current operations and expect to be operating
profitably in the near future. The Board and management team firmly
believe that the Company's current stock market valuation reflects
neither the untapped value of our established customer
relationships and the business we have built, nor our prospects for
future growth."
The approved share repurchase may be effected on the open market
at prevailing market prices, depending on a number of factors,
including, but not limited to, share price, trading volume and
general market conditions, along with the Company's working capital
requirements, general business conditions and other factors, as
well as subject to applicable rules and regulations, including
requirements of Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934,
as amended. The Company's board of directors will review the share
repurchase program periodically, and may authorize adjustment of
its terms and size. The Company plans to fund the purchases out of
its existing cash balance or future cash provided by operating
activities.
About China Rapid Finance
China Rapid Finance operates a leading online consumer finance
marketplace in China, facilitating millions of loans annually.
The Company deploys machine learning and proprietary decision
technology to facilitate affordable digital credit for one of the
world's largest untapped consumer credit
markets: China's 500 million emerging mobile-active
consumers. China Rapid Finance operates a pure play marketplace,
and does not take credit risk. The Company utilizes its
proprietary, mobile-first technology to efficiently select
creditworthy consumers for its platform. China Rapid Finance
facilitates smaller, shorter-term initial loans to these qualified
consumers and then enables larger, longer-term loans for repeat
borrowers who demonstrate positive credit behavior. This
differentiated strategy positions the platform to attract and
retain high quality consumers who generate significant customer
lifetime value. China Rapid Finance was founded by Dr. Zane
Wang, who has decades of consumer credit experience in the U.S.
and China, and is governed by a global board of
directors. For more information, please
visit http://ChinaRapidFinance.InvestorRoom.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports 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 China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this announcement and in
the attachments is as of the date of this announcement, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
Investor Relations Contacts:
In China:
China Rapid Finance
Sean Zhang
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
Or
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +86 (138) 1079-1480
Email: gary@blueshirtgroup.com
In US:
The Blueshirt Group
Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
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SOURCE China Rapid Finance