SHANGHAI,
Dec. 10, 2018 /PRNewswire/ -- China Rapid Finance Limited
(the "Company" or "XRF") (NYSE: XRF), operator of one of
China's
leading consumer lending marketplaces, announced that its
Vice President of Finance Lan Xie
has completed her planned onboarding as Chief Financial
Officer. Ms. Xie's recruitment was overseen by Kerry Shen, the Company's former CFO, as part of
the organizational plans approved earlier this year by the Board of
Directors. Ms. Xie joined the Company as Vice President of
Finance on October 1st and has
transitioned into the Chief Financial Officer role over the
past two months with the assistance of Mr. Shen, who is
pursuing a new opportunity.
Russell Krauss, Co-Chief Executive Officer and Vice
Chairman of the Company, commented, "Over the past year, we
conducted an extensive search for an exceptional professional who
can bring additional experience and skill in financial management
and corporate strategy. Earlier this year, that work
culminated with our successful recruitment of Lan, who
has been operating as the company's Vice President of
Finance. Because I have witnessed Lan's talent,
experience and capability firsthand, I am confident in her ability
to make a meaningful contribution to the Company's future success.
I offer her my congratulations on this promotion and look forward
to observing the positive impact she will have on the Company."
The Company also announced further additions to
its leadership team with the appointment of Kevin Kong as General Counsel.
Zane Wang, PhD, the Company's
Founder, Chairman, and Co-Chief Executive Officer, commented,
"These two appointments affirm our commitment to build a
world-class management team. Lan and Kevin are highly regarded
experts within their respective fields. They bring extensive
skills and global perspective to their roles at XRF. During this
period of market and regulatory change, we see a unique opportunity
to solidify XRF's position within our industry. While refocusing
and expanding our business to adapt to a new environment, we
continue to place emphasis on attracting and retaining the
industry's top talent."
Lan Xie brings to the Company
rich experience in global finance. Prior to joining XRF, she
served as China Chief Financial
Officer and Vice President of Finance for SciClone. Before
SciClone, she served as Vice President of Finance and Investor
Relations at Shangpharma Corporation, and was closely involved with
that company's Initial Public Offering (IPO) on the New York Stock
Exchange (NYSE). Previously, she was Senior Manager of
Transaction Services at PricewaterhouseCoopers Zhong Tian LLP in
Shanghai, and Manager of Mergers
and Acquisitions at Deloitte & Touche in New York. Ms. Xie's financial management
experience is complemented by strong academic and professional
credentials, including an MBA degree and CPA certification in US
GAAP. She is a Massachusetts Certified Public Accountant and
received her MBA from INSEAD in France.
Kevin Kong joined the Company
earlier this year as General Counsel, and brings over a decade of
experience in management, corporate law, and regulatory compliance
gained in both New York and
Shanghai. In addition to being an experienced corporate
attorney from the international law firm of Sidley Austin LLP, Mr.
Kong has previously served as General Counsel for two U.S.-listed
Chinese companies, Spreadtrum Communications Inc. and ASAT Holdings
Limited. Mr. Kong's areas of legal expertise include U.S.
securities, capital markets, regulatory
compliance, mergers and acquisitions, corporate finance, and
corporate governance. Mr. Kong received his Juris Doctor
degree from Cornell Law School and
his Bachelor's degree with Honors from Columbia University in New York.
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
mobile-active consumers. China Rapid Finance utilizes its
proprietary, mobile-first technology to efficiently select
creditworthy consumers for its platform. The Company facilitates
smaller, shorter-term initial loans to these qualified consumers
and then enables larger, longer-term loans for returning 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://ir.crfchina.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:
Internal:
China Rapid Finance
Marlene Pan
Director of Investor Relations
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
External:
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
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SOURCE China Rapid Finance