360 Finance’s Affiliate Acquires 30% Stake in Kincheng Bank of Tianjin
June 05 2020 - 4:05PM
360 Finance, Inc. (NASDAQ: QFIN) ("360 Finance" or the "Company"),
a leading digital consumer finance platform, today announced that
360 Group, one of its affiliates, acquired a 30% stake in Kincheng
Bank of Tianjin Co., Ltd. (“Kincheng Bank”) making 360 Group the
biggest shareholder of the bank. Upon completion of the deal,
Kincheng Bank will become the third Chinese digital bank to be
backed by an internet giant.
Kincheng Bank has long been a strategic partner
of 360 Finance and the two companies have collaborated in areas
such as technology and customer service. The deal will allow both
parties to collaborate and realize greater synergies. 360 Finance’s
leading technology in the fintech sector will be further bolstered
by the comprehensive financial service offerings of Kincheng Bank,
which has specific expertise and extensive experience serving
medium, small and micro-sized companies. The collaboration should
help 360 Finance to further lower funding costs, expand the
customer base and increase the loans facilitated through the
Company’s platform services.
Mr. Haisheng Wu, Chief Executive Officer and
Director of 360 Finance, commented, “As a long-term and important
strategic partner, we are excited to deepen our collaboration with
Kincheng Bank. We believe this deal will allow us to generate
greater operating synergies and further expand our financial
ecosystem. It also showcases our determination to become the most
respected fintech company in China in terms of planning for and
staying ahead of regulatory compliance.”
As a result of the deal, 360 Finance continues
to accomplish its goal of minimizing regulatory uncertainties by
obtaining a comprehensive set of financial licenses, including for
online micro-lending, financing guarantees, consumer finance,
insurance brokerage and fund sales. The acquisition of Kincheng
Bank also provides the Company with a banking license, which is one
of the most difficult and valuable financial licenses in China to
obtain.
Kincheng Bank of Tianjin was established in
2015 in Tianjin’s pilot free trade zone, and was among the first
five private banks approved by China’s banking regulator as part of
a pilot scheme to implement financial reforms related to the
opening of the Chinese banking sector to private capital.
About 360 Finance
360 Finance, Inc. (NASDAQ: QFIN) (“360
Finance” or the “Company”) is a leading digital consumer finance
platform and the finance partner of the 360 Group. The Company
provides tailored online consumer finance products to prime,
underserved borrowers funded primarily by its funding partners. The
Company’s proprietary technology platform enables a unique user
experience supported by resolute risk management. When coupled with
its partnership with 360 Group, the Company’s technology translates
to a meaningful borrower acquisition, borrower retention and
funding advantage, supporting the rapid growth and scaling of its
business.
For more information, please
visit: http://ir.360jinrong.net/
Safe Harbor Statement
Any forward-looking statements contained in this
announcement are made under the “safe harbor” provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. 360 Finance may
also make written or oral forward-looking statements in its reports
to the U.S. Securities and Exchange Commission (“SEC”) on Forms
20-F and 6-K, 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 360
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. Further information regarding such risks and
uncertainties is included in 360 Finance’s filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and 360
Finance does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For more information, please
contact:
360 Finance
E-mail: ir@360jinrong.net
Christensen
In China Mr. Christian Arnell Phone:
+86-10-5900-1548 E-mail: carnell@christensenir.com
In US Ms. Linda Bergkamp Phone:
+1-480-614-3004 Email: lbergkamp@christensenir.com
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