Jiayin Group Inc. Announces Closing of the Acquisition of 35% Equity Interest in Keen Best Investments Limited
September 29 2020 - 4:00PM
Jiayin Group Inc. (“
Jiayin” or the
“
Company”) (NASDAQ: JFIN), a leading fintech
platform in China, today announced that, further to the press
release dated March 13, 2020, Geerong (HK) Limited
(“
Geerong”, formerly known as Jiayin (HK)
Limited), an indirect wholly-owned subsidiary of the Company, has
closed the acquisition of 35% equity interest in Keen Best
Investment 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”). Keen Best and its subsidiaries are
principally engaged in internet microcredit business in the
PRC.
The Company is pleased to announce that the conditions precedent
under the SPA have been fulfilled and it has closed the acquisition
of the Shares on September 29, 2020. The purchase price for the
Shares is HK$105,000,000, which has been settled by offsetting
against the receivables held by the Company from Smartpay.
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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