URUMQI, China, Oct. 8, 2018 /PRNewswire/ – China Lending
Corporation ("China Lending" or the "Company") (Nasdaq: CLDC), a
non-bank direct lending corporation servicing micro, small and
medium sized enterprises (MSME), currently underserved by
commercial banks in China, today
announced that it has entered into a strategic cooperation
agreement (the "Agreement") with Zhejiang Lixin Holding Co., Ltd.
("Lixin"), a financial service company providing financial leasing,
factoring, funding, financing guarantee and supply chain management
solutions and related advisory services for individuals and MSMEs
in the Yangtze River Delta Region.
Pursuant to the Agreement entered into on October 8, 2018, Lixin will make full use of its
related resources in helping China Lending revitalize its business
through possible reorganization and restructuring as well as
assisting the Company to explore potential merger and acquisition
opportunities. Specifically, the partnership aims to help the
Company upgrade its product portfolio to include multiple ways of
micro financing currently in market demand, increase its market
shares in the segmented niches of supply-chain financing, and
expand its business to eastern regions of China. In return, Lixin hopes to access
China's western regional markets,
where Lixin's expertise in financial solutions should resonate
favourably with a large body of potential customers. The
partnership, in short, complement resources and advantages to
generate sustainable growth for both parties.
Ms. Jingping Li, Chairwoman and
Chief Executive Officer of China Lending, commented, "We are
excited about the opportunity to have Lixin as our new exclusive
strategic partner as we try to right the ship for our micro lending
business that has been struggling in recent quarters due to
changing market conditions and financial difficulties with some
customers. We look forward to developing this partnership in the
coming months."
About Zhejiang Lixin Holding Co. Ltd. ("Lixin")
Headquartered in Hangzhou,
Zhejiang province, Lixin is a
financial service company focusing on providing a wide range of
financing solutions and related peripheral services to individuals
and MSMEs, including financial leasing, factoring, private funding,
financing guarantee and supply chain management, in the Yangtze
River Delta Region. Lixin and its subsidiaries are established in
January 2013 with registered capital
of CNY 303 million (approximately
US$44 million).
About China Lending Corporation
Founded in 2009, China Lending is a non-bank direct lending
corporation and provides services to micro, small and medium sized
enterprises, farmers, and individuals, who are currently
underserved by commercial banks in China. Headquartered in Urumqi, the capital of
Xinjiang Autonomous Region, with a registered capital of
$94.7 million (RMB 600 million) as of June 30, 2018 China Lending is one of the largest
direct lending companies in the region in terms of registered
capital. For more information, please visit:
www.chinalending.com.
Forward-Looking Statements
This press release may include forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that China Lending
expects or anticipates will or may occur in the future are
forward-looking statements and are identified with, but not limited
to, words such as "may," "believe" and "expect." These statements
are based on certain assumptions and analyses made by China Lending
in light of its experience and its perception of historical trends,
current conditions and expected future developments as well as
other factors it believes are appropriate in the circumstances.
Actual results may differ materially from those expressed herein
due to many factors such as, but not limited to, (1) the ability to
obtain or maintain the listing of the Company's securities on the
NASDAQ Capital Market; (2) the ability to recognize
the anticipated benefits of our business combination;
(3) the outcome of any legal proceedings that may be
instituted against the Company; (4) changes in
applicable laws or regulations; (5) the possibility
that the Company may be adversely affected by other economic,
business, and/or competitive factors; and (6) other
risks and uncertainties indicated from time to time in the proxy
statement filed by the Company in connection with the business
combination, including those under "Risk Factors" therein, and
other factors identified in the Company's prior and future filings
with the SEC, available at www.sec.gov.
These forward-looking statements are based on information
available as of the date of this press release and involve a number
of judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date and the Company undertakes no obligation to
update any forward-looking statements contained herein to reflect
events or circumstances which arise after the date of this press
release, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
law.
For investors and media inquiries please contact:
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE China Lending Corporation