SHANGHAI, Sept. 4, 2019 /PRNewswire/ -- China Rapid Finance
Limited (NYSE: XRF) (the "Company") today announced that its Board
of Directors has retained China Merchants Bank Co., Ltd.,
New York Branch (CMBNY), and
Pangaea Finance as separate Co-Financial Advisors, and Pangaea
Finance as Structuring Agent, to advise it for strategic
alternatives, including but not limited to potential strategic
partnerships, recapitalization of certain operating companies, and
for a related reconfiguration of the Cayman company as a listed
investment vehicle for China credit.
Zane Wang, Chairman and Co-Chief
Executive Officer of the Company commented, "We are excited to work
with CMBNY and Pangaea Finance, who jointly bring expertise in the
China credit market and access to global institutional credit
investors. This engagement will accelerate our business
transition."
CMBNY is one of the six overseas branches of China Merchant Bank (CMB). CMB, publicly traded
on the Hong Kong and Shanghai
Stock Exchanges, is the sixth largest, and an award-winning
commercial bank in China and
ranked Top 20 among global banks by The Banker magazine. CMBNY
offers a broad suite of services to corporations, financial
institutions and high net worth private banking
clients. CMBNY's Investment Banking Department provides cross
border advisory services to facilitate businesses and institutions
in strategic investments and partnerships.
Pangaea Finance is a corporate finance advisory firm which
advises China financial institutions on strategic cross- border
transactions. Its partnership consists of highly experienced
individuals in global financial institutions, credit markets, and
China capital markets. Its current and recent advisory clients
include China's largest asset manager, China's top non-bank private
credit platform, and a major international PE fund active in
China SME financial services.
Timothy Van Housen, Managing Partner
of Pangaea Finance commented, "Our partnership is excited about the
opportunity to create value for a high-quality platform like China
Rapid Finance. Its architecture – credit DNA, leadership, analytics
and customer base, several valuable China financial licensed
companies, and offshore ownership by a public company – provides a
rare engine to transform and re- package China loan assets into a
pioneering investment vehicle for China credit."
The Company cautions that there can be no assurance that any
transaction will be approved or consummated. The Company does not
intend to disclose developments relating to any Strategic Partner
recapitalization and restructuring plan unless and until the Board
of Directors has entered into a definitive agreement.
About China Rapid Finance Limited
China Rapid Finance (NYSE: XRF) is a leading fintech company
that operates an award-winning microcredit company and one of
China's largest online consumer finance marketplaces. The Company
enables affordable access to digital credit for one of the world's
largest untapped consumer credit markets: China's mobile-active
consumers. The Company utilizes its proprietary, mobile-first
technology to select consumers for its platform. China Rapid
Finance was founded by Dr. Zane
Wang, who has decades of consumer credit industry experience
in the U.S. and China. For more information, please visit
http://ir.crfchina.com.
Safe Harbor Statement
This press release 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. The Company 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 the Company'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: the Company's ability to satisfy the
requirements of PRC regulatory authorities regarding the repayment
of loans made by lenders on its platform; the success of its
recapitalization and restructuring plans; the Company's ability to
file its Annual Report in a timely manner or regain compliance with
NYSE continued listing standards; the potential need to make
adjustments to prior period financial statements of the Company;
unexpected difficulties in the Company's pursuit of its goals and
strategies; unexpected developments, including slow growth, in the
consumer lending market reduced demand for, and market acceptance
of, the Company'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
the Company provides products and services. Further information
regarding these and other risks is included in the Company'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 the
Company undertakes no duty to update such information except as
required under applicable law.
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SOURCE China Rapid Finance