BEIJING, Sept. 25, 2019 (GLOBE NEWSWIRE) -- 9F Inc. (“9F” or “the Company”) (NASDAQ: JFU), a leading digital financial account platform integrating and personalizing financial services in China, today announced that a wholly-owned subsidiary of the Company in China acquired a strategic stake in Hubei Consumer Finance Company, a licensed consumer finance company headquartered in Wuhan, Hubei Province.
Hubei Consumer Finance Company was established in April 2015 and was the eighth nationwide consumer finance company in China approved by the China Banking Regulatory Commission and the first one located in Central China. With this investment, 9F’s wholly-owned subsidiary has become the second largest shareholder in Hubei Consumer Finance Company.
9F will leverage its extensive technological experience to assist Hubei Consumer Finance Company in acquiring traffic and deploying AI technology across its consumer finance business. 9F will also strategically deploy a team to work on empowering Hubei Consumer Finance Company’s consumer finance platform with cutting-edge technology.
Mr. Lei Sun, Chairman and Chief Executive Officer, commented, “We are pleased to have completed this strategic investment. It is another step in our strategy to develop stronger relationships with financial institutions and will expand our ecosystem deeper into the consumer finance sector. We believe it will contribute to future growth and enhance shareholder value over time.”
About 9F Inc.
9F Inc. is a leading digital financial account platform integrating and personalizing financial services in China with the footprint expanding overseas. The Company provide a comprehensive range of financial products and services across loan products, online wealth management products, and payment facilitation, all integrated under a single digital financial account.
For more information, please visit http://ir.9fbank.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market, regulatory and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer 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, including its ability to cure any non-compliance with the Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 9F Inc. does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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