SHANGHAI, September 29, 2021 / PRNewswire / – FinVolution Group (âFinVolutionâ, or the âCompanyâ) (NYSE: FINV), a leading fintech platform in China, today announced that it has completed the issuance of 200 million RMB Asset Backed Securities (âABSâ) which will be listed and traded on the Shenzhen Stock Exchange.
The ABS issued will be a financial guarantee backed by a fifteen-month consumer loan under the title Tian feng – Special plan to support the rights of beneficiaries of the phase 1 trust of the FinVolution group, with Tian Feng Securities taking responsibility for management. In addition, from June 30, 2021, the FinVolution group’s 90-day default ratio hit a new all-time low at 1.01%.
Sir. Feng zhang, CEO of FinVolution, commented: âThe successful issuance of our first ABS is an important milestone that validates our successful transition to higher quality borrowers supported by our advanced technologies and sophisticated credit risk management framework. As institutional funding partners. âInterest and confidence in the quality of our assets thrives, ABS also serves as an important channel for high quality financing in the future. Building on our technological capabilities and our deep cooperation with our distribution partners, we will continue to attract new borrowers with better credit quality and deliver sustainable returns to all of our stakeholders. â
Safe Harbor Declaration
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 United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “will”, “expects”, “anticipates”, “the future”, “intention”, “plans”, “believes”, “believes”, “targets”, “confident” and similar statements. These statements are based on current management expectations and current market 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 control of the Company. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in 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 in its market, its ability to increase the volume of loans facilitated by the debt market. Company, its ability to introduce new lending products and platform improvements, its ability to compete effectively, laws, regulations and government policies relating to the online consumer credit industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE, including its ability to remedy any non-compliance with the NYSE continuous listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the documents filed by the Company with the United States Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution assumes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required. by applicable law.
About the FinVolution group
FinVolution Group is a leading fintech platform in the China and connect underserved borrowers internationally with financial institutions. Founded in 2007, the Company is a pioneer in from China online consumer credit industry and has developed innovative technologies and accumulated in-depth experience in key areas of credit risk assessment, fraud detection, big data and intelligence artificial. The company’s platform, enhanced by proprietary cutting-edge technologies, offers a highly automated loan transaction process, which enables a superior user experience. From June 30, 2021, the company had more than 130.8 million cumulative registered users.
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SOURCE FinVolution Group