China Rapid Finance Limited (NYSE: XRF) ("XRF" or "the Company"), one of China's leading fintech companies, today reported that its Micro Credit Company just received the approval from the local regulatory annual compliance review.
SHANGHAI, Nov. 4, 2019 /PRNewswire/ -- China Rapid Finance Limited (XRF) ("XRF" or "the Company") today announced receipt of a letter from the New York Stock Exchange ("NYSE") accepting the Business Transformation Plan ("the Plan") submitted by XRF on September 13, 2019. The Plan lays out a roadmap for addressing and achieving the NYSE's continued listing criteria.
China Rapid Finance Limited ("XRF" or the "Company") (NYSE: XRF), a fintech company in China, today announced its Vice President of Finance Mr. Hao (Kevin) Chen, has completed his planned onboarding and was appointed as Chief Financial Officer of the Company. Mr. Chen was also appointed as a Board member of the Company's Board of Directors. Mr. Steven Foo, the Company's former CFO, assisted with the onboarding transition as part of the Company's 2019 organizational plans. Mr. Foo will redirect his focus to new business development.
China Rapid Finance Limited (NYSE: XRF) ("XRF" or "the Company"), one of China's leading Fintech companies, today reported its unaudited financial results for the six and nine months ended June 30, 2019 and September 30, 2019, respectively.
Q3 2019 China Rapid Finance Ltd Earnings Call
SHANGHAI, Sept. 4, 2019 /PRNewswire/ -- China Rapid Finance Limited (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.
SHANGHAI, Oct. 1, 2019 /PRNewswire/ -- China Rapid Finance Limited (XRF) ("XRF" or the "Company") today announced the appointment of Haoxin Certified Public Accountants Company, Ltd. ("Haoxin"), a member firm of TGS Global, as the Company's independent registered public accounting firm. Haoxin replaces PricewaterhouseCoopers Zhong Tian LLP ("PwC"), which previously was the independent registered public accounting firm for XRF. The appointment of Haoxin has been approved by both the Audit Committee and the Board of Directors (the "Board") of the Company. XRF's intention is to file its Annual Report on Form 20-F for its fiscal year ended December 31, 2018 on or before November 15, 2019.
SHANGHAI, July 25, 2019 /PRNewswire/ -- China Rapid Finance Limited (XRF) (the "Company") today announced that it had received a letter from the New York Stock Exchange (the "NYSE") notifying it that the Company was not in compliance with the NYSE's continued listing standards because, as of May 31, 2019, the 30 trading-day average market capitalization of the Company's ADSs representing Class A ordinary shares was below $50 million and, as of September 30, 2018, the Company's stockholders' equity was less than $50 million. This notice does not have an immediate effect on the listing of the Company's ADSs representing Class A ordinary shares.
China Rapid Finance Limited (NYSE: XRF) today announced it has reached a non-binding letter of intent on investment and cooperation with SOS Health Rescue Services Ltd. ("SOS"). Subject to due diligence and other conditions, the parties may enter into a merger or similar transaction in which SOS or its stockholders will own a controlling interest of the outstanding equity in XRF. The transaction is subject to numerous conditions and there is of course no assurance that such a transaction will be consummated on the terms and timeline indicated.
China Rapid Finance Limited (NYSE: XRF) ("XRF" or the "Company") and True North Financial, LLC (True North) https://tnafinance.com/ , jointly offer the following additional information on True North's investment of $8 million in a "PIPE" transaction (private investment in public equity) for unregistered shares of China Rapid Finance's stock, on December 24, 2019. True North purchased 37,985,203 Class A ordinary unregistered private shares, and 3,465,574 Class B ordinary unregistered private shares, in exchange for a promissory note, based on the closing price on Dec 23, 2019, which was $1.93 per ADS share. The shares are convertible on a 10 to 1 ratio into ADS, (10 class A ordinary shares equal one ADS). Please see 6-K filing for details. At the end of Q3 2019, the Company had $15.5 million of cash and cash equivalents on its balance sheet, an improving net cash position quarter-on-quarter. The Company has no long-term debt on its balance sheet. https://www.prnewswire.com/news-releases/china-rapid-finance-reports-2019-unaudited-financial-results-for-the-six-and-nine-months-ended-june-30-and-september-30-2019-300975249.html
SHANGHAI, Nov. 14, 2019 /PRNewswire/ -- China Rapid Finance Limited (XRF) (the "Company") today announced two developments that mark significant progress in regaining compliance with the New York Stock Exchange's Continued Listing requirements. The Company completed its 2018 financial statement audit and filed its 2018 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (the "SEC"). In addition, the Company instructed its Depositary Bank to implement a ratio change for its American Depositary Shares ("ADSs").
China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced the closing of the asset injection and private placement transactions on May 15, 2020. Upon closing of the transactions, Yong Bao Two Ltd. ("YBT"), a holding company that controls SOS Information Technology Co., Ltd. ("SOS") via contractual arrangements now becomes a wholly owned subsidiary of the Company.
The new business will operate separately from the Company's existing marketplace lending business. No retail funding will be used for this new business. This new business will leverage the Company's existing borrower base and technology and facilitate a range of products for institutional investors, from short-term to long-term installment loans. The Company's management believes that the Project Company will be the engine of transformation and future growth of the Company.
China Rapid Finance Limited (NYSE: XRF) ("XRF" or the "Company"), one of China's leading Fintech companies, today announced that True North Financial, LLC("TNF") will invest $8M in a private transaction for unregistered shares of the company's stock.
China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced the execution of a set of agreements (the "Agreements") on May 5, 2020 with Yong Bao Two Ltd. ("YBT"), the parent company of SOS Information Technology Co., Ltd. ("SOS") via a variable interest entity ("VIE"), the shareholders of YBT ("YBT Shareholders"), eight sophisticated investors introduced by YBT (the "Purchasers," collectively with the YBT Shareholders as the "Investors") and True North Financial, LLC ("True North").
SHANGHAI, Oct. 8, 2019 /PRNewswire/ -- China Rapid Finance Limited (XRF) ("XRF" or the "Company") today announced the signing of Letters of Intent (the "LOIs") with Chengdu Qiye Technology Co., Ltd., ("Qiye") outlining how the Companies will partner to offer services for institutionally-funded lending to small and medium sized businesses ("SMB"). This new partnership marks another important milestone in the Company's business transformation since withdrawing from the P2P lending business. Under the planned partnership, XRF will provide technology development and risk management services to Qiye through an operating subsidiary under its Cayman Company.
China Rapid Finance Limited (NYSE: XRF) ("XRF" or "the Company"), one of China's leading fintech companies, today announced that it will announce its unaudited financial results for the nine months ended September 30, 2019 on December 16, 2019, which will bring the company filing status to current.