FinVolution Group (“FinVolution”, or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced that it has completed the issuance of RMB200 million asset-backed securities (“ABS”) which will list and trade on Shenzhen Stock Exchange.
The issued ABS will be a fifteen-month consumer loan-backed financial security under the title Tian Feng – FinVolution Group Phase 1 Trust Beneficiary Right Asset Support Special Plan, with Tian Feng Securities undertaking responsibility for the management. In addition, as of June 30, 2021, FinVolution Group 90-day-plus delinquency ratio reached a new historical low to 1.01%.
Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “The successful issuance of our first ABS is an important milestone that validates our successful transition to better quality borrowers supported by our leading cutting-edge technologies and sophisticated credit risk management framework. As institutional funding partners’ interest and trust in the quality of our assets thrive, ABS also serve as an important channel for high quality funding in the future. Building on our technological capabilities and in-depth cooperation with our channel partners, we will continue to attract new borrowers with better credit quality and deliver a sustainable return for all of our stakeholders.”
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 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 NYSE, including its ability to cure any non-compliance with the NYSE’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 FinVolution 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.