Credit China FinTech Holdings Limited (“Credit China FinTech”, Stock Code: 8207), China’s leading Fintech service provider, announced the proposal to acquire 48% equity of LEYU Limited at a price of RMB 800 million Yuan (Note: “Beijing Weshare Software Technology Co., Ltd.”, hereinafter referred to as “Weshare Finance ”, is a wholly-owned subsidiary of LEYU Limited). The transaction consideration will be paid in the form of cash (40%) and shares of Credit China FinTech (60%). Upon the fulfillment of the transaction, Credit China FinTech will become the largest shareholder of Weshare Finance.
As a leading online consumption financial platform in China, Weshare Finance meets customers’ demands on short-term small-sum consumption loans through multiple channels on mobile application platforms. Weshare Finance is committed to developing small-sum consumer credit service market in Tier-3 and Tier-4 cities in China, mainly targeting young white-collar and blue-collar users and college graduates. Users have access to loans with a sum of RMB 1,000 - 10,000 Yuan by submitting applications and getting certified on the mobile terminals. Its flagship product, “Lightning Borrowing”, was launched in March 2014. Weshare Finance has a mature big data risk control system. Making use of user authorization data, scenario credit investigation data and cooperative modeling with third-party data intermediaries, it has developed over 4,600 data points and established a credit investigation model featuring unique algorithm. Adopting data-driven loan business management process and automatic risk control and decision-making system, it provides users with efficient financial service characterized by “the availability of loans within one minute”.
Up till October 2016, Weshare Finance had covered over 2000 counties and 300 cities. “Lightning Borrowing” had embraced over 6.5 million registered users, accumulated borrowings amounting to over RMB 7.5 billion Yuan, and over 4 million transactions. In October alone, the borrowing amount exceeded RMB 900 million Yuan, 3.4 times of that in the same period last year.
Weshare Finance’s advantageous market position in the segment of financial technology has been widely recognized in the industry. It was elected a council member of National Internet Finance Association of China and had been recently accredited by the industry one of the Top 50 Influential Enterprises on China’s Internet Finance Platform Mobile Terminals.
Mr. Peng Yaojie, Vice Chairman and CEO of Credit China FinTech, remarked: “The founder of Weshare Finance is a successful entrepreneur with over ten years of experience in the Internet industry and profound insights into the financial technology industry. His founding team consists of core technical and management backbones from major banks and Internet giants who have professional backgrounds and rich experience in the financial technology industry. Talent is the biggest value of Weshare Finance. In the context of economic transformation and consumption upgrade, China’s consumer credit service market has astounding development potential. Weshare Finance has continually and rapidly growing customer groups, a mature online consumption financial business mode, massive data resources, and a robust and continuously optimizing intelligent risk control system. It is expected to exert powerful synergy with our existing financial technology platform business, thus helping to improve the Group’s online consumption financial landscape.”
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