URUMQI, China, Oct. 8, 2018 /PRNewswire/ – China Lending Corporation ("China Lending" or the "Company") (Nasdaq: CLDC), a non-bank direct lending corporation servicing micro, small and medium sized enterprises (MSME), currently underserved by commercial banks in China, today announced that it has entered into a strategic cooperation agreement (the "Agreement") with Zhejiang Lixin Holding Co., Ltd. ("Lixin"), a financial service company providing financial leasing, factoring, funding, financing guarantee and supply chain management solutions and related advisory services for individuals and MSMEs in the Yangtze River Delta Region.
Pursuant to the Agreement entered into on October 8, 2018, Lixin will make full use of its related resources in helping China Lending revitalize its business through possible reorganization and restructuring as well as assisting the Company to explore potential merger and acquisition opportunities. Specifically, the partnership aims to help the Company upgrade its product portfolio to include multiple ways of micro financing currently in market demand, increase its market shares in the segmented niches of supply-chain financing, and expand its business to eastern regions of China. In return, Lixin hopes to access China's western regional markets, where Lixin's expertise in financial solutions should resonate favourably with a large body of potential customers. The partnership, in short, complement resources and advantages to generate sustainable growth for both parties.
Ms. Jingping Li, Chairwoman and Chief Executive Officer of China Lending, commented, "We are excited about the opportunity to have Lixin as our new exclusive strategic partner as we try to right the ship for our micro lending business that has been struggling in recent quarters due to changing market conditions and financial difficulties with some customers. We look forward to developing this partnership in the coming months."
About Zhejiang Lixin Holding Co. Ltd. ("Lixin")
Headquartered in Hangzhou, Zhejiang province, Lixin is a financial service company focusing on providing a wide range of financing solutions and related peripheral services to individuals and MSMEs, including financial leasing, factoring, private funding, financing guarantee and supply chain management, in the Yangtze River Delta Region. Lixin and its subsidiaries are established in January 2013 with registered capital of CNY 303 million (approximately US$44 million).
About China Lending Corporation
Founded in 2009, China Lending is a non-bank direct lending corporation and provides services to micro, small and medium sized enterprises, farmers, and individuals, who are currently underserved by commercial banks in China. Headquartered in Urumqi, the capital of Xinjiang Autonomous Region, with a registered capital of $94.7 million (RMB 600 million) as of June 30, 2018 China Lending is one of the largest direct lending companies in the region in terms of registered capital. For more information, please visit: www.chinalending.com.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that China Lending expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "may," "believe" and "expect." These statements are based on certain assumptions and analyses made by China Lending in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. Actual results may differ materially from those expressed herein due to many factors such as, but not limited to, (1) the ability to obtain or maintain the listing of the Company's securities on the NASDAQ Capital Market; (2) the ability to recognize the anticipated benefits of our business combination; (3) the outcome of any legal proceedings that may be instituted against the Company; (4) changes in applicable laws or regulations; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (6) other risks and uncertainties indicated from time to time in the proxy statement filed by the Company in connection with the business combination, including those under "Risk Factors" therein, and other factors identified in the Company's prior and future filings with the SEC, available at www.sec.gov.
These forward-looking statements are based on information available as of the date of this press release and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date and the Company undertakes no obligation to update any forward-looking statements contained herein to reflect events or circumstances which arise after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
For investors and media inquiries please contact:
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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