China Rapid Finance Announces Name Change to SOS Ltd. and Ticker Change to "SOS"

2020-07-20 20:30 22795

QINGDAO, China, July 20, 2020 /PRNewswire/ -- SOS Limited, (NYSE: SOS) (formerly China Rapid Finance Limited, the "Company") announces the approval from shareholders at the 2020 Annual Meeting of Shareholders of the proposal to change the Company's name to SOS Limited. The Company also announces the relocation of its headquarters to Qingdao City, Shandong, China.

As previously disclosed, the Company completed its asset injection with Yong Bao Two Ltd., ("YBT"), the parent company of SOS Information Technology Co. Ltd. Following shareholder approval on July 17, the Company's name has been changed to SOS Limited and the trading symbol for its ADS changed to "SOS" effective Monday, July 20, 2020. The Company's ADS will continue to trade on NYSE under the new CUSIP 83587W106.

The relocation is consistent with the Company's strategic plans to accelerate scale in the hyper-growth category of the emergency rescue services business. SOS provides marketing related data, technology and solutions to emergency healthcare services in China. The Company has accumulated over 55 million members.

Mr. Yandai Wang, CEO of the Company, said, "Our strategy of organic growth, coupled with strategic acquisitions, is well underway. The recently signed cooperation agreement with Qingdao West Coast New District Management Committee ("Qingdao") is one of many progress milestones that we are making. We have also been actively working on strategic acquisitions that are expected to scale and complement our current customer base. We are ramping up our go-to-market capabilities to meet this unprecedented demand from our members." 

The Company plans to discuss more about its strategic developments during its upcoming earnings release and investor call.

About SOS Limited

SOS Limited (NYSE: SOS) is a holding company providing marketing data, technology and solutions to the emergency rescue services in China. The Company provides a wide range of services to its corporate and individual members in China through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS"). SOS also provides various types of membership cards to individual members in large corporations as part of employee benefits. Its products include SOS Medical Rescue Card, SOS Auto Rescue Card, SOS Financial Rescue Card, and SOS Life Rescue Card. SOS utilizes cloud and other cutting-edge technologies to provide marketing solutions in a new fashion, including its app based mobile platform, cloud call centers and large data centers. SOS has contractual service agreements with major banks, insurance companies, internet companies, and telecom providers in China. 

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and XRF's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. XRF's SEC filings are available publicly on the SEC's website at XRF disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

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Source: China Rapid Finance
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