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| P2P business and online third party payment service realized robust growth |
HONG KONG, Nov 12, 2014 - (ACN Newswire) - Credit China Holdings Limited ("Credit China" or the "Company") (Stock code: 8207), one of the leading Internet financing service providers in China, has announced the unaudited third quarter results of the Company and its subsidiaries (the "Group") for the nine months ended 30 September 2014 ("First nine months" or "Review Period"). The Group has continued to develop its internet financing business in China through acquiring target companies that can create synergies with its current business.
In the Review Period, the Group recorded a turnover of approximately RMB281,100,000, a strong gain of 28.4% from the same period last year. The increase was mainly attributable to the increasing income from the Group's new internet financing business and interest income increase from the microfinancing business. The new P2P loan consultation service income and its online third party payment service generated RMB15,508,000 and RMB39,250,000 respectively in the Review Period, contributing to approximately 19.5% of the Group's total revenue. During the Review Period, profit attributable to owners of the Company amounted to approximately RMB74,406,000 (2013 3Q: RMB91,429,000), mainly affected by the provision from microfinancing loan receivables of approximately RMB10,100,000.
The internet financing business recorded a particularly strong growth. The number of active users of its online third party payment service skyrocketed from 1,500 people ended 31 March 2014 to 240,000 people ended 31 October 2014, driving transaction volume from RMB360 million in three months ended 31 March 2014 to RMB9.4 billion in ten months ended 31 October 2014 and number of transactions from 65,000 in three months ended 31 March 2014 to 715,000 in ten months ended 31 October 2014.
In addition, the Company's transaction value facilitated by its 1st Properties P2P surged from RMB430 million for the six months ended in 30 June 2014 to RMB1.49 billion for the ten months ended 31 October 2014. The transaction value facilitated by its 1st Car P2P increased from RMB110 million for the six months ended in 30 June 2014 to RMB250 million for the ten months ended 31 October 2014.
Strategic cooperation strengthens the internet financing business
The Group has planned to begin its development in the internet financing business by continuing to seek appropriate cooperation opportunities in order to shift its business focus to the internet financing business and complete its market repositioning. During the Review Period, the Group conducted a number of collaborations and joint ventures. It set up "Yong Dai" in Zhejiang Province in August to build a regional P2P platform to accommodate local economic conditions and "Upleasing (Hong Kong)" that focuses on financial leasing assets, which further expanded the assets category of its P2P business. The Group also set up "Dai Zong Hui" in September to provide comprehensive financial services to enterprises and individuals in Shandong Province and introduced another joint venture company with Five Star Holdings Group Co., Ltd ("Five Star") in October to provide supply chain P2P financing solution.
Mr. Li Mingshan, Chairman of Credit China, said, "We are pleased to capture the enormous opportunities in the internet financing segment and obtained satisfactory progress. In the past few months, the Group has seized the opportunities to acquire certain businesses and establish partnerships, which is expected to create strong synergies after consolidation of the acquisitions."
Future strategy: to broaden the range of core loan products and accelerate regional expansion
Looking ahead, the Group will continue to focus on expanding its P2P lending businesses and improving its business structure to further strengthen the competiveness of the Group.
China's P2P lending market is expected to maintain strong growth driven by increasing demand. As an important part of our strategy, the management ensures timely decision-makings and effective response to the dynamic market. We will continue to enrich our products and offer diversified financing solutions to our clients by formation of alliances with recognized industry leaders of strong industry influence and networks. While our third party payment business will continue its solid organic growth, the synergy of this business with the Group's P2P lending businesses is expected to increase the traffic and transaction volume as well as improve the fund processing efficiency of these businesses.
Mr. Phang Yew Kiat, Vice Chairman and Chief Executive Officer of Credit China, said, "Looking ahead, the Group will continue to consolidate the newly launched businesses. We will also speed up the pace of the vertical and horizontal expansion of our businesses through mergers and acquisitions as well as setting up joint ventures, in order to create synergies with our internet financing business. Meanwhile, the Group will continue to allocate more resources to product innovation and technological development and to attract more high calibre executives in a bid to reinforce our position as a leading internet financing service provider."
Contact:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Sophie Du +852 2114 4901 sophie.du@sprg.com.hk
Stephy Wong +852 2864 4859 stephy.wong@sprg.com.hk
www.sprg.com.hk
Topic: Press release summary
Source: Credit China Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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