|By ACN Newswire||
|August 11, 2014 10:26 PM EDT||
- New P2P Loan Consultancy Services and Online Third Party Payment Service Start Revenue Contribution;
- Acquires a Number of Related Businesses to Strengthen Market Position in the PRC Internet Financing Business
Hong Kong, Aug 12, 2014 - (ACN Newswire) - Credit China Holdings Limited ("Credit China" or the "Company") (Stock code: 8207), one of the leading financing service providers in China, announced the interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2014 ("2014 1H"). The Group has taken further steps in expanding into the internet financing market in the PRC, achieving a more optimised business structure.
During 2014 1H, the Group recorded a revenue of approximately RMB171.6 million, representing an increase of 27.5% as compared to the same period last year. (2013 1H: RMB134.6 million). The revenue growth was mainly attributable to the increase in interest income from the Group's entrusted loan service and micro loan service, as well as the new income streams from providing P2P loan consultancy service and online third party payment service. In view of the rapid growth of micro loans scale, the Group adopted a more prudent accounting policy by providing allowance for loan receivables for its micro loads in an amount of approximately RMB9.5 million. The increased in financing costs from bank loans also made temporary impact on the profit, leading to a decline in the profit attributable to owners of the Company to RMB44.2 million (2013 1H: 61.4 million).
Mr Li Mingshan, Chairman of Credit China, said," We are pleased with the solid progress the Group has made in capturing the enormous opportunities arising from internet finance, especially with the reassuring rapid growth of the online third-party payment service. The commencement of the internet housing loans and internet automobile loans has allowed the Group to form an innovative and unique business model in the P2P internet loan industry, which is poised to bring about great synergies as the platform becomes more scalable."
Striving Towards the Goal of a Leading Internet Finance Service Provider
Continuing its efforts in transforming the business focus to the internet financing business, the Group has seized the opportunities in acquiring relevant businesses and forming strategic alliance during 2014 1H. In March 2014, the Group has forayed into the internet housing loans market under the brand name "First House Loan". Furthermore, the Group entered into an agreement for acquiring an 80% equity interest in a PRC company which is principally engaged in the development and operation of automobile financing products for the provision of internet car loans under the brand name of "First Automobile Loan". According to the unaudited operating statistics of the Group, for the six months ended 30 June 2014, total transaction value of "First House Loan" was RMB431.3 million since the commencement of its operation in April 2014, while for the seven months ended 31 July 2014, the transaction value reached RMB631.0 million. For the six months ended 30 June 2014, total transaction value of "First Automobile Loan" was RMB108.2 million, while for the seven months ended 31 July 2014, the transaction value reached RMB156.4 million. The Group's P2P loan consultancy service in relation to its internet house loan and car loan services have started to contribute to the Group's revenue in the second quarter of 2014.
Strategic Acquisitions Create Synergies
On 11 August 2014, the Group announced the acquisition of Beijing Phoenix through the Structured Contracts at a consideration of RMB50,000,000 to be satisfied in cash. Beijing Phoenix is primarily engaged in online P2P lending, thus the acquisition will further diversify the Group's internet finance sector. As of 31 July 2014, total registered users of Financial Workshop Website, the online P2P platform held by Beijing Phoenix, are 7869, while the total online P2P loans of Financial Workshop Website are approximately RMB265 million. There is synergy between Financial Workshop Website and the Group's other microfinance business.
On the same time, the Group also announced the acquisition of a total of 49% equity interest in Hainan Pioneer Internet Microfinance Limited at a consideration of RMB49 million. Hainan Pioneer Internet Microfinance Limited is the first batch of microfinance companies permitted by the Hainan Province, the PRC to release loans through the internet outside the Hainan Province and to provide financing services to small and medium enterprises within the Hainan Province. The Acquisition will not only expand the Company's existing microfinance service business but also boost the Company's future development in the business of internet finance.
Looking ahead, the Group will accelerate the development of its internet financing business through enhancing experiential customer service and exploring innovation in the business model. This strategic focus will drive the long-term sustainable growth of the Group. At the same time, the Group will continue to sustain its competitive strengths in providing traditional financing services to small and medium-sized enterprises as well as individuals in the PRC and Hong Kong.
Mr. Phang Yew Kiat, Vice Chairman and Chief Executive Officer of Credit China, said, "We will continue to expand the business and strengthen implementation capacity through mergers, acquisitions, partnerships and alliances with an aim to enhance Group's competiveness and its growth potential. We are confident that the Group's proven capabilities in providing both traditional and internet financing services will enable us to consolidate our industry position and capitalise on the tremendous opportunities that arise from the technological advancement and commercial model innovation in China."
About Credit China Holdings Limited
Credit China Holdings Limited was listed on GEM of the Stock Exchange in Hong Kong in November 2010. It is an integrated financing service provider which mainly provides short-term loan services. Credit China provides fast and convenient short-term loans and financing solutions on a multi-business platform to SMEs and individuals. The major financing service areas are: 1) Real Estate Pawn Loans; 2) Microfinance; 3)Finance Lease; 4) P2P Housing Loans; 5) P2P Automobile Loans, and 6) OnlineThird-party Payment Business. Kindly refer to the company website for details: http://www.creditchina.hk
For more details, please refer to the company website: www.creditchina.hk
Source: Credit China Holdings Limited
Strategic Financial Relations Limited Vicky Lee +852 2864 4834 [email protected] Agnes Luo +852 2864 4851 [email protected] Isabel Kwok +852 2864 4824 [email protected] www.sprg.com.hk
Copyright 2014 ACN Newswire. All rights reserved.
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 23, 2016 10:00 PM EDT Reads: 1,748
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 23, 2016 07:00 PM EDT Reads: 1,762
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 23, 2016 07:00 PM EDT Reads: 1,706
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 23, 2016 06:15 PM EDT Reads: 338
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 23, 2016 05:00 PM EDT Reads: 4,593
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 23, 2016 04:45 PM EDT Reads: 806
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 23, 2016 04:30 PM EDT Reads: 735
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 23, 2016 04:00 PM EDT Reads: 1,794
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
May. 23, 2016 03:45 PM EDT Reads: 1,754
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 23, 2016 03:00 PM EDT Reads: 1,645
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 23, 2016 03:00 PM EDT Reads: 566
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 23, 2016 02:30 PM EDT Reads: 1,676
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 23, 2016 02:00 PM EDT Reads: 2,320
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 23, 2016 01:45 PM EDT Reads: 2,036
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
May. 23, 2016 01:00 PM EDT Reads: 3,223