Welcome!

News Feed Item

Credit China Announces 2014 Interim Results; Revenue Up 27.5% to RMB171.6 Million



- 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.

Internet Finance to Fuel Future Growth
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

Contact:
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.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.