Click here to close now.

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
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...