Credit China FinTech Holdings Limited
Credit China Acquires 35% Equity Interest in Genesis Business at a Consideration of RMB560 Million to Create ‘Chinese Version SQUARE’
To: Finance Section Editors/Reporters (27 November 2015, Hong Kong) Credit China Holdings Limited (“Credit China” or the “Company“; together with its subsidiaries, the “Group“, stock code: 8207), the leading internet financial service provider in China, announced that the Group has agreed a Sale and Purchase Agreement with Genesis Business Holdings Limited (“Genesis Business”) to acquire 25% of its Option Shares at a consideration of RMB400 million. Together with the 10% Sale Shares to be acquired at a consideration of RMB160 million which announced on 30 October 2015, the Group has agreed to acquire 35% equity interest of Genesis Business at a total consideration of RMB560 million. With the acquisition, the Group aims at creating “Chinese version Square” with Genesis Business, to provide mobile payment service to micro-merchants by using internet technologies. Square, an American mobile payment company, which listed on New York Stock Exchange on 19 November 2015, was the first ever listed mobile payment company worldwide. The company had its IPO offering price of US$9 per share and surged 45% in the first trading day. As a promising mobile payment company in the technology related stock, stock investors had already considered Square as the benchmark among the industry. Genesis Business provides a series of secured and innovative data services in relation to small and micro business owners and financial services for its customers nationwide through its virtual e-commerce platforms mobile application. Against the backdrop of the continuous development of small and micro-sized economies, it has an integrated self-developed system platform that support a variety of products and multi-modules, through its brand names of “Circle E-commerce”, Kaidianbao, Dianxiaoyi, Quanxingtong and “JEPAL”. It has sold a total of 4.5 million sets of personal self-initiated payment processing terminals, which provide smart payment hardware, information system services, on-site services, other self-initiated valued-added payment services, transactional data services and other financial services. The terminals serve tens of millions of customers, and approximately 1.7 million small and micro business owners who are registered to the mobile application and more than 40,000 small and micro-sized entities. The platform has obtained security certification, and passed the testing requirements of the China Banking Card Testing Center and the certification requirements of China Financial Certification Authority, and has a leading position among its industry peers. The company has a team of highly capable professionals with strong adaptability and innovative abilities. Mr. Phang Yew Kiat, Vice-Chairman and Chief Executive Officer of Credit China, said, “The business direction of Genesis Business, being to serve the small, medium and micro-sized enterprises, conforms to and complements the Group’s development strategy of serving the financing needs of small, medium and micro-sized enterprises via the internet lending platform model. The large number of high-quality small and micro-sized merchants and the massive volume of trading data resources accumulated by its system platform will effectively help the Group to design credit products that meet the needs of small and micro-sized businesses and expand our potential customers. Meanwhile, the payment system software and hardware solutions of Genesis Business as well as its strength in financial innovation and risk management will also allow the Group to better serve the demands of our existing customers, further perfecting our online financial services and diversifying into a new line of business with significant growth potential to broaden revenue sources.” ~ End ~ About Credit China Holdings Limited (Stock code: 8207) Please subscribe to Credit China’s HK wechat account to keep abreast of regular updates on the Group’s business development. Company website: www.creditchina.hk About Genesis Business Holdings Limited This press release is released by PR ASIA Consultants Limited, on behalf of Credit China Holdings Limited. End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=TNTNJFQJXX Document title: Credit China Acquires 35% Equity Interest in Genesis Business at a Consideration of RMB560 Million to Create ‘Chinese Version SQUARE’ Key word(s): Takeover
27/11/2015 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. |