Allows customers to receive funds conveniently and directly at anytime

PHNOM PENH, Cambodia, Nov. 15, 2019 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), one of the world's largest money transfer companies, announced today that it is partnering with Wing (Cambodia) Limited Specialised Bank, Cambodia's leading mobile banking service provider, to offer a new service that will allow customers to receive funds directly into their mobile wallets.

"With 80 percent of our online transactions being made on a mobile device, we are looking to provide even more options for our customers using our digital platforms," said Alex Holmes, MoneyGram president and CEO. "Wing is at the forefront of mobile money and electronic payments, and this mobile wallet tool will serve as a valuable asset for the under-banked in Cambodia, allowing consumers to conveniently and reliably send money across digital boundaries from anywhere."

Under this partnership, MoneyGram customers can remit and receive money conveniently via Wing Money mobile app. Customers also have the option to cash out using any of 7,000 WING cash Xpress outlets in Cambodia.

"It's our commitment to provide every Cambodian with convenient access to mobile financial services relevant to, and for the improvement of, their daily lives," said Manu Rajan, Chief Executive Officer of Wing. "Our partnership with MoneyGram has allowed us to increase our global presence and keep friends and family from around the world connected. MoneyGram is an innovative company and their omnichannel strategy helps give these customers more choice. This new service is just one more example of how we never stop working to provide the people of Cambodia with the best products and services possible."

According to the National Bank of Cambodia, funds sent back into the country from Cambodian migrant workers totalled $1.4 billion in 2018. That number is expected to rise as money sent home from Cambodians working abroad provides an important source of income for families looking to pay their daily expenses, make investments and repay loans.  

About MoneyGram International, Inc.

MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to affordably, reliably and conveniently send money for life's daily needs in over 200 countries and territories.

The innovative MoneyGram platform leverages its leading digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its unparalleled compliance program that leads the industry in protecting consumers.

For more information, please visit moneygram.com.

About Wing (Cambodia) Limited Specialised Bank

Wing (Cambodia) Limited Specialised Bank is Cambodia's leading mobile banking service provider. Launched in 2009, Wing is committed to providing financial inclusion to the unbanked and under-banked allowing every Cambodian access to services including local money transfers, bill payments and phone top-ups, online shopping and QR payment, as well as instant international money transfer from more than 200 countries.

Wing remains at the forefront of the mobile money and electronic payment services market in Cambodia with 100% district coverage via a nationwide network of over 7,000 Wing Cash Xpress outlets. It has partnerships with more than 25,000 merchants and global industry leaders including Mastercard and WorldRemit. In addition, small and medium enterprises, as well as larger companies, are able to use Wing's payroll and disbursement services, helping to further develop its payment ecosystem.

For more information, please visit wingmoney.com.

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BEIJING, URUMQI and HANGZHOU, China, Nov. 15, 2019 /PRNewswire/ -- China Lending Corporation ("China Lending" or the "Company") (OTC Pink Sheets: CLDOF), a non-bank financial corporation servicing micro-, small- and medium-sized enterprises in China, today reported its unaudited financial results for the six months ended June 30, 2019.

Highlights

• On November 19, 2018, Feng Hui Ding Xin (Beijing) Financial Consulting Co., Limited ("Ding Xin") and a third-party company established Zhiyuan Factoring (Guangzhou) Co., Ltd. ("Zhiyuan"). On November 29, 2018, Ningbo Ding Tai Financial Leasing Co., Ltd. ("Ding Tai") and Ding Xin acquired 98.04% and 1.96%, respectively of equity interest in Hangzhou Zeshi Investment Partners ("Zeshi"). As part of its restructuring plan, the Company intends to launch new supply chain financing services through Zhiyuan and Zheshi in the near future. Such future services include a business factoring program, financing product design, related corporate financing solutions, investments and asset management, etc. As of June 30, 2019, Zhiyuan had loans receivable of approximately US$48.79 million due from three customers.
• For the six months ended June 30, 2019, the Company issued one loan of $43.69 million to one customer of Zhiyuan, compared to the issuance of 3 loans by the Company with an aggregate amount of $1.21 million for the six months ended June 30, 2018.
• Interest and fee income increased by $2.58 million, or 5,044%, to $2.63 million for the six months ended June 30, 2019, from $0.05 million for the same period of 2018. The increase was mainly caused by $2.22 million of interest income generated from loans disbursed to Zhiyuan's customers.
• The Company reversed the impairment loss of $3,346,760 for the investment in the cost method investee, according to an adjudication issued by the People's Intermediate Court of Xinjiang Urumqi. Pursuant to the adjudication, the Company's investment in the cost method investee, valued at $3,346,760, should be transferred as a repayment of the borrowings from the debtor.
• In addition, as the cost method investee was no longer the Company's affiliate, the Company has reclassified the related borrowings from a cost method investee to borrowings from a third party and reclassified the related interest expenses on loans from a cost investment investee to interest expenses on loans from third parties.
• Provision for loan losses decreased by $22.44 million, or 47%, to $25.20 million for the six months ended June 30, 2019, from $47.64 million for the same period of 2018. The decrease in provision for loan losses was because a majority of loan receivables were provided full allowance during the six months ended June 30, 2018.
• Net loss attributable to ordinary shareholders was $27.13 million, or net loss of $1.07 per share, for the six months ended June 30, 2019, as compared to net loss attributable to ordinary shareholders of $52.15 million, or net loss of $2.83 per share, for the six months ended June 30, 2018.

Ms. Jingping Li, co-founder and chief executive officer of China Lending, commented, "As we shift our resources towards growing more promising businesses including supply chain financing and insurance facilitation, we have also increased our intensity in collecting past-due loans. The Company will seek collection of outstanding loan receivables—even if they are significantly delinquent—and will work for shareholders to seek all repayments due. In addition, since we stopped distributing loans to customers at the end of 2018, our need for loan loss provision has decreased drastically as well. Armed with a stronger balance sheet, we are forging ahead with our business restructuring. Step by step, we are transforming our business into a diversified and nimble non-bank financial services company." 

Financial Results for the Six Months Ended June 30, 2019

Interest and Fee Income

Total interest and fee income, including interest and fees on direct lending loans, financial advisory fees, and interest on deposits with banks, increased by $2.58 million, or 5,018%, to $2.63 million for the six months ended June 30, 2019, from $0.05 million for the six months ended June 30, 2018. The increase was attributable to interest income of $2.22 million generated from loans disbursed by Zhiyuan and financial advisory fees of $0.41 million generated by Zeshi.

Interest Expenses

The Company borrowed from banks, other financial institutions, and third parties to fund its direct lending business. The total interest expenses increased by $1.86 million, or 53%, to $5.38 million for the six months ended June 30, 2019 from $3.52 million for the six months ended June 30, 2018. The increase in interest expenses was mainly due to accrual of compound interest and penalties from overdue borrowings. As of June 30, 2019, the Company has overdue borrowings of $37.20 million.

Provision for Loan Losses

Provision for loan losses decreased by $22.44 million, or 47%, from $47.64 million for the six months ended June 30, 2018 to $25.20 million for the six months ended June 30, 2019. The decrease was caused by more "doubtful" loans rolled to "loss" loans during the six months ended June 30, 2018 than that for the same period ended June 30, 2019.

Loan aging as of June 30, 2019 and December 31, 2018 was as follows:

The following table represents the aging of loans as of June 30, 2019, by type of loan:

The following table represents the aging of loans as of December 31, 2018, by type of loan:

Non-Interest Income (Expense), net

The Company has a non-interest income of $1.32 million for the six months ended June 30, 2019, as compared to a non-interest expense of $1.05 million for the six months ended June 30, 2018. The change of $2.37 million was caused by a reversal of investment impairment of $3.35 million for the Company's investment in a cost method investee as a result of the adjudication by the court to transfer the investment to a debtor as a repayment of the borrowings from the debtor, netting off against a provision of impairment of $869,488 for long-aged other assets.

Loss Before Tax and Net Loss

As a result of the above, loss before tax was $26.62 million and $52.15 million for the six months ended June 30, 2019 and 2018, respectively. Net loss was $26.78 million and $52.15 million for the six months ended June 30, 2019 and 2018, respectively.

After deducting dividend payable for Series A convertible redeemable preferred stocks and non-controlling interests, net loss attributable to ordinary shareholders was $27.13 million and $52.15 million for the six months ended June 30, 2019 and 2018, respectively.

Loan Portfolio

As of June 30, 2019, the Company's loan portfolio encompasses a number of industries, including supply chain financing, commerce and service, construction and decoration, manufacturing, agriculture, real estate, energy and mining, communications, consumer credit, and others. The Company issued one loan with a total amount of $43.69 million during the six months ended June 30, 2019.

Financial Condition

As of June 30, 2019, the Company had cash and cash equivalents of $0.41 million, as compared to $1.31 million as of December 31, 2018. Net loans receivable due from third parties were $51.78 million as of June 30, 2019, as compared to $92.09 million as of December 31, 2018. Borrowings consisting of short-term bank loans, loans from a cost method investee, loans from third parties, and secured loans aggregated to $85.98 million as of June 30, 2019, as compared to $105.05 million as of December 31, 2018.

The Company's loans consisted of short-term bank loans, secured loans, and loans from a third party, all of which were overdue as of June 30, 2019. In March 2018, the Company received two subpoenas from the People's Supreme Court of Xinjiang. Zhengxin Financing Guarantee Co., Ltd. and Urumqi Changhe Financing Guarantee Co., Ltd. sued the Company and its guarantors for a default on the loan plus penalties. The Company has reached settlement agreements with Zhengxin Financing Guarantee Co., Ltd and Urumqi Changhe Financing Guarantee Co., Ltd. to transfer loan receivables to both debtors as repayments of the principals and penalties totaling RMB 61.71 million ($8.99 million) no later than October 30, 2020. As a result, Zhengxin Financing Guarantee Co., Ltd. and Urumqi Changhe Financing Guarantee Co., Ltd. withdrew the lawsuit cases from the court.

On January 16, 2018, the Company received a subpoena from People's Supreme Court of Xinjiang. China Great Wall Assets Management Co, Ltd. sued the Company and its guarantors for a default on the loan plus penalties, aggregating US$16.4 million (RMB 112.6 million). The case is in progress. The Company is actively negotiating with China Great Wall Assets Management Co, Ltd. about the debt restructuring, but has not reached an agreement.

Recent Updates

On July 15, 2019, the Company entered into a five-year strategic partnership agreement with Rui Xin Insurance Technology (Ningbo) Co., Ltd ("Rui Xin"), a financial technology company providing comprehensive insurance solutions. Through the partnership, both parties expect to jointly grow their businesses and help each other to expand their customer base by leveraging each other's unique and complementary strengths as well as resources in financial technology, the consumer finance market, and the insurance industry. Pursuant to the strategic partnership agreement, the Company would benefit from 80% of the net income generated in consumer finance market and 90% of the net income generated in the insurance industry.

The Company will work with Rui Xin to develop its own consumer financial platform. In collaboration with Rui Xin and its partners, the Company expects to provide value-added consumer financial services to insurance consumers of Rui Xin and its partners. Benefiting from the anticipated size of the business and the good credit record of insurance consumers, the Company will improve its asset quality and maintain sustainable business growth through the partnership. In addition, the Company and Rui Xin will also explore collaboration opportunities in areas such as insurance consumer acquisition, development of insurance products, expansion of insurance business, and customization of consumer financial solutions. Moreover, the Company will benefit from Rui Xin and its partners' advanced technological capabilities in big data and artificial intelligence to improve its risk management and enhance its customer experience.

On July 29, 2019, the Company entered into a five-year strategic partnership with Zhong Lian Jin An Insurance Brokers Co., Ltd. ("ZLJA"), a leading insurance brokerage company in China with over 90 branches across the nation. The partnership will enable both companies to further expand each other's customer base and to develop superior, customized consumer financing and insurance products by leveraging their industry expertise, service capabilities, and industry networks. China Lending will utilize its market resources to help ZLJA to effectively expand and manage its insurance customer base and sales channels. In return, ZLJA will leverage its existing customer base to identify potential sales leads for the Company's consumer financing services. Pursuant to the strategic partnership agreement, the Company would benefit from 60% of the net income generated from the insurance customer base and sales channels facilitated by the Company.

On August 12, 2019, the Company's subsidiary, China Fenghui Industrial Financial Holding Group Co., Ltd. has entered into a framework agreement (the "Agreement") with Zhejiang Zhongfeng Investment Management Co., Ltd. ("Zhongfeng"), pursuant to which Zhongfeng will either acquire 100% of equity interest in Urumqi Fenghui Direct Lending Co., Ltd. ("Feng Hui"), a variable interest entity of the Company primarily engaged in the microloan business, or obtain control over and become the primary beneficiary of Feng Hui through contractual arrangements for a cash consideration of no less than RMB15 million. Feng Hui primarily provides loan facilitation services to micro, small and medium sized enterprises in the Xinjiang Uygur Autonomous Region.

On July 11, 2019, the Company received a delisting determination letter from Nasdaq Listing Qualifications ("Nasdaq"), indicating that the Company's securities would be subject to delisting from the Nasdaq Capital Market based on its non-compliance with the continued listing requirements, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company has requested a hearing before the Panel on August 22, 2019, to appeal the delisting determination. The hearing request has stayed the delisting action of the Company's securities by Nasdaq pending the Panel's final decision. There can be no assurance that the Panel will grant the Company's request for continued listing.

On August 20, 2019, the Company received a notification letter from Nasdaq Listing Qualifications advising the Company that based upon the closing bid price for the Company's common shares for the past 30 consecutive business days, the Company no longer met the minimum $1.00 per share Nasdaq continued listing requirement set forth in Nasdaq Listing Rule 5555(a)(2). The notification also stated that the Company would be provided 180 calendar days, or until February 11, 2020, to regain compliance with the foregoing listing requirement. To do so, the bid price of the Company's common stock must close at or above $1.00 per share for a minimum of 10 consecutive business days prior to that date.

On September 6, 2019, the Company was notified by Nasdaq that the Panel denied the Company's recent appeal and determined to delist the Company's common shares from Nasdaq. The decision to delist the Company's common shares was reached as a result of the Company's inability to regain compliance with the continued listing requirement of a minimum of $2.5 million in stockholders' equity, as set forth in Nasdaq Listing Rule 5550(b)(1). Accordingly, the trading of the Company's common shares on Nasdaq ceased at the opening of business on September 6, 2019. Subsequently, Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to effect the removal of the Company's securities from listing and registration on the Nasdaq Capital Market.

Subsequently, the Company's securities has been quoted on the OTCBB, a centralized electronic quotation service for over-the-counter ‎securities, following the Nasdaq delisting; the trading symbol for the Company's securities has changed to "CLDOF". Such quotation will continue so long as market makers demonstrate an interest in trading in the Company's common ‎shares; however, the Company can give no assurance that trading in its common shares will continue on ‎the Pink Sheets or any other securities exchange or quotation medium.‎ Further, trading of the Company's common shares on the Pink Sheets may be restricted depending on the jurisdiction in which potential purchasers or sellers of shares reside.

The Company will remain a reporting company under the Securities Exchange Act of 1934 and continue to be subject to the public reporting requirements of the Securities and Exchange Commission.

About China Lending Corporation

Founded in 2009, China Lending is a non-bank financial corporation and provides comprehensive financial services to micro-, small- and medium-sized enterprises, and individuals. China Lending has headquarters in Urumqi, the capital of Xinjiang Autonomous Region, and Hangzhou, the capital of Zhejiang province. For more information, please visit: www.chinalending.com.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that China Lending expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "may," "believe" and "expect." These statements are based on certain assumptions and analyses made by China Lending in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. Actual results may differ materially from those expressed herein due to many factors such as, but not limited to, (1) the ability to remain quoted on the Pink Open Market of the OTC Markets Group; (2) the risk that our recent business combination disrupts the Company's current plans and operations; (3) the ability to recognize the anticipated benefits of our recent business combination, which may be affected by, among other things, closing proceeds, competition and the ability of the business to grow and manage growth profitably; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (7) the Company's ability to continue as a going concern; and (8) other risks and uncertainties indicated from time to time in the proxy statement filed by the Company in connection with the business combination, including those under "Risk Factors" therein, and other factors identified in the Company's prior and future filings with the SEC, available at www.sec.gov.

These forward-looking statements are based on information available as of the date of this press release and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date and the Company undertakes no obligation to update any forward-looking statements contained herein to reflect events or circumstances which arise after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

For investors and media inquiries please contact:

At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617

Investor Relations:
Jack Wang
ICR Inc.
Email: ICR-TMT@icrinc.com
Phone: +1 646-224-6936

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New as-a-service business models are gaining traction because they reduce capital expenditure and cost of ownership, finds Frost & Sullivan

SANTA CLARA, California, Nov. 14, 2019 /PRNewswire/ -- An increasing need for niche security solutions, rapid advancements in technology, and budget pressures are driving the security industry to explore innovative "as-a-service" business models. In the end-user space, new business models such as Screening-as-a-Service, Biometrics-as-a-service, ISR-as-a-Service, and Infrastructure-as-a-Service are gaining traction.

"The 'servistization' of the security market is paving the way for the network effect and hybrid business models, not necessarily based on cloud applications, but offering a mix of hardware scalability, limited cost of ownership and controls to clients, such as pay-as-you-grow," said Aravind Srimoolanathan, Research Analyst, Security, Frost & Sullivan. "Incumbents providing solutions through conventional means will face competitive pressures from innovative substitutes, which will lead to merger and acquisition ventures and market consolidation."

For further information on this analysis, please visit http://frost.ly/3vv

While end-user security strategies are evolving, suppliers are increasingly focused on providing solutions that unify and secure processes throughout various applications. However, given the complexity of the ecosystem and the number of processes involved, Srimoolanathan predicts customers are likely to continue using multiple vendors for different solutions.

To capitalize on further developments, players should focus on:

• High-interest end-user business models such as Security-as-a-Service, which solves long-pending issues like affordability, ease of operations, and significant aftersales maintenance costs.
• Developing niche AI cloud security solutions through hyper-configurable business models.
• Security data analytics, which is important among end users (private and government) to understand the return on investment of security investments.
• Lucrative cybersecurity service sectors like banking, oil and gas, and ports.
• Niche technologies that are key growth areas, including Identity Management-as-a-Service, Video Analytics-as-a-Service, Electronic Surveillance-as-a-Service, and Cyber-as-a-Service.

"Although as-a-service solutions offer a more customer-centric approach to security, challenges still exist relating to measurement criteria and pricing," noted Srimoolanathan. 

Frost & Sullivan's research, Evolving Business Models in the Global Security Industry, discusses the industry initiatives currently being pursued for security process efficiency, cost optimization through new business models, the impact of digitalization, and the overall impact on the value chain.

Evolving Business Models in the Global Security Industry is part of Frost & Sullivan's global security research and analysis, available through the Growth Partnership Service program.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Evolving Business Models in the Global Security Industry
MED4-16

Contact:
Jacqui Holmes
E: jacqui.holmes@frost.com

Twitter: @FrostADS
LinkedIn: Aerospace, Defense and Security
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SINGAPORE, Nov. 14, 2019 /PRNewswire/ -- Frost & Sullivan recognized Asia's leading companies at the 2019 Frost & Sullivan Asia-Pacific Best Practices Awards held at the St. Regis Singapore on 14 November 2019.

Mr. Shivaji Das, Partner & Asia-Pacific Managing Director at Frost & Sullivan said that the award recipients have consistently demonstrated outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development amidst the changing business landscape.

Union Bank of Philippines, Local Power, Smart Selangor, Turnkey Lender, Medeze, Singtel, NTT LTD were amongst the companies honored.

The recipients of the annual Frost & Sullivan Asia-Pacific Best Practices Awards were identified based on in-depth research conducted by Frost & Sullivan's analysts. The award categories offered each year are carefully reviewed and evaluated to reflect the current market landscape and include new emerging trends.

The nominated companies were then evaluated on a variety of actual market performance indicators which include revenue growth; market share and growth in market share; leadership in product innovation; marketing strategy and business development strategy.

Frost & Sullivan congratulates all the recipients of the 2019 Asia-Pacific Best Practices Awards.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact Us: Start the discussion

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Melissa Tan
Corporate Communications – Asia-Pacific
Phone: +65.6890.0926
Email: melissa.tan@frost.com

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SINGAPORE, Nov. 14, 2019 /PRNewswire/ -- JLL was named Asia Pacific Facilities Management Company of the Year for the fourth time in a row at the annual Frost & Sullivan Asia-Pacific Best Practices Awards banquet held at St. Regis Singapore.

Janice Wung, Program Manager, Industrial Practice, Frost & Sullivan noted that JLL had consolidated its position as the leading integrated facilities management services provider in Asia Pacific through strong financial performance as well as new account wins and renewals in 2018 despite the challenging market landscape characterized by high client expectations and evolving facility needs.

The company also owes its resilient brand value to its consistent delivery of high-quality products and services with customer satisfaction and experience as a key priority.

"The introduction of various customer value enhancement strategies and acceleration of its digital transformation journey are firmly placing this service provider at the forefront of innovation and customer experience. By leveraging the strengths of its global portfolio and leadership position, JLL will continue to be the preferred provider of clients across diverse industries," she added.

"We are proud to be named the 2019 Asia Pacific Facilities Management Company of the Year by Frost & Sullivan yet again. This award recognizes our team of over 14,000 staff across 177 cities, in 16 countries and underscores our commitment to delivering bespoke and exceptional services to all our clients across Asia Pacific and the investment we have made in driving the Future of Work," says Mr Susheel Koul, Executive Managing Director, JLL Integrated Facilities Management. We are driving customer value - with our people, technology, workspace ideas – to help our clients reimagine their workplaces for greater productivity and business performance.

By the end of 2018, JLL's IFM team was managing facilities for more than 350 corporate clients in excess of 500 million sqft of space. These spaces included traditional offices as well as data centers, schools, manufacturing facilities and retail networks amongst many asset types.

The recipients of the annual Frost & Sullivan Asia Pacific Best Practice Awards were identified based on in-depth research conducted by Frost & Sullivan's analysts. The award categories offered each year are carefully reviewed and evaluated to reflect the current market landscape and include new emerging trends. The short-listed companies were evaluated on a variety of actual market performance indicators which include revenue growth; market share and growth in market share; leadership in product innovation; marketing strategy and business development strategy.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. 

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? 

Contact:

Melissa Tan
Frost & Sullivan
Corporate Communications, Asia Pacific
P: +65 6890 0926
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--Files 2018 Annual Report on Form 20-F--

--Plans ADS Ratio Change to 10 Shares per ADS--

SHANGHAI, Nov. 14, 2019 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced two developments that mark significant progress in regaining compliance with the New York Stock Exchange's Continued Listing requirements.

The Company completed its 2018 financial statement audit and filed its 2018 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (the "SEC").

In addition, the Company instructed its Depositary Bank to implement a ratio change for its American Depositary Shares ("ADSs"). The new ratio will be 10 Class A ordinary shares per one ADS. The Company expects the effective date for the ratio change will be on or around December 2, 2019; however, the exact date could change depending on the timing of SEC approval.

Finally, the Company announced that Dr. Po Wang will now focus on new business development in order to accelerate the Company's growth and planned return to profitability. As a result, Dr. Wang's title was changed from Co-CEO to Executive Vice-President, New Ventures. Dr. Wang will remain on the Board as an executive director. A key element of the Company's recovery plan is to partner with multiple financial services enterprises that can leverage the Company's "decision-making" technology to better serve their large customer bases.

Supporting this announcement is a "Frequently Asked Questions" document that is available in the Investor FAQs section of the China Rapid Finance website.

About China Rapid Finance

China Rapid Finance (NYSE: XRF) is a leading fintech company that offers award-winning decisioning technology and marketing services that addresses China's growing consumer credit market. The Company utilizes its proprietary technology and 18 years of experience to provide its services. The Company is establishing partnerships and is currently developing strategic alternatives and new businesses in financial technology, marketing services and portfolio management. For more information, please visit http://ir.crfchina.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to regain compliance with NYSE continued listing standards, unexpected difficulties in the Company's pursuit of its goals and strategies; the unexpected developments, including slow growth, in the consumer lending market; reduced demand for, and market acceptance of, the Company's products and services; difficulties keeping and strengthening relationships with borrowers or investors; difficulties of expanding data and channel partnerships, potentially costly servicing activities; competition in the consumer lending market; PRC governmental regulations and policies; and general economic and business conditions in the regions where the Company provides products and services. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this announcement and in the attachments is as of the date of this announcement, and the Company undertakes no duty to update such information except as required under applicable law.

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- Revenue of $373.2 million -

- Net Income of $17.0 million -

- Updating Fiscal 2019 Guidance of $1.1-$1.3 Billion in Revenue, $70-$90 Million in Net Income -

HARBIN, China, Nov. 14, 2019 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Financial Summary   

• Revenue was $373.2 million, an increase of 25.6% YoY and a decrease of 19.4% sequentially
• Gross profit was $60.1 million, an increase of 27.3% YoY and a decrease of 8.0% sequentially
• Gross margin of 16.1%, an increase of 20 basis points YoY and an increase of 200 basis points sequentially
• Net income was $17.0 million, an increase of 88.9% YoY  and a decrease of  57.6% sequentially
• EBITDA was $54.6 million, an increase of 82.0% YoY and a decrease of 22.1% sequentially
• Total volume shipped was 92,001 metric tons, a decrease of 15.5% YoY and a decrease of 13.7% sequentially

Our third quarter 2019 results were consistent with the continuous downturn in the auto industry of China since the summer of 2018," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer." China's automobile industry has been negatively affected by lackluster consumer demand in the domestic market, pressure from the newly issued and more stringent emission standards and a slash in subsidies to alternative energy vehicles. Yet to come is the trend reversal of automobile demand in China.  Amid the negative growth environment, the small and medium-sized competitors of our industry in China have experienced difficulty to fulfill customers' orders due to reasons such as changing financial conditions and tougher environmental policies. As a result, customers have started redirecting their orders to larger suppliers such as China XD. During the third quarter of 2019, the Company was able to successfully leverage the increasing customer demand and up-sell its high-end products produced with higher-priced raw materials in China, as well as achieving the rapid increase of customer orders in non-automobile fields, evidenced by our  stable sales growth in several domestic regions."  

"Meanwhile, China XD continued to optimize its management structure and enhancing efficiency, resulting in decreased expenses and enhanced net income. We are pleased with our good results.

"Last month the Company has achieved  a consortium led by ICBC, the world largest commercial bank by assets,  which speaks volume of the confidence that world leading financial institutions in our business and brand, This will help us to succeed Company's expansion strategy in multiple regions and sectors. We will be more fiscally vigilant and responsible and stabilize our capital structure by replacing more short term debts with longer term instruments, among other means, in order to maintain a stable and sound balance sheet and weather potential and unexpected turbulence in the future."

"We are committed to completing our industrial project in Heilongjiang base for upgrading existing facilities of 100,000 metric tons capacity of engineering plastics in the fourth quarter of 2019, with relevant equipment on board. Together with the production capacity ramp up in Dubai, we will continure to remain our ability to make further inroads into more specialized high-end products for various important new markets,  and to be confident with our core market positioning and expanded platform for growth," Mr. Han concluded.

Third Quarter 2019 Results

Revenues were US$373.2 million in the third quarter ended September 30, 2019, representing an increase of US$76.0 million, or 25.6%, compared to US$297.2 million in the same period of last year, as a combined result of i) an increase of 52.3% in the average RMB selling price of our products; and partially offset by ii) a decrease of 15.5% in sales volume; and iii) a depreciation of RMB against US dollars by 3.8%, as compared with those of last year.

(i) Domestic market

For the three-month period ended September 30, 2019, revenues from domestic market increased by US$55.1 million or 18.5% compared with that in the same period of last year, as a combined result of: i) an increase of 47.3% in the average RMB selling price of our products; partially offset by ii) a decrease of 17.4% in sales volume; and iii) a depreciation of RMB against US dollars by 3.8%, as compared with those of last year.

According to the China Association of Automobile Manufacturers, automobile production and sales in China decreased by 11.4% and 10.3%, respectively, for the first nine months of 2019 as compared to the same period of 2018. The weakening in macroeconomic conditions since summer of 2018 continued to exacerbate automobile business environment, but thanks to our positive efforts to expand our marketing areas and customer bases and to meet their new requirements, the Company has achieved sales growth of 51.6% in Central China, 45.9% in North China, 30.1% in Southwest China, 28.3% in Northeast China, and 0.9% in East China, partially offset by the sales decrease of 12.9% in Southern China.

As for the RMB selling price, the increase of 47.3% was mainly due to: i) increased sales of new categories of higher-end products of PA66 and PA6 produced with high-priced raw materials with higher selling price in domestic market; and ii) sales of high-priced work in progress in domestic market during the three-month period ended September 30, 2019.

(ii) Overseas market

For the three-month period ended September 30, 2019, revenues from overseas market were US$20.9 million as compared to US$2,104 of the same period of 2018.

After a successful trial production at our production base in Dubai in November 2018, the Company has established business relationships with new customers in UAE and India, and shipped products to the end users in Europe and Southeast Asia. We are optimistic about the prospect of our business expansion overseas.

Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 85.5% of revenues from sales of finished goods in the third quarter of 2019, compared to 77.3% for the same period of 2018. The Company continued to shift production mix from traditional lower-end products such as PP to higher-end products such as PA66 and PPO, primarily due to (i) greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand as a result of promotion by the Chinese government for clean energy vehicles and (iii) better quality demand from and consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, Sino-U.S. and Sino-Japanese joint ventures, which manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China.

The Company also sold high-priced work in progress with discounted price in domestic markets during the three-month period ended September 30, 2019 in order to accelerate inventory turnover and replenish operating funds.

Gross profit was US$60.1 million in the third quarter ended September 30, 2019, compared to US$47.2million in the same period of 2018. Our gross margin increased to 16.1% during the third quarter ended September 30, 2019 from 15.9% during the same quarter of 2018 primarily due to more sales of higher-end products during the quarter ended September 30, 2019 as compared to that of the prior year.

General and administrative (G&A) expenses were US6.0 million for the quarter ended September 30, 2019 compared to US$8.1 million in the same period in 2018, representing a decrease of 25.9%, or US$2.1 million. The decrease was primarily due to our approach to optimize management structure and enhancing efficiency, leading to the decrease of (i) US$0.6 million in share based compensation incurred for external consultancy, (ii) US$0.6 million in salary and welfare, and (iii) US$0.9 million in travelling, transportation and miscellaneous expenses.

Research and development (R&D) expenses were US$19.9 million during the quarter ended September 30, 2019 compared with US$23.3 million during the same period in 2018, representing a decrease of US$3.4 million, or 14.6%. This decrease was primarily due to (i) a decrease of US$2.5 million in raw materials consumption and (ii) a decrease of US$0.9 million in salary and welfare of R&D personnel. As of September 30, 2019, the number of ongoing research and development projects was 361.

Operating income was US$33.8 million in the third quarter ended September 30, 2019 compared to US$13.0 million in the same period of 2018, representing an increase of 160.0% or US$20.8 million. This increase was primarily due to the higher gross profit, lower selling expenses, G&A expenses and R&D expenses.

Net interest expenses were US$16.7 million for the three-month period ended September 30, 2019, compared to US$13.1 million in the same period of 2018, representing an increase of 27.5% or US$3.6 million, primarily due to (i) the increase of average loan interest rate from 4.01% of the same period in 2018 to 4.70% for the three-month period ended September 30, 2019 and partially offset by (ii) the decrease of average short-term and long-term loan balance in the amount of US$915.6 million for the three-month period ended September 30, 2019 compared to US$936.2 million of the same period in 2018.

Income tax expenses were US$5.6 million for the three-month period ended September 30, 2019, representing an effective income tax rate of 24.8%, compared to income tax benefit of US$3.5 million in the same period of 2018, representing an effective income tax rate of -65.1%, respectively. The increase of effective income tax rate was primarily due to: i) the decrease of Sichuan Xinda's profit before tax ("PBT") percentage within the consolidating entities; and ii) the decrease of additional deduction of R&D expenses. The effective income tax rate for the three-month period ended September 30, 2019 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Xinda's preferential income tax rate, and 75% additional deduction of R&D expenses of the major PRC operating entities, partially offset by the increase of valuation allowance against deferred income tax assets of certain subsidiaries, which were at cumulative loss position.

Net income was a net income of US$17.0 million in the third quarter of 2019 compared to a net income of US$9.0 million in the same quarter of 2018, representing an increase of US$8.0 million, or 88.9%. Basic and diluted earnings per share for the three-month period ended September 30, 2019 were both US$0.25, compared to US$0.13 basic and diluted earnings per share for the same period of 2018. The average number of shares used in the computation of basic and diluted earnings per share in the current quarter was 51.8 million, compared to 50.9 million and 51.0 million for basic and diluted earnings per share, respectively,  in the prior year period.

Earnings before interest, tax, depreciation and amortization (EBITDA) was US$54.6 million for the third quarter of 2019, compared to US$30.0 million for the same period of 2018, representing  an increase  of US$24.6 million, or 82.0%.  For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.

Financial Condition

As of September 30, 2019, the Company had $235.1 million in the total amount of cash, cash equivalents and restricted cash, a decrease of $131.9 million or 35.9% as compared to $367.0 million as of December 31, 2018, primarily due to cash outflows used in operating activities.  As of the September 30, 2019, working capital was $89.8 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 1.1 as compared to the current ratio of 0.9 as of December 31, 2018. Stockholders' equity as of September 30, 2019 was $889.8 million, an increase of $140.9 million or 18.8% as compared to $748.9 million as of December 31, 2018.

Inventories increased by 12.7% as a result of more purchases of the raw materials and the Company's strategy to stock up the finished goods for the upcoming orders. Prepaid expenses and other current assets increased by 77.5% or US$102.4 million because (i) advances to suppliers for purchasing raw materials increased by US$69.2 million; (ii) other receivables increased by US$42.8 million; (iii) other prepaid expenses decreased by US$9.6 million, which mainly included prepaid miscellaneous service fee and staff advance, and value added taxes receivables. The aggregate short-term and long-term bank loans increased by 6.5% due to using the line of credits to support operating and investing activities in HLJ Xinda Group and Sichuan Xinda. We define the manageable debt level as the sum of aggregate short-term and long-term loans over total assets.

Recent Development

(i) Xinda Holding (HK) Company Limited, a wholly owned subsidiary of the Company, entered into a facility agreement on October 2, 2019 for a loan facility in an aggregate amount of US$135,000,000 with a consortium of banks and financial institutions led by Industrial and Commercial Bank of China (Macau) Limited. 

(ii) On September 26, 2019, the company delivered an irrevocable written notice pursuit to Section 6(C) (ii) of the Certificate of Designation, preferences and Rights of Series D Junior Convertible Preferred Stock and exercised its right for the mandatory conversion of 16,000,000 shares of Series D Preferred Stock into 16,000,000 shares of common stock. As a result, the term of office of MSPEA's two designees on the Board, Homer Sun and Ryan Law, was automatically terminated.  On October 14, 2019, MSPEA sent a letter (the "Proposal Withdrawal Letter") to the Board informing the Board that it no longer intended to participate in the consortium consisting of Mr. Han , XD Engineering Plastics Company Limited, and MSPEA (the "Consortium") and no longer intended to participate in the going private transaction (the "Transaction").  Concurrently with sending the Proposal Withdrawal Letter, MSPEA sent a letter (the "Consortium Withdrawal Letter") to the other members of the Consortium informing them that it no longer intended to participate in the Consortium and no longer intended to participate in the Transaction.

Financial Guidance and Business Outlook

In light of the current changing macroeconomic environment in China, Chinese auto industry market still showing certain decline  and yet to come is the trend reversal of automobile demand in China, the Company will continue to adopt the policy of eliminating inventories and ensuring capital safety during the fourth quarter of 2019. With the completion of Heilongjiang base for upgrading existing facilities, and the successful trial run in Dubai resulting in new production capacity to be added, our expansion into new markets overseas, diversified customer base and escalation of sales categories, the Company updated its financial guidance for fiscal 2019 to range $1.1 and $1.3 billion in revenue, net income to range between $70 and $90 million. It also assumes the average exchange rate of the US dollar to RMB at 7.1. This financial guidance reflects the Company's current view of its business outlook for fiscal 2019 and is subject to revision based on changing market conditions at any time.

Conference Call

China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Thursday, November 14th, 2019, to discuss its third quarter 2019 financial results. The conference call can be accessed by dialing +1- 845-675- 0437 (for callers in the U.S.), +86-4006- 208-038 (for Mainland China callers) or +852- 3018-6771 (for Hong Kong callers) and entering passcode 3651209.

A recording of the conference call will be available through November 22nd, 2019, by calling +1-855-452-5696 (for callers in the U.S.) and entering pass code 3651209.

A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://chinaxd.net/.

About China XD Plastics Company Limited                     

China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 31 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2019, 595 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://chinaxd.irpass.com/, and the Chinese website at http://www.xdholding.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies;  the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospect of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospect of the Company's Southwest China facility, the prospects of the Company's Harbin facility, and its penetration into Northeast China; and its penetration into Southwest China; the Company's projections of its revenues for performance in fiscal 2019. These forward-looking statements can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production could have a material adverse effect on our results of operations and liquidity; our financial performance may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies and the tightening control over the Chinese automotive industry and automobile purchase restrictions imposed in certain major cities may limit market demand for our products; the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law.  Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

- Financial Tables Follow -

The following table shows a reconciliation of cash, cash equivalents and restricted cash on the condensed consolidated balance sheets to that presented in the above condensed consolidated statements of cash flows.