SHANGHAI, China, Feb. 28, 2020 (GLOBE NEWSWIRE) -- 360 Finance, Inc. (NASDAQ: QFIN) (“360 Finance” or the “Company”), a leading digital consumer finance platform, today announced that it has completed the issuance of RMB500 million asset-backed securities (“ABS”), which will be listed and begin trading on the Shenzhen Stock Exchange on February 28, 2020.
The new security will be a two-year consumer loan-related ABS and is issued under the name Tianqi-360 Finance Phase III Trust Benefit Right Asset Support Special Plan. This is the first ABS that will be issued by a Fintech company in China following the Chinese New Year festival this year. The underlying assets of the ABS are loans extended by respected financial institution funding partners including CICC Securities, China Merchants Securities, China Investment Securities and Western Securities.
Mr. Zhiqiang He, Vice President of 360 Finance, commented, “The successful execution of this financing amid heightened volatility caused by the outbreak of Covid-19 is a clear demonstration of the strength of our brand, the depth of our management, our cutting-edge risk management system and innovative AI technology. Demand from our financial institution funding partners remain very strong. We believe it reflects their trust in the quality of the underlying assets. We will continue to monitor the evolving situation and work with our financial institution funding partners to improve operational efficiency and risk management through our technology platform and create long-term value for our shareholders.”
About 360 Finance
360 Finance, Inc. (NASDAQ: QFIN) (“360 Finance” or the “Company”) is a leading digital consumer finance platform and the finance partner of the 360 Group. The Company provides tailored online consumer finance products to prime, underserved borrowers funded primarily by its funding partners. The Company’s proprietary technology platform enables a unique user experience supported by resolute risk management. When coupled with its partnership with 360 Group, the Company’s technology translates to a meaningful borrower acquisition, borrower retention and funding advantage, supporting the rapid growth and scaling of its business.
Safe Harbor Statement
Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. 360 Finance may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report 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 360 Finance’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. Further information regarding such risks and uncertainties is included in 360 Finance’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and 360 Finance does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp