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Dunxin Financial Holdings Limited (NYSE American: DXF) is a licensed microfinance lender operating primarily in Hubei Province, China. The company specializes in providing a variety of loan products to micro, small, and medium-sized enterprises (MSMEs) as well as individual borrowers and family-run businesses. Dunxin offers several types of loans, including Consumer Loans, Commercial Loans, Collateral-Backed Loans, and Enterprise Loans. This diversity ensures that they can meet the financial needs of a broad spectrum of clients, from farmers to sole proprietors.
Despite its broad range of loan products, Dunxin suspended its loan offerings in 2020, and the company is currently exploring new business opportunities, including those based on Metaverse-related technologies. This strategic shift demonstrates Dunxin's adaptability and forward-thinking approach in response to changing market conditions.
In recent developments, Dunxin has made several important announcements:
- On July 11, 2023, the company disclosed that its audited financial statements for the year ended December 31, 2022, contained a going concern emphasis of matter paragraph. This indicates that the company’s independent registered public accounting firm raised concerns about the company’s ability to continue as a going concern.
- On July 15, 2023, Dunxin announced a change in the ratio of its American depositary shares (ADS). The new ratio is one (1) ADS representing four hundred and eighty (480) ordinary shares, compared to the previous ratio of one (1) ADS representing forty-eight (48) ordinary shares. This change aims to strengthen the company's stock performance on the NYSE American.
- On July 25, 2023, Dunxin entered into a securities purchase agreement to sell $1.09 million worth of its ADS in a registered direct offering. The proceeds are expected to bolster the company’s operational funding and explore new business avenues.
Dunxin’s key focus remains on making the world more efficient, reliable, and interesting, underlining its commitment to innovation and service. Investors are advised to stay informed about the company's forward-looking statements, which involve inherent risks and uncertainties. For the latest updates and detailed financial reports, interested parties should refer to the company’s filings with the Securities and Exchange Commission (SEC) available at www.sec.gov.
Dunxin Financial Holdings Limited (NYSE American: DXF) reported its unaudited financial results for the first six months of 2022, revealing a net profit of RMB60.2 million (US$9.3 million), a 14.9% decrease from the same period in 2021. Total interest income fell by 30% to RMB57.8 million (US$8.9 million), while net interest income dropped 34.5% to RMB47.7 million (US$7.3 million). Loans receivable increased by 13.2% to RMB628.6 million (US$93.8 million), yet the company continues to face liquidity challenges and overdue loan obligations amidst ongoing legal proceedings related to its financial difficulties.
Dunxin Financial Holdings Limited (NYSE American: DXF) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on May 2, 2022. The report includes audited financial statements accessible on the SEC's website and the Company's investor relations site. Dunxin, based in Hubei Province, China, is a licensed microfinance lender but has suspended loan offerings since 2020, focusing instead on exploring Metaverse-related business opportunities. Shareholders can request a hard copy of the report free of charge.
Dunxin Financial Holdings Limited (NYSE MKT: DXF) has announced plans to explore opportunities related to Metaverse technologies, following two years of research. The company aims to establish a Computing Power Investment Fund with a total investment of RMB1 billion in partnership with Fengniao (International) Network Technology. Additionally, Dunxin is collaborating with Wuhan Shumu Equity Investment Fund Management on a digital copyright trading platform. However, the transition from microfinance to Metaverse ventures poses significant risks and uncertainties, particularly due to the evolving nature of technology and the ongoing impact of COVID-19.
Dunxin Financial Holdings Limited (NYSE American: DXF) announced its partnership with an authorized digital copyrights institution to create an online transaction platform for digital copyright registration, trading, and protection. The collaboration, formalized on January 16, 2022, aims to establish three sub-platforms focusing on media resources, software, and cultural products. With an initial investment of 100 million yuan and a total of 600 million yuan planned, DXF anticipates the platform will generate over 1 billion USD in trading volume, contributing to revenue growth and marking its entry into the Metaverse industry.
Dunxin Financial (DXF) announces the establishment of a Computing Power Investment Fund with an investment of around RMB 1 billion aimed at transitioning into the Metaverse industry. The company emphasizes the importance of artificial intelligence computing power as part of its strategy. The planned Artificial Intelligence Computing Power Centre is expected to be operational in 3-5 years and will focus on real-time computing, large-scale data processing, and cold data business. The transition follows extensive research and aims for resource integration within the Metaverse.
Dunxin Financial Holdings Limited (NYSE American: DXF) held its 2021 annual general meeting (AGM) on December 30, 2021, in Wuhan, China. Shareholders re-elected Qi Chen and Weitao Liang as directors. The company is a licensed microfinance lender focused on individuals and SMEs in Hubei Province. Dunxin has been recognized for its contributions to microfinance and has held various positions within regulatory associations. For more details, visit Dunxin's website.
Dunxin Financial Holdings Limited (NYSE American: DXF) announced it will hold its annual general meeting (AGM) on December 30, 2021, at 9:00 a.m. Beijing time. The meeting will occur both in-person at the Company's offices in Wuhan, China, and via teleconference. Shareholders registered by December 3, 2021, will be eligible to vote for two director appointments, Qi Chen and Weitao Liang. The AGM materials, including the Notice of AGM and proxy statement, are available on the Company's website, which also hosts its annual report on Form 20-F for the fiscal year ending December 31, 2020.
Dunxin Financial Holdings (DXF) announced a strategic cooperation with Shanghai Ba Yu Culture Technology to accelerate its transformation towards the Metaverse. During an inspection on November 25, 2021, CEO Ricky Wei highlighted plans for digital operations in intellectual property. Dunxin Financial aims to shift from micro-lending to blockchain, NFT digitalization, and Metaverse services. Ba Yu Culture specializes in big data services within the press sector and enhances its copyright offerings through technology.
On November 15, 2021, CEO Ricky Wei of Dunxin Financial (NYSE MKT: DXF) addressed the management innovation conference, discussing the company's shift towards the Metaverse. He outlined the opportunities in the blockchain sector, highlighting applications like NFTs and cryptocurrency. Wei emphasized the company's strengths, including a professional investment team and its NYSE listing, which supports the upcoming transformation despite past business difficulties. He expressed confidence in Dunxin Financial's readiness to compete with larger tech firms in the evolving Metaverse landscape.
Dunxin Financial Holdings Limited (DXF) is transitioning its business into the Metaverse industry after two years of research. The company aims to become a digital culture platform, focusing on blockchain, NFTs, AI, and AR/VR technologies. CEO Ricky Wei emphasized the potential of the Metaverse to revolutionize technology and digital economies. The next 3-5 years are seen as exploratory for massive technological breakthroughs and business model innovations. Investments are expected to expand in areas like GPU, cloud computing, and digital twin cities, offering significant opportunities in the coming decade.
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