FinVolution Group Chairman Continues to Purchase Company Shares
On August 11, 2020, FinVolution Group (NYSE: FINV) announced that Chairman Shaofeng Gu purchased 1.46 million of the Company's American Depositary Shares (ADS) in Q2 2020. This acquisition aligns with the company's transition from individual to institutional funding, improving credit risk performance. As of June 30, 2020, Gu owns approximately 27.7% of the company. Despite challenges in early 2020, Gu believes the current share price undervalues the company's potential and presents a strong investment opportunity.
- Chairman Shaofeng Gu purchased 1.46 million ADS, indicating confidence in the company's future.
- Credit risk performance has stabilized and improved to the lower end of delinquency ranges.
- Transition to institutional funding partners enhances financial stability.
- None.
SHANGHAI, Aug. 11, 2020 /PRNewswire/ -- FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform in China, today announced that Mr. Shaofeng Gu, Chairman and Chief Innovation Officer of the Company has informed the Company that he has continued to purchase in his personal capacity 1.46 million of the Company's American Depositary Shares in the second quarter of 2020. The purchases were made during an open window period and in full compliance with all company and legal guidelines.
Mr. Shaofeng Gu commented, "Despite the challenging start to the year, many of the uncertainties and challenges appear to be behind us. Credit risk performance on the Company's platform has not only stabilised but has improved to the lower-end of our vintage delinquency range over the past 2-3 years. We have successfully transitioned our platform from being primarily funded by individual investors to being fully funded by institutional funding partners. We continue to deeply believe that a technology-driven focus will enable the Company to better navigate through market dynamics and achieve sustainable development in the long-term. I believe the current share price undervalues the potential of the Company and serves as a highly attractive investment opportunity."
As of June 30, 2020, Mr. Shaofeng Gu beneficially owned 412,257,375 ordinary shares, representing approximately
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About FinVolution Group
FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2020, the Company had over 108.3 million cumulative registered users.
For more information, please visit http://ir.finvgroup.com
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: ir@xinye.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
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SOURCE FinVolution Group
FAQ
What significant purchase did FinVolution's Chairman make in Q2 2020?
What percentage of FinVolution does Shaofeng Gu own as of June 30, 2020?
How has FinVolution's credit risk performance changed?
What shift in funding has FinVolution experienced?
What is Chairman Gu's outlook on FinVolution's share price?
