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Xiaobai Maimai Inc. (NASDAQ: HX) announced the closing of an assignment and assumption agreement involving Beijing Hexin Yongheng Technology and Kuaishangche Automobile Leasing on December 30, 2020. Kuaishangche has assumed control over Hexin E-Commerce and all its assets and liabilities, except claims in Wusu Company. The company, which launched its social e-commerce platform in May 2020, aims to capitalize on China's growing e-commerce sector. CEO Xiaobo An emphasized ongoing improvements to product offerings and exploration of new business opportunities.
Xiaobai Maimai Inc. (NASDAQ: HX) reported its unaudited financial results for the first half of fiscal year 2021, ending September 30, 2020. Total revenues plummeted 73.7% to approximately US$1.4 million, primarily due to the cessation of its P2P business. Active mobile users reached 68,750, with 108,039 active mobile buyers. The company's net loss was approximately US$23.6 million, compared to US$17.6 million in the prior year. Xiaobai transitioned to a social e-commerce platform, generating RMB220.9 million (about US$33.3 million) in transaction volume during the 11.11 shopping festival, reflecting growth potential.
Xiaobai Maimai Inc. (NASDAQ: HX), a social e-commerce platform in China, will announce its unaudited financial results for the six months ended September 30, 2020, on December 21, 2020, before U.S. market open. A conference call is scheduled for 8:00 a.m. ET on the same day. The Company emphasizes growth driven by partnerships with e-commerce platforms and a customer service-focused approach. Interested investors can access information through the Investor Relations section of their website.
Hexindai Inc. (NASDAQ: HX), a social e-commerce platform based in China, held its 2020 annual general meeting (AGM) on December 16, 2020. During the meeting, shareholders approved a name change from "Hexindai Inc." to "Xiaobai Maimai Inc." Additionally, they ratified the appointment of Wei, Wei & Co., LLP as the independent registered public accounting firm. A quorum of over one-third of the ordinary shares was present at the AGM, with 52,025,638 shares represented.
Hexindai Inc. (NASDAQ: HX) announced on December 11, 2020, the transfer of its P2P business operations to Kuaishangche Automobile Leasing Co., Ltd. for RMB 5 million. This agreement allows Kuaishangche to take control of Hexin E-Commerce, which previously facilitated Hexindai's P2P services. Following this transition, Hexindai will shift its focus exclusively to its social e-commerce platform, Xiaobai Maimai, aiming to enhance user experience and revenue channels amid regulatory challenges. The closing is contingent upon receiving a fairness opinion for the transaction.
Hexindai Inc. (NASDAQ: HX) announced an annual general meeting (AGM) for shareholders on December 16, 2020, at 10:00 a.m. Beijing Time. Shareholders registered by November 6, 2020, can vote at the meeting. The AGM will include discussions on proposed resolutions, with documents such as the notice of AGM and the company's annual report available online. Hexindai specializes in mobile e-commerce and consumer lending, focusing on providing branded products and loans for underserved borrowers. For more, visit Hexindai's Investor Relations.
Hexindai Inc. (NASDAQ: HX) announced the launch of its Elite Influencers Program on Xiaobai Maimai, a social e-commerce platform. The program aims to boost user engagement and sales by allowing influencers to earn higher commissions based on performance milestones. Since its launch, the program has increased monthly active users from 29% to 61% and tripled monthly orders between June and August 2020. The company plans to expand the program to include more influencers, enhancing traffic and revenue on the platform.
Hexindai Inc. (NASDAQ: HX) announced it has regained compliance with Nasdaq's minimum bid price requirement, following a period of non-compliance due to its ADSs trading below US$1.00. The company changed the ADS ratio from 1:1 to 1:3, effective August 24, 2020, and since then, the ADSs have consistently traded above the required price. Nasdaq confirmed compliance on September 4, 2020, closing the matter.
Hexindai Inc. (NASDAQ: HX) filed its annual report on Form 20-F for the fiscal year ending March 31, 2020, with the SEC on August 14, 2020. The report contains audited financial statements, accessible on the SEC website and Hexindai's investor relations site. The company, based in Beijing, operates a mobile e-commerce and consumer lending platform, aiming to meet the consumption needs of underserved borrowers through strategic partnerships and effective risk management. Shareholders can request a hard copy of the report free of charge.
Hexindai Inc. (NASDAQ: HX) has launched an upgraded version of its social e-commerce platform, Xiaobai Maimai, enhancing the shopping experience for consumers in China. The new version offers a diverse selection of high-quality products, allowing users to compare prices conveniently. The platform rewards users with commissions for purchasing and recommending products, aimed at reducing marketing expenses. As of July 31, 2020, Xiaobai Maimai has approximately 160,000 active users. The social e-commerce sector in China is projected to surpass RMB4 trillion in transaction volume for 2020, reflecting an 80% increase year-over-year.
