Jiayin Group Inc. Announces Change of Auditor
Jiayin Group Inc. (NASDAQ: JFIN), a leading fintech platform in China, has appointed Marcum Bernstein & Pinchuk LLP as its new independent registered public accounting firm. This decision was approved by the Company’s audit committee and board of directors, succeeding Deloitte Touche Tohmatsu, which served since 2017 without any disagreements. The transition is part of Jiayin's commitment to enhance transparency and oversight in its financial reporting.
- Appointment of Marcum Bernstein & Pinchuk LLP as new independent auditor indicates a strategic move for enhanced financial oversight.
- No disagreements reported with previous auditor, Deloitte Touche Tohmatsu, showcasing a history of reliable financial reporting.
- Transition to a new auditor may introduce temporary uncertainties regarding audit processes and financial reporting.
SHANGHAI, China, March 08, 2021 (GLOBE NEWSWIRE) -- Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced the appointment of Marcum Bernstein & Pinchuk LLP (“MBP”) as the Company’s independent registered public accounting firm. The audit committee and the board of directors (the “Board”) of the Company has approved the appointment of MBP.
Deloitte Touche Tohmatsu Certified Public Accountants LLP (“Deloitte”) has served as the Company’s independent registered public accounting firm since 2017, and the reports of Deloitte on the Company’s consolidated financial statements have contained no adverse opinion or disclaimer of opinion and were not qualified as to uncertainty, audit scope or accounting principle. During the whole service period, there has been no disagreements between the Company and Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Deloitte would have caused them to make reference to the disagreements in their audit reports.
During the Company’s fiscal years ended December 31, 2018 and 2019 and until the engagement of MBP, neither the Company nor anyone on its behalf has consulted with MBP on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company by MBP which MBP concluded as an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F.
The Board would like to express its sincere gratitude to Deloitte for its professionalism and quality of services rendered to the Company over the past years.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between investors and borrowers, whose needs are underserved by traditional financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers.
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, 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 the Company’s beliefs and expectations, are forward-looking 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. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual 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 Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or 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. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
For more information, please contact:
In China:
Jiayin Group
Ms. Shelley Bai
Email: ir@jiayinfintech.cn
or
The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com
In the U.S.:
Ms. Julia Qian
Email: julia@blueshirtgroup.com
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