360 Finance’s Affiliate Has Received Regulatory Approval for its Acquisition of 30% Stake in Kincheng Bank of Tianjin

Rhea-AI Summary

360 Finance (NASDAQ: QFIN) announced its affiliate, 360 Group, has secured approval from the China Banking and Insurance Regulatory Commission to acquire a 30% stake in Kincheng Bank of Tianjin. This acquisition positions 360 Group as the largest shareholder of Kincheng Bank, marking it as the third Chinese private bank supported by a major internet entity. The partnership aims to leverage data-driven technology for enhanced financial products and services, enabling both firms to meet diverse consumer needs effectively.

Positive

• Acquisition of 30% stake in Kincheng Bank positions 360 Group as the largest shareholder.
• Strategic partnership expected to create significant synergies in product offerings and risk management.
• Enhanced ability to meet diverse user and institutional partner needs through digital technology integration.

Negative

• None.

BEIJING, Aug. 27, 2020 (GLOBE NEWSWIRE) -- 360 Finance, Inc. (NASDAQ: QFIN) ("360 Finance" or the "Company"), a data driven, technology empowered digital platform, today announced that 360 Group, one of its affiliates, has received approval from the China Banking and Insurance Regulatory Commission to complete the acquisition of 30% stake in Kincheng Bank of Tianjin Co., Ltd. (“Kincheng Bank”). Upon the closing of the transaction, 360 Group will become the largest shareholder of the bank, and Kincheng Bank will become the third Chinese private bank to be backed by an internet giant. 

Mr. Haisheng Wu, Chief Executive Officer and Director of 360 Finance, commented, “We are very pleased to see the transaction finally reached a successful conclusion. As a data driven, technology-empowered digital platform with particular strength in innovative product design and effective risk management, we expect to realize significant synergy between us and Kincheng Bank through strategic partnership. In the coming weeks, we will enter a series of agreements with Kincheng Bank to highlight the execution details related to all aspects of our partnership. We believe with such a deep-rooted relationship, we should be able to significantly expand the scope of our product and service offerings and continue to explore the application of digital technology in various scenarios, and ultimately to better satisfy the diverse needs of our users and institutional partners.”

Kincheng Bank of Tianjin was established in 2015 in Tianjin’s pilot free trade zone, and was among the first five private banks approved by China’s banking regulator as part of a pilot scheme to implement financial reforms related to the opening of the Chinese banking sector to private capital.

About 360 Finance

360 Finance, Inc. (NASDAQ: QFIN) (“360 Finance” or the “Company”) is a data driven, technology empowered digital platform. Through its platform the Company enables financial institutions to provide better and targeted products and services to a broader consumer base. The Company also offers standardized risk management service, in the form of SaaS modules to institutional clients. When coupled with its partnership with 360 Group, the Company’s solutions created noticeable advantages in customer acquisition, funding optimization, risk assessment and post-lending management.

For more information, please visit: http://ir.360jinrong.net/

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:

360 Finance      
E-mail: ir@360jinrong.net

Christensen

In China
Mr. Eric Yuan
Phone: +86-138-0111-0739
E-mail: Eyuan@christensenir.com

In US 
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

FAQ

What is the significance of 360 Group's acquisition of Kincheng Bank?

The acquisition allows 360 Group to become the largest shareholder of Kincheng Bank, facilitating synergies and expanded financial service offerings.

When did 360 Finance announce the acquisition of Kincheng Bank?

The announcement was made on August 27, 2020.

What is the expected impact of 360 Group's partnership with Kincheng Bank?

The partnership is expected to enhance product offerings and risk management through data-driven technology, benefiting both consumer and institutional clients.

How will the acquisition affect QFIN's stock performance?

The acquisition may positively influence QFIN's stock performance by expanding its market reach and strengthening its financial positioning.