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Weidai Comments on Unusual Market Activity

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Weidai Ltd. (NYSE: WEI), a leading provider of auto-backed financing in China, addressed unusual trading activity of its American depositary shares (ADSs) on the NYSE as of October 21, 2020. Despite the increased trading volume and price, Weidai confirmed it is unaware of any undisclosed material changes or market rumors affecting its business. The company specializes in converting used cars into investable assets, offering credit solutions for small enterprises in China. Weidai reiterated its commitment to maintaining compliance with NYSE listing standards.

Positive
  • Weidai is a leading auto-backed financing provider in China.
  • The company effectively transforms used vehicles into investable assets.
Negative
  • Weidai has acknowledged unusual trading activity without identifying a cause.
  • There may be potential risks regarding compliance with NYSE listing criteria.

HANGZHOU, China, Oct. 21, 2020 /PRNewswire/ -- Weidai Ltd. (the "Company" or "Weidai") (NYSE: WEI), a leading auto-backed financing solution provider in China, is issuing this press release in light of the unusual trading activity related to the American depositary shares (the "ADSs") of the Company on the New York Stock Exchange (the "NYSE").

Normally, Weidai does not comment on market activity or rumors. However, Weidai confirms that it is not aware of any undisclosed material change or development in its business and operations or rumors in the market that would account for the recent increase in trading activity, and related increase in trading price, of its ADSs on the NYSE.

About Weidai Ltd.

Weidai Ltd. is a pioneer and leading auto-backed financing solution provider in China supported by sophisticated and effective risk management system and technology. The Company transforms used automobiles, a type of "non-standard" collateral, into investable assets, to provide accessible credit for China's small and micro enterprises, and connects the borrowers with institutional funding partners through its platform.

For more information, please visit http://weidai.investorroom.com/.

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. Weidai 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 Weidai's beliefs and expectations, are forward-looking 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 the following: Weidai's goal and strategies; Weidai's expansion plans; Weidai's future business development, financial condition and results of operations; Weidai's expectations regarding demand for, and market acceptance of, its solutions and services; Weidai's expectations regarding keeping and strengthening its relationships with borrowers, investors and financial institutions and other platform participants; general economic and business conditions; Weidai's assumptions underlying or related to any of the foregoing regulations and governmental policies relating to the online consumer finance industry in China; and Weidai'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 Weidai 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.

For investor and media inquiries, please contact:

In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com

In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com

Cision View original content:http://www.prnewswire.com/news-releases/weidai-comments-on-unusual-market-activity-301156478.html

SOURCE Weidai Ltd.

FAQ

What triggered the unusual trading activity of Weidai (NYSE: WEI) shares?

Weidai has stated it is unaware of any material changes or market rumors to explain the recent trading activity.

Is Weidai (NYSE: WEI) facing any compliance issues with the NYSE?

Weidai has mentioned the importance of maintaining compliance with NYSE listing standards amid the unusual trading activity.

What does Weidai Ltd. do?

Weidai Ltd. specializes in providing auto-backed financing solutions, converting used automobiles into investable assets for small businesses.

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