Weidai Comments on Unusual Market Activity

Rhea-AI Summary

Weidai Ltd. (NYSE: WEI) announced it is unaware of any material changes or rumors affecting the recent unusual trading activity of its American depositary shares (ADSs) on April 1, 2022. The company, a leader in auto-backed financing solutions for small and micro enterprises in China, emphasized it typically does not comment on market activities. Weidai reassures stakeholders of its stable operational status amidst increased trading activity.

Positive

• No undisclosed material changes in business operations.
• Leading position in auto-backed financing solutions in China.

Negative

• None.

HANGZHOU, China, April 4, 2022 /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") on April 1, 2022.

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; its ability to comply with existing or future laws and regulations related to data protection or data security; 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; litigation and negative publicity surroundings China -based companies listed in the U.S.; and the duration of the COVID-19 outbreak, including the emergence of COVID variants, and its potential impact on the Company's business and financial performance. 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

 

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SOURCE Weidai Ltd.

FAQ

What did Weidai announce on April 4, 2022?

Weidai announced it is unaware of any undisclosed material changes or rumors that could explain the unusual trading activity of its ADSs on April 1, 2022.

What is the stock symbol for Weidai?

Weidai's stock symbol is WEI.

Why was there unusual trading activity for Weidai's ADSs?

Weidai stated it has no knowledge of any material changes or developments that could account for the increase in trading activity.

What does Weidai do?

Weidai is a provider of auto-backed financing solutions for small and micro enterprises in China.

When was the press release about unusual trading activity issued?

The press release was issued on April 4, 2022.