Hexindai Announces Disposition of P2P Business enterprise to Target on Acquiring Social E-Commerce System Xiaobai Maimai

BEIJING, Dec. 16, 2020 /PRNewswire/ — Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”), a social e-commerce platform in China, right now declared that Beijing Hexin Yongheng Technologies Enhancement Co., Ltd. (“Hexin Yongheng”), a wholly-owned subsidiary of the Enterprise, Kuaishangche Auto Leasing Co., Ltd. (“Kuaishangche”), a firm not straight affiliated with the Enterprise, Hexin E-Commerce Business Restricted (“Hexin E-Commerce”), and personal shareholders of Hexin E-Commerce have entered into an assignment and assumption settlement on December 11, 2020 (the “Agreement”). Pursuant to the Settlement, Hexin Yongheng has agreed to assign and transfer to Kuaishangche the regulate over Hexin E-Commerce, in exchange for hard cash consideration of RMB 5 million (the “Disposition”). Upon the closing of the Disposition, Kuaishangche will turn into the main beneficiary of and have command of Hexin E-Commerce, and as a result, assume all belongings and liabilities of Hexin E-Commerce and subsidiaries owned or managed by Hexin E-Commerce, excluding any rights, titles, pursuits or claims that Hexin E-Commerce might have in Wusu Hexin Yongheng Industrial and Buying and selling Co., Ltd. (“Wusu Company”), which shall keep on being as a consolidated variable curiosity entity of the Company. The Corporation carried out its peer-to-peer (“P2P”) small business as a result of its consolidated variable curiosity entity, Hexin E-Commerce and experienced ceased to offer you new loans considering that November 2019. As a consequence of the Disposition, the Corporation will stop to perform its P2P enterprise and concentration on producing and investing methods into its social e-commerce system, Xaobai Maimai.

Mr. Xiaobo An, Founder, Chairman and Chief Govt Officer of Hexindai, commented, “Due to ongoing problems and regulatory constraints, we have determined to dispose of our P2P small business and remodel into a social e-commerce system. Since we launched Xiaobai Maimai in May possibly 2020, this social e-commerce system has been effectively acquired by consumers and acquired strong advancement momentum in current months. Going forward, we will continue to improve our service and product choices on Xiaobai Maimai, even more grow our consumer foundation and diversify monetization channels with other e-commerce platforms and on line marketplaces to produce extensive-phrase value for our buyers and shareholders.”

The closing of the Disposition is topic to the gratification or waiver of certain closing problems, such as the receipt of a fairness viewpoint issued by impartial appraisal company Asia-Pacific Consulting and Appraisal Constrained (“APA”), confirming that the thought to be been given by Hexin Yongheng in the Disposition is honest, from a financial place of watch, to shareholders of Hexindai.

A duplicate of the Arrangement, which sets forth the phrases of the Disposition, is obtainable on the SEC’s web site at www.sec.gov.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”) is a social e-commerce system dependent in Beijing, China. The Enterprise collaborates with domestic e-commerce platforms and offers buyers a huge variety of superior-excellent and cost-effective solutions on its new social e-commerce system. Leveraging its cooperation with mainstream e-commerce platforms and expert services marketplaces, and its info analytics algorithm and operating process, the Company carries on to detect and introduce value-productive products and solutions and bring in consumers to its platform and create larger consumer satisfaction to realize the platform’s rapidly growth.

For much more facts, please pay a visit to http://ir.hexindai.com/

Harmless Harbor Assertion

This announcement incorporates forward-hunting statements in the that means of Part 21E of the Securities Trade Act of 1934, as amended. These forward-wanting statements are created beneath the “safe harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These statements can be determined by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and equivalent statements. The Corporation might also make written or oral ahead-wanting statements in its periodic stories to the U.S. Securities and Trade Fee (the “SEC”), in its once-a-year report to shareholders, in press releases and other published supplies and in oral statements manufactured by its officers, administrators or personnel to 3rd parties. Any statements that are not historic points, together with statements about the Company’s beliefs and expectations, are ahead-searching statements that contain things, risks and uncertainties that could bring about precise effects to differ materially from all those in the ahead-seeking statements. These types of aspects and dangers contain, but not limited to the next: the Company’s objectives, tactics and enlargement options its long term small business enhancement, monetary ailment and outcomes of operations its ability to bring in and retain new people and to raise revenues produced from repeat users its anticipations relating to need for and marketplace acceptance of its products and solutions and providers its interactions and cooperation with e-commerce platforms and services marketplaces trends and opposition in China’s e-commerce market place the predicted progress of the Chinese e-commerce market Chinese governmental procedures relating to the Company’s company framework and the e-commerce industry and common financial ailments in China. Additional details relating to these and other threats, uncertainties or elements is incorporated in the Company’s filings with the SEC. All information furnished in this announcement is current as of the day of this announcement, and the Corporation does not undertake any obligation to update this sort of details, apart from as essential less than applicable law.

For trader inquiries, make sure you call:

Hexindai

Investor Relations
Ms. Zenabo Ma
E mail: [email protected]

Christensen

In China
Mr. Eric Yuan
Telephone: +86-10- 5900-1548
E-mail: [email protected]

In US
Mr. Suggestion Fleming
Telephone: +1-917-412-3333
Email: [email protected]

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Source Hexindai Inc.