BEIJING, Dec. 30, 2020 /PRNewswire/ -- Xiaobai Maimai Inc.
(NASDAQ: HX), formerly known as Hexindai Inc. ("Xiaobai Maimai",
the "Company", or "we"), a social e-commerce platform in
China, today announced the closing
of the assignment and assumption agreement dated December 16, 2020, by and among Beijing Hexin
Yongheng Technology Development Co., Ltd. ("Hexin Yongheng"), a
wholly-owned subsidiary of the Company, Kuaishangche Automobile
Leasing Co., Ltd. ("Kuaishangche"), a company not directly
associated with the Company but controlled by Mr. An, the CEO and
Chairman of the board of directors of the Company, Hexin E-Commerce
Company Limited ("Hexin E-Commerce"), and individual shareholders
of Hexin E-Commerce ( the "Agreement"). The closing of the
Agreement took place on December 30,
2020. Prior to the closing, Hexin Yongheng had assigned and
transferred to Kuaishangche the control over Hexin E-Commerce, and
Kuaishangche had delivered the assignment consideration of
RMB 5 million to Hexin
Yongheng (the "Disposition"). As a result of the Disposition,
Kuaishangche has become the primary beneficiary of and controls
Hexin E-Commerce, and has assumed all assets and liabilities of
Hexin E-Commerce and its subsidiaries, excluding any of its rights,
titles, interests or claims in Wusu Hexin Yongheng Commercial and
Trading Co., Ltd. ("Wusu Company"), which remains as the
Company's consolidated variable interest entity.
The Company launched its social e-commerce platform in
May 2020 as a new business line. After the Disposition, the
Company will continue to develop and invest in its social
e-commerce business to take advantage of China's fast-growing e-commerce industry.
Mr. Xiaobo An, Founder, Chairman
and Chief Executive Officer of Xiaobai Maimai, commented, "We are
encouraged by the solid progress we have made to fully transform
our business into a social e-commerce platform - Xiaobai
Maimai. We will continue to improve the product and service
offerings on Xiaobai Maimai to cater to the ever-changing demands
of consumers, and at the same time continue to explore new business
opportunities to tap into the huge potential of social marketing
and e-commerce in China."
About Xiaobai Maimai Inc.
Xiaobai Maimai Inc. (NASDAQ: HX), formerly known as Hexindai
Inc., ("Xiaobai Maimai" or the "Company"), is a social e-commerce
platform based in Beijing, China.
The Company collaborates with domestic e-commerce platforms and
offers users a wide selection of high-quality and affordable
products on its social e-commerce platform. Leveraging its
cooperation with mainstream e-commerce platforms and services
marketplaces, and its data analytics algorithm and operating
system, the Company continues to identify and introduce
cost-efficient products and attract users to its platform and
generate higher user satisfaction to realize the platform's fast
growth.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (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. Any statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements that involve factors,
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
factors and risks include, but not limited to the following: the
Company's goals, strategies and expansion plans; its future
business development, financial condition and results of
operations; its ability to attract and retain new users and to
increase revenues generated from repeat users; its expectations
regarding demand for and market acceptance of its products and
services; its relationships and cooperation with e-commerce
platforms and services marketplaces; trends and competition in
China's e-commerce market; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to the Company's corporate structure
and the e-commerce industry; and general economic conditions in
China. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the SEC. All information
provided in this announcement is current as of the date of this
announcement, and the Company does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please visit
ir.xiaobaimaimai.com
For investor inquiries, please contact:
The Company
Investor Relations
Ms. Zenabo Ma
Email: ir@xiaobaimaimai.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10- 5900-1548
E-mail: Eyuan@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
View original
content:http://www.prnewswire.com/news-releases/xiaobai-maimai-announces-the-closing-of-p2p-disposition-agreement-301199343.html
SOURCE Xiaobai Maimai Inc.