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Jiayin Group Reports Second Quarter 2019 Unaudited Financial ResultsSHANGHAI, China, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Jiayin Group Inc. (“Jiayin” or “the Company”) (NASDAQ: JFIN), a leading online individual finance marketplace in China, today announced its unaudited financial results for the quarter ended June 30, 2019. Highlights:
Mr. Yan Dinggui, the founder, Director and Chief Executive Officer, commented: “Our operating results in the second quarter reflect the challenges faced by all players in our industry. We were impacted both by compliance with the government’s triple decline policy and by generally unfavorable market conditions, yet by operating conservatively we sustained very attractive profitability. We are confident that we can emerge from this period of regulatory uncertainty with a strong and growing business, and achieve our long-term growth objectives.” Financial Results Net revenue was RMB635.6 million (US$92.6 million), representing a decrease of 6.6% from the same period of 2018, primarily due to reduced loan origination volume in the second quarter of 2019. Revenue from loan facilitation services was RMB477.0 million (US$69.5 million), representing a decrease of 13.5% from the same period of 2018, primarily due to reduced loan origination volume. Revenue from post-origination services was RMB85.8 million (US$12.5 million), representing an increase of 66.2% from the same period of 2018, as we benefitted from the accumulated loans originated during prior periods. Origination and Servicing Expense was RMB127.7 million (US$18.6 million), representing an increase of 26.0% from the same period of 2018, primarily due to the increased expenses associated with risk control and credit assessment. Allowance for Uncollectible Receivables and Contract Assets was RMB70.8 million (US$10.3 million), representing an increase of 23.2% from the same period of 2018, primary due to unfavorable industry conditions. Sales and Marketing expense was RMB149.8 million (US$21.8 million), representing a decrease of 27.7% from the same period of 2018, primarily due to reduced advertisement spending for promotional activities. General and Administrative expense was RMB51.5 million (US$7.5 million), representing an increase of 63.2% from the same period of 2018, primarily due to increased payroll expenses and certain share-based compensation expense related to options granted in October 2018. Research and Development expense was RMB50.5 million (US$7.4 million), representing an increase of 33.9% from the same period of 2018, as the Company continued to improve its technology for credit assessment. Income from operations was RMB185.4 million (US$27.0 million), representing a decrease of 24.4% from the same period of 2018. Net income attributable to Jiayin Group shareholders was RMB168.9 million (US$24.6 million), compared with RMB210.2 million in the same period of 2018. Cash and Equivalents at quarter-end were RMB438.4 million (US$63.9million), compared with RMB150.0 million in the same period of 2018. Conference Call The Company will host a conference call to discuss its financial results on Wednesday, September 4, 2019 at 8:00 a.m. US Eastern Time/ 8:00 PM China Standard Time. Dial-in details for the earnings conference call are as follows:
To join, please dial in 10 minutes before the call is scheduled to begin and provide the passcode 2441378.
A replay of the conference call may be accessed by phone at the following numbers until September 11, 2019. To access the replay, please reference the conference ID 2441378.
A live and archived webcast of the conference call will be available on the Company’s investors relations website at http://ir.niwodai.com/. About Jiayin Group Inc. Jiayin Group Inc. is a leading online individual finance marketplace in China committed to facilitating effective, transparent, secure and fast connections between investors and borrowers, whose needs are underserved by traditional financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8650 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 28, 2019. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor / Forward-Looking Statements This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. The Company 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 the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1 filed in connection with its initial public offering. For more information, please contact: In China: Jiayin Group or The Blueshirt Group In the U.S.: Ms. Julia Qian JIAYIN GROUP INC.
JIAYIN GROUP INC.
__________________________ 1 “loan origination volume” refers to the total amount of loans facilitated through the Company’s marketplace during a certain period
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