FINCERA INC.
SHIJIAZHUANG, CHINA--(Marketwired - Aug 3, 2015) - Fincera Inc. ("Fincera" or the "Company") (
Since their initial launches at the end of 2014, the Company's small business lending platform CeraVest (https://www.qingyidai.com/) and its electronic payment platform CeraPay (https://www.dianfubao.com/) have achieved steady growth.
From its inception in November 2014 through June 30, 2015, CeraVest has originated over RMB1 billion in loans. CeraVest had a loan portfolio of approximately RMB897 million at June 30, 2015. Fincera created CeraVest as an online lending marketplace that provides short-term operating capital for small businesses in the transportation industry. Through CeraVest, Fincera can originate loans and then sell those loans to investors. Currently, individuals may invest on the CeraVest platform and earn an annual interest rate of approximately 8.6%. Fincera earns origination fees on CeraVest loans.
Also launched in November 2014, the Company's electronic payment platform CeraPay (https://www.dianfubao.com/) was used to make payment transactions totaling over RMB741 million in June 2015. Fincera developed CeraPay as a convenient platform through which customers could make electronic payments and the Company could make credit advances to its customers, allowing customers to pay for their everyday truck-operating needs at participating merchants within the CeraPay network. Fincera earns transaction fees through its CeraPay platform. The CeraPay network had over 22,000 active users (individuals and merchants) during the month of June.
The Company recorded 1,227 new leases of commercial vehicles (primarily Class 8 heavy trucks) as part of its legacy truck-leasing business in the second quarter of 2015, compared to 4,617 vehicles leased in the second quarter of 2014. The decrease was primarily a result of the Company's increasing its emphasis on the development of its new Internet-based financing businesses. At June 30, 2015, the Company had 19,500 leased vehicles under its sales-type leasing program. Since launching its commercial vehicle sales and leasing business in March 2008, the Company has leased over 67,000 trucks.
As of June 30, 2015, the number of Fincera's commercial vehicle financing and service centers remained unchanged at 555 centers in 26 provinces, municipalities, and autonomous regions.
Mr. Yong Hui Li, Chairman and CEO of Fincera, stated, "We were pleased with the continued growth and interest in our new Internet-based financial products CeraVest and CeraPay during the 2015 second quarter, which we expect will be our growth catalysts going forward. We believe the steady growth of both platforms is a testament to the tremendous need for affordable financing options amongst underserved small businesses in China's transportation and automobile industries. With these new offerings, we are providing our customers with access to financing and technologies that will allow them to easily and conveniently operate and grow their businesses. CeraVest not only provides small businesses with access to low-interest short-term capital but it also provides investors with a stable and steady return, which can be a nice investment alternative, particularly during periods of market volatility like the one we are experiencing today.
"Having established a recognized brand in China with our truck-leasing business over the past several years, we are well positioned to leverage our finance and service network, as well as our industry experience, to expand our suite of innovative financing solutions for the greater transportation industry. Our focus remains on serving our customers, and we will continue exploring ways in which we can enhance the value and quality of our offerings."
About Fincera Inc.:
Founded in 2005, Fincera Inc. (
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
- Continued compliance with government regulations;
- Changing legislation or regulatory environments;
- Requirements or changes affecting the businesses in which the Company is engaged;
- Industry trends, including factors affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the Company's revenue and profitability;
- Changes in the commercial vehicle industry;
- The Company's ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel;
- Changing interpretations of generally accepted accounting principles;
- General economic conditions; and
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Other relevant risks detailed in the Company's filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
