GUANGZHOU, China, Dec. 6, 2024
/PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF)
("CNFinance" or the "Company"), a leading home equity
loan service provider in China,
today announced the dismissal of KPMG Huazhen LLP ("KPMG"), the
Company's independent registered public accounting firm, and
appointment of HTL International, LLC ("HTL") as the Company's
independent registered public accounting firm for the fiscal year
ended December 31, 2024, effective
December 6, 2024.
The appointment of HTL was made after a careful and thorough
evaluation process and has been approved by the audit committee of
the Company's board of directors.
HTL succeeds KPMG, the Company's previous independent registered
public accounting firm. The reports of KPMG on the Company's
consolidated financial statements for each of the fiscal years
ended December 31, 2022 and 2023 did
not contain an adverse opinion or a disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope or
accounting principle.
During each of the fiscal years ended December 31, 2022 and 2023 and the subsequent
period through December 6, 2024,
there have been no disagreements between the Company and KPMG on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of KPMG, would
have caused KPMG to make reference to the subject matter of the
disagreements in its report on the consolidated financial
statements, and there have been no "reportable events" as the term
is described in Item 16F(a)(1)(v) of Form 20-F.
The Company is working closely with KPMG and HTL to ensure a
seamless transition.
The audit committee would like to express its sincere gratitude
to KPMG for its quality of services rendered to the Company over
the past years.
About CNFinance Holdings Limited
CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or
the "Company") is a leading home equity loan service
provider in China. CNFinance,
through its operating subsidiaries in China, conducts business by connecting demands
and supplies through collaborating with sales partners and trust
companies under the trust lending model, and sales partners, local
channel partners and commercial banks under the commercial bank
partnership model. Sales partners and local channel partners are
responsible for recommending micro- and small-enterprise
("MSE") owners with financing needs to the Company and the
Company introduces eligible borrowers to licensed financial
institutions with sufficient funding sources including trust
companies and commercial banks who will then conduct their own risk
assessments and make credit decisions. The Company's primary target
borrower segment is MSE owners who own real properties in Tier 1
and Tier 2 cities and other major cities in China. The Company's risk mitigation mechanism
is embedded in the design of its loan products, supported by an
integrated online and offline process focusing on risks of both
borrowers and collateral and further enhanced by effective
post-loan management procedures.
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SOURCE CNFinance Holdings Limited