naturalborninvestor
4年前
Secoo Announces Receipt of Preliminary Non-Binding “Going Private” Proposal
QD owns 28.9% ownership in Secoo Inc.
January 11 2021 - 03:00AM
GlobeNewswire Inc.
Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), ?Asia’s leading online integrated upscale products and services platform, today announced that its board of directors (the “Board”) has received a preliminary non-binding proposal letter, dated January 10, 2021, from Mr. Richard Rixue Li, founder, Chairman of the Board and Chief Executive Officer of the Company, proposing to acquire all of the outstanding class A ordinary shares of the Company, par value US$0.001 per share (the “Class A Shares”), not owned by him or his affiliates for US$3.27 per American depositary share (“ADS,” with every two ADSs representing one Class A Share), or US$6.54 per Class A Share in cash in a going private transaction (the “Proposed Transaction”). The Proposed Transaction, if completed, would result in Secoo becoming a privately-held company, and Secoo’s ADSs would be delisted from the NASDAQ Global Market.
A copy of the proposal letter is attached as Exhibit A to this press release.
The Board has formed a special committee consisting of independent directors Messrs. Jun Wang and Jian Wang to evaluate and consider the Proposed Transaction.
The Board cautions the Company’s shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter and no decisions have been made with respect to the Company’s response to the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be entered into or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by applicable law.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 400,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform.
For more information, please visit http://ir.secoo.com.
naturalborninvestor
4年前
Qudian Inc. Reports Second Quarter 2020 Unaudited Financial Results
September 07 2020 - 06:00AM
https://ih.advfn.com/stock-market/NYSE/qudian-QD/stock-news/83208788/qudian-inc-reports-second-quarter-2020-unaudited
XIAMEN, China, Sept. 7, 2020 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced its unaudited financial results for the quarter ended June 30, 2020.
Second Quarter 2020 Operational Highlights:
Total number of registered users as of June 30, 2020 reached 80.8 million, representing an increase of 6.4% from June 30, 2019
Number of outstanding borrowers[1] from loan book business and transaction services business as of June 30, 2020 decreased by 12.5% to 5.0 million from 5.7 million as of March 31, 2020 as a result of the conservative and prudent strategy which the Company has deployed
Total outstanding loan balance from loan book business[2] decreased by 36.4% to RMB9.7 billion as of June 30, 2020, compared to the outstanding balance as of March 31, 2020; Total outstanding loan balance from transaction serviced on open platform decreased by 25.4% to RMB9.8 billion as of June 30, 2020, compared to the outstanding balance as of March 31, 2020
Amount of transactions from loan book business for this quarter decreased by 5.9% to RMB4.2 billion from the first quarter of 2020; Amount of transactions from transaction serviced on open platform for this quarter decreased by 72.3% to RMB0.7 billion from the first quarter of 2020
Weighted average loan tenure for our loan book business was 4.7 months for this quarter, compared with 8.4 months for the first quarter of 2020; Weighted average loan tenure for transactions serviced on open platform was 10.6 months for this quarter, compared with 11.2 months for the first quarter of 2020
[1] Outstanding borrowers are borrowers who have outstanding loans as of a particular date, including outstanding borrowers from both loan book business and transaction services business. Transaction services business, relates to various services, including credit assessment, referral and post-origination services, provided through our open platform, which was launched in the second half of 2018.
[2] Includes (i) off and on balance sheet loans directly or indirectly funded by our institutional funding partners or our own capital, net of cumulative write-offs and (ii) does not include auto loans from Dabai Auto business.
Second Quarter 2020 Financial Highlights:
Total revenues were RMB1,167.0 million (US$165.2 million), representing a decrease of 47.4% from the same period of last year
Net income decreased by 84.3% year-on-year to RMB179.2 million (US$25.4 million), or RMB0.68 (US$0.10) per diluted ADS
Non-GAAP net income[3] decreased by 97.4% year-on-year to RMB29.9 million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS
[3] For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
"We continued the prudent operation of our cash credit business during the second quarter of 2020," said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "In light of unstable market conditions during the period, we adopted an extremely stringent approach for loan approvals while keeping focused on decreasing exposure to credit market risks. As such, our loan book business, as compared with the first quarter, maintained loan transaction volume that was relatively flat during the period. Meanwhile, as some of our institutional funding partners tightened their credit assessments, transaction volume on our open platform decreased by approximately 70% sequentially."
"In the second quarter, we completed a strategic investment in Secoo. We look forward to generating synergies in the luxury consumer business," said Ms. Sissi Zhu, Vice President of Investor Relations of Qudian.
"Given the still challenging and fast-evolving market environment for our credit loan business and, in an effort to mitigate risk, we will remain strict with our credit approval standards when operating our loan book business. Despite headwinds, we are taking appropriate actions to protect our net assets while actively exploring market opportunities for future growth," Ms. Zhu concluded.
Second Quarter Financial Results
Total revenues were RMB1,167.0 million (US$165.2 million), representing a decrease of 47.4% from RMB2,220.7 million for the second quarter of 2019.
Financing income totaled RMB580.9 million (US$82.2 million), representing a decrease of 41.0% from RMB984.4 million for the second quarter of 2019, as a result of a decrease in average on-balance sheet loan balance.
Loan facilitation income and other related income decreased by 58.2% to RMB255.1 million (US$36.1 million) from RMB609.7 million for the second quarter of 2019, as a result of the reduction of transaction volume of off-balance sheet loans this quarter, partially offset by reclassification of guarantee income in accordance with ASC326.
Transaction services fee and other related income decreased to RMB4.1 million (US$0.6 million) from RMB398.1 million for the second quarter of 2019, mainly as a result of a substantial decrease in the transaction amount of open platform.
Sales income substantially increased to RMB293.3 million (US$41.5 million) from RMB123.5 million for the second quarter of 2019, mainly due to the launch of the Wanlimu e-commerce platform.
Sales commission fee decreased by 84.9% to RMB14.4 million (US$2.0 million) from RMB95.6 million for the second quarter of 2019, due to a decrease in the amount of merchandise credit transaction.
Total operating costs and expenses increased by 2.4% to RMB982.4 million (US$139.0 million) from RMB959.1 million for the second quarter of 2019.
Cost of revenues increased by 28.0% to RMB366.4 million (US$51.9 million) from RMB286.1 million for the second quarter of 2019, primarily due to an increase in cost of goods sold related to the Wanlimu e-commerce platform.
Sales and marketing expenses increased by 101.7% to RMB156.8 million (US$22.2 million) from RMB77.7 million for the second quarter of 2019, primarily due to marketing expenses incurred by the Wanlimu e-commerce platform.
General and administrative expenses increased by 11.9% to RMB75.3 million (US$10.7 million) from RMB67.3 million for the second quarter of 2019.
Research and development expenses decreased by 10.5% to RMB56.3 million (US$8.0 million) from RMB62.9 million for the second quarter of 2019.
Provision for receivables and other assets increased by 5.0% to RMB519.0 million (US$73.5 million) from RMB494.5 million for the second quarter of 2019. The increase was primarily due to an increase in past-due on-balance sheet outstanding principal receivables compared to the second quarter of 2019.
As of June 30, 2020, the total balance of outstanding principal and financing service fee receivables for on-balance sheet transactions for which any installment payment was more than 30 calendar days past due was RMB1,166.5 million (US$165.1 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB2,050.3 million (US$290.2 million), indicating M1+ Delinquency Coverage Ratio of 1.8x.
The following charts display the "vintage charge-off rate." Total potential receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.
M6+ Charge-off Rate by Vintage: Include Total Potential Receivables at Risk
Current receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.
M6+ Charge-off Rate by Vintage: Only Include Current Receivables at Risk
Total potential receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.
M1+ Delinquency by Vintage: Include Total Potential Receivables at Risk
Current receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.
M1+ Delinquency by Vintage: Only Include Current Receivables at Risk
Income from operations decreased to RMB312.4 million (US$44.2 million) from RMB1,264.2 million for the second quarter of 2019.
Net income attributable to Qudian's shareholders was RMB179.2 million (US$25.4 million), or RMB0.68 (US$0.10) per diluted ADS.
Non-GAAP net income attributable to Qudian's shareholders was RMB29.9 million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS.
Cash Flow
As of June 30, 2020, the Company had cash and cash equivalents of RMB1,066.0 million (US$150.9 million) and restricted cash of RMB510.8 million (US$72.3 million). Restricted cash mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; and (ii) security deposits held in designated bank accounts for the guarantee of off-balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.
For the second quarter of 2020, net cash provided by operating activities was RMB317.3 million (US$44.9 million), mainly attributable to net income of RMB179.2 million (US$25.4 million) and the collection of repayments of service fees from transactions facilitated in 2019. Net cash used in investing activities was RMB724.9 million (US$102.6 million), mainly due to investments in short-term wealth management products and purchase of equity method investments. Net cash used in financing activities was RMB53.9 million (US$7.6 million), mainly due to repurchase of convertible bond.
Update on Share Repurchase and Convertible Bond Repurchase
As of the date of this release, the Company has repurchased and cancelled total principal amount of convertible senior notes of US$199 million. The Company has cumulatively completed total share repurchases of approximately US$572.8 million. As of June 30, 2020, the total number of ordinary shares outstanding was 253,729,349.
Strategic Investment in Secoo
In June 2020, the Company made a strategic investment in Secoo Holding Limited ("Secoo") of up to US$100 million. As of June 30, 2020, the total amounts had been fully paid. The Company has elected the fair value option to measure its equity method investment in Secoo. All subsequent changes in fair value are reported in earnings.
Regulation Update
On August 20, 2020, the Supreme People's Court of China issued the Decisions of the Supreme People's Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases ("Decisions"), effective immediately, which set the court protected one-year interest rate cap at four times that of the Loan Prime Rate ("LPR") for private lending.
According to the Decisions, the interest rate cap is not applicable to the lending business of financial institutions and their branches that have been established with the approval of financial regulatory authorities. Rather, this new policy is generally interpreted as only being applicable to private lending, while our business almost entirely involves financial institutions. However, it is important to note that the Decisions are newly promulgated, and the policy is subject to further clarifications by courts and regulatory authorities. If the same interest rate cap were applied to our business as required by relevant courts or regulatory authorities, our profitability may suffer a material adverse impact, and we could incur net losses.
For the complete text of the Decisions, please refer to http://www.court.gov.cn/fabu-xiangqing-249031.html. The information contained on this website is not a part of this press release.
Conference Call
The Company's management will host an earnings conference call on September 7, 2020 at 7:00 AM U.S. Eastern Time, (7:00 PM Beijing/Hong Kong Time). Details for the conference call are as follows:
Title of Event:
Qudian Inc. Second Quarter 2020 Earnings Conference Call
Conference ID:
8489234
Registration link:
http://apac.directeventreg.com/registration/event/8489234
naturalborninvestor
4年前
Qudian Inc. to Report Second Quarter 2020 Financial Results on Monday, September 7, 2020
September 02 2020 - 07:00AM
XIAMEN, China, Sept. 2, 2020 /PRNewswire/ -- Qudian Inc. ("Qudian" or the "Company") (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2020 before the U.S. markets open on September 7, 2020.
The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on September 7, 2020 (7:00 PM Beijing/Hong Kong time on September 7, 2020). Details for the conference call are as follows:
Title of Event:
Qudian Inc. Second Quarter 2020 Earnings Conference Call
Conference ID:
8489234
Registration link:
http://apac.directeventreg.com/registration/event/8489234
For participants who wish to join the call, please complete the online registration at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including participant dial-in numbers, a Direct Event Passcode, a unique Registrant ID, and an e-mail with detailed instructions to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.qudian.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until September 14, 2020, by dialing the following telephone numbers:
U.S.:
+1-855-452-5696 (toll-free) / +1-646-254-3697
International:
+61-2-8199-0299
Hong Kong, China:
800-963-117 (toll-free) / +852-3051-2780
Mainland China:
400-632-2162 (toll-free) / 800-870-0205 (toll-free)
Passcode:
8489234