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Classified in: Business
Subject: ACC

China Rapid Finance Retains China Merchants Bank New York and Pangaea Finance as Co-Financial Advisors for Recapitalization and Restructuring

SHANGHAI, Sept. 4, 2019 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced that its Board of Directors has retained China Merchants Bank Co., Ltd., New York Branch (CMBNY), and Pangaea Finance as separate Co-Financial Advisors, and Pangaea Finance as Structuring Agent, to advise it for strategic alternatives, including but not limited to potential strategic partnerships, recapitalization of certain operating companies, and for a related reconfiguration of the Cayman company as a listed investment vehicle for China credit.

Zane Wang, Chairman and Co-Chief Executive Officer of the Company commented, "We are excited to work with CMBNY and Pangaea Finance, who jointly bring expertise in the China credit market and access to global institutional credit investors. This engagement will accelerate our business transition."

CMBNY is one of the six overseas branches of China Merchant Bank (CMB). CMB, publicly traded on the Hong Kong and Shanghai Stock Exchanges, is the sixth largest, and an award-winning commercial bank in China and ranked Top 20 among global banks by The Banker magazine. CMBNY offers a broad suite of services to corporations, financial institutions and high net worth private banking clients. CMBNY's Investment Banking Department provides cross border advisory services to facilitate businesses and institutions in strategic investments and partnerships.

Pangaea Finance is a corporate finance advisory firm which advises China financial institutions on strategic cross- border transactions. Its partnership consists of highly experienced individuals in global financial institutions, credit markets, and China capital markets. Its current and recent advisory clients include China's largest asset manager, China's top non-bank private credit platform, and a major international PE fund active in China SME financial services. Timothy Van Housen, Managing Partner of Pangaea Finance commented, "Our partnership is excited about the opportunity to create value for a high-quality platform like China Rapid Finance. Its architecture ? credit DNA, leadership, analytics and customer base, several valuable China financial licensed companies, and offshore ownership by a public company ? provides a rare engine to transform and re- package China loan assets into a pioneering investment vehicle for China credit."

The Company cautions that there can be no assurance that any transaction will be approved or consummated. The Company does not intend to disclose developments relating to any Strategic Partner recapitalization and restructuring plan unless and until the Board of Directors has entered into a definitive agreement.

About China Rapid Finance Limited

China Rapid Finance (NYSE: XRF) is a leading fintech company that operates an award-winning microcredit company and one of China's largest online consumer finance marketplaces. The Company enables affordable access to digital credit for one of the world's largest untapped consumer credit markets: China's mobile-active consumers. The Company utilizes its proprietary, mobile-first technology to select consumers for its platform. China Rapid Finance was founded by Dr. Zane Wang, who has decades of consumer credit industry experience in the U.S. and China. For more information, please visit http://ir.crfchina.com.

Safe Harbor Statement

This press release 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 "may," "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to satisfy the requirements of PRC regulatory authorities regarding the repayment of loans made by lenders on its platform; the success of its recapitalization and restructuring plans; the Company's ability to file its Annual Report in a timely manner or regain compliance with NYSE continued listing standards; the potential need to make adjustments to prior period financial statements of the Company; unexpected difficulties in the Company's pursuit of its goals and strategies; unexpected developments, including slow growth, in the consumer lending market reduced demand for, and market acceptance of, the Company's products and services; difficulties keeping and strengthening relationships with borrowers or investors; difficulties of expanding data and channel partnerships, potentially costly servicing activities; competition in the consumer lending market; PRC governmental regulations and policies; and general economic and business conditions in the regions where the Company provides products and services. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this announcement and in the attachments is as of the date of this announcement, and the Company undertakes no duty to update such information except as required under applicable law.

SOURCE China Rapid Finance

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