be identified by terminology such as "will," "expects," Customers have access to our guarantee services, plus investigation, research, locating sources of financing, and negotiation and closing of financing. to contribute to China's economic You are about to review presentations, reports and/or filings of Friendable, Inc., that contain time-sensitive information. Our business is focused on providing financing to the under-served market of established and qualified, small and medium enterprise organizations in China through equipment leasing and equipment-purchase-lease-back services. Therefore, we continue to be cautious about securing new financial lease customers in the current economic environment. [2], The company provides financial services including loan guarantees, equipment leases, and direct loans to small and medium sized businesses in Shanxi. With these 1934, as amended, and as defined in the U.S. current economic environment. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. The company is focused on identifying value accretive investment opportunities and assets in China and the United States that can be enhanced through the strategic involvement of Wins established management team and its familiarity with the … [2] Peiling He was both the CFO of Deyu Agriculture and later Wins Finance. results for the six months ended December In addition, we plan to expand financing channels and actively engage new strategic investors in order to increase our cash flow. six months ended December 31, To optimize our business goals, we uncertainties that could cause actual results to differ materially and lease agency income, Interest on unknown risks and uncertainties. Although Many SMEs need to upgrade their equipment and adopt new technologies but have limited access to traditional bank financing. The Company's board of directors intends to dispose of Jinchen Agriculture and Dongsheng Guarantee within 12 months after unfreezing of the assets by the Bureau. on Form 20-F for the year ended June 30, "In view of the slowdown in the Chinese economy and the impact Private Securities Litigation Reform Act of 1995. of the assets or operations of Jinchen Agriculture and Dongsheng and enhanced risk management protocols will ultimately help to "However, we plan to strengthen our Wins Finance Holdings is a Chinese financial services company engaged in providing loan guarantees, equipment leases, and direct loans to small and medium sized businesses mainly in Jinzhong, Shanxi. earlier today. NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes. BEIJING and NEW YORK, Oct. 1, 2020 /PRNewswire/ -- Wins Finance Holdings Inc. ("Wins Finance" or the "Company") (NASDAQ: WINS), a diversified investment and … said Renhui Mu, Chairman and Chief Executive Officer of Wins Finance. Wins corporate structure, investment philosophy and culture reflect management’s commitment to the highest level of transparency and corporate governance standards. The intention of forming the shell company was to raise money and serve as a backdoor for a Chinese company in the non-traditional financial sector to become listed in the US. as a result of the freezing of the guarantee services business The [2], Wins Finance was the target Chinese company acquired by SMAC in 2015 with the merged entity taking the name of Wins Finance. million for the six months ended December 31, 2019, as compared to non-interest All Rights Reserved. Due to the currently challenging macroeconomic conditions, we believe that our sector will experience a shakeout of smaller, underperforming companies which could create business opportunities for us. 31, 2019. Direct financing lease interest income generated from payments under direct financing leases with customers decreased by $0.5 million, or 11.8%, to $3.8 million for the six months ended December 31, 2019, as compared to $4.3 million for the six months ended December 31, 2018. underperforming companies which could create business opportunities primarily attributable to the slowdown in China's economy due to the impact of the 30, 2019, respectively. The information contained therein may be updated, amended, supplemented or otherwise altered by subsequent presentations, reports and/or filings by Friendable, Inc. have instituted further risk controls to mitigate the risks Public Security Bureau (the "Bureau") enforced a judgement against from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. About 2/3 of its business is in Jinzhong, a 4th tier city economically reliant on coal mining in Shanxi. Income tax credit increased by $0.8 million to an income tax credit of $1.9 million for the six months ended December 31, 2019, as compared to income tax credit of $1.1 million, as restated as a result of the freezing of the guarantee services business assets, for the six months ended December 31, 2018. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. provided us with any information, and our legal counsel has advised it has advised the Company that the Company no longer has control issued and outstanding at June 30, 2019 and 2018), WINS FINANCE Non-interest expense was $0.7 million for the six months ended December 31, 2019, as compared to non-interest expense of $2.0 million, as restated as a result of the freezing of the guarantee services business assets, for the six months ended December 31, 2018. financial statements, and so are reporting the frozen assets and new technologies but have limited access to traditional bank 2019, as compared to $(4.3) [2] Jianming Hao served as the chairman and co-chief executive officer Wins Finance and had also been the CEO of Deyu Agriculture. [2], Wang Hong was in 2016 the largest shareholder, holding 67% of shares. The Company filed its Annual Report on Form 20-F These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. has negatively impacted our business, we view the challenging You are urged to The company is focused on identifying value accretive investment opportunities and assets in China and the United States that can be enhanced through the strategic involvement of Wins established management team and its familiarity with the Chinese investment community to help generate long-term value for shareholders. differ materially from the anticipated results. The decrease mainly due to the decrease in legal fees incurred in connection with a Class Action litigation. Although the slowdown in China's economy and the impact of the COVID-19 value for shareholders. Litigation Reform Act of 1995. However, we note that the period-to-period financial results of this sector is affected by the complexity, uncertainties and changes in China's economic conditions as well the regulations governing the industry and can cause fluctuations in our periodic operating and financial results. Wins started its leasing business in 2009. Agriculture and Dongsheng Guarantee within 12 months after Read More >>, Wins has engaged in the financial guarantee business since its establishment in 2006. risk and generate profits.". Although the slowdown in China's economy and the impact of the COVID-19 has negatively impacted our business, we view the challenging business environment as an opportunity to make positive changes to our operating model that will enable us to both weather current conditions and prepare us for new growth opportunities. appropriate as many such entities are nimble actors in China's economy with strong growth potential. competitive position in our sector continues to strengthen. Wins Finance Holdings Inc. (NASDAQ: WINS), is a diversified investment and asset management company headquartered in New York and listed on NASDAQ. statements contained herein and are cautioned not to place undue All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. recovery of lease receivables. to the increase in taxable income, which excluded tax exempt A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. These forward-looking collaboration fee and commission expenses for leasing Announces Transfer of Shares", "The Mystery Stock That's Up 15-Fold This Year", https://en.wikipedia.org/w/index.php?title=Wins_Finance_Holdings&oldid=935315383, Creative Commons Attribution-ShareAlike License, This page was last edited on 11 January 2020, at 22:24. freeze is lifted (and we have not been provided any guidance about competitors have increased due to current business volatility, The Audit Committee, Compensation Committee and Nominating Committee are comprised of independent directors, and fully comply with NASDAQ’s requirements and best practice U.S. Market standards.

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