China Rapid Finance Announces Completion of Asset Injection with YBT/SOS and Private Placement with Cash Investors -- Paves the Way to Growth and Profitability
CHINA RAPID FINANCE LTD (XRF)
Last china rapid finance ltd earnings: 11/20 07:21 pm
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Source: PR Newswire
SHANGHAI, May 18, 2020 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) (the "Company") today announced the closing of the asset injection and private placement transactions on May 15, 2020. Upon closing of the transactions, Yong Bao Two Ltd. ("YBT"), a holding company that controls SOS Information Technology Co., Ltd. ("SOS") via contractual arrangements now becomes a wholly owned subsidiary of the Company.YBT, through its consolidated subsidiaries, is a significant player in the emergency rescue business providing emergency healthcare services, emergency roadside assistance, emergency living assistance, and other rescue services in China. XRF's fin-tech business will drive cross-sell opportunities and leverage funding sources from SOS' portfolio. The Company now has significant growth potential with the combination of SOS' emergency rescue services and XRF's fin-tech services' member base, which represents over 55 million members combined. SOS' year over year revenue growth r
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