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Hexindai Working on Application for Micro-Lending License to Further Diversify Business

BEIJING, Dec. 10, 2019 /PRNewswire/ -- Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a fast-growing consumer lending marketplace in China, today announced that it is working on its application for a micro-lending license in China in an effort to further diversify its business.

Chinese regulators are encouraging P2P lending platforms to transform into micro-lending companies. At the end of November 2019, the On­line Fi­nan­cial Risk Spe­cial Rec­ti­fi­ca­tion Work Lead­er­ship Team and the On­line Risk Spe­cial Rec­ti­fi­ca­tion Work Lead­er­ship Team issued guidelines outlining the transformation of P2P platforms into micro-lending companies.

The guidelines outlined include basic principles, requirements, working processes, regulatory measures and supporting policies. Also included are requirements that platforms should not have engaged in any major illegal behavior, maintain qualified shareholders and management, and have a viable proposal and fintech capabilities.

"Hexindai supports the government's initiative to transform the P2P industry," said Mr. Xiaobo An, Hexindai's Founder, Chairman and Chief Executive Officer. "We have been taking action to meet the government's compliance and transformation requirements. We will continue to execute our strategy to diversify our business to meet market demand."

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a fast-growing consumer lending marketplace based in Beijing, China facilitating loans to meet the increasing consumption needs of underserved prime borrowers in China. Hexindai provides borrowers with convenient and ready access to comprehensive consumer finance services. Hexindai's strong user acquisition capabilities, cutting-edge risk management system, and strategic relationships with respected financial institutions allow the Company to generate higher customer satisfaction, reliance, and realize fast growth.

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Safe Harbor Statement

This announcement 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For inquiries, please contact:

Ms. Dorothy Wang
Tel: +86-10-5380-6196

ICR Inc.
Jeff Pei
Tel: +86 10 6583-7514

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548

Mr. Tip Fleming
Phone: +1-917-412-3333

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SOURCE Hexindai Inc.