• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

China Internet Nationwide Financial Services Inc. Reports Unaudited Third Quarter 2017 Financial Results


News provided by

China Internet Nationwide Financial Services Inc.

Nov 30, 2017, 15:15 ET

Share this article


BEIJING, Nov. 30, 2017 /PRNewswire/ -- China Internet Nationwide Financial Services Inc. ("CIFS" or the "Company") (NASDAQ: CIFS), a leading financial advisory services company, today announced its unaudited financial results for the three and nine months ended September 30, 2017.

Third Quarter 2017 Highlights (all comparisons to prior year unless noted)


For the Three Months Ended September 30,

($ thousands, except per share data)

2017


2016


% Change

Revenue

$              5,134


$               4,068


26.2%

Gross profit

5,001


3,972


25.9%

Gross margin

97.4%


97.6%


-0.2 pp

Operating income

4,013


3,684


8.9%

Operating margin

78.2%


90.6%


-12.4 pp

Net Income

5,014


3,802


31.9%

EPS - basic & diluted

0.23


0.19


23.2%

  • Net revenue increased by 26.2% to $5.13 million for the third quarter of 2017, as total amount of financing advised increased by 35.1% to $500 million.
  • Net income was $5.01 million, or $0.23 per basic and diluted share, for the third quarter of 2017, compared to $3.80 million, or $0.19 per basic and diluted share, for the same period last year. The increases in net income and earnings per share were mainly due to expansion of our business and growth in our revenue.
  • On November 6, 2017, the Company launched its FinTech initiative which specifically centers around the development of a big data platform that would allow the Company to leverage big data access, analytics, artificial intelligence ("AI") and machine learning in acquiring and retaining customers through precision marketing and effective risk control.
  • On November 14, 2017, the Company entered into an equity transfer agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, for a total cash consideration of RMB12 million (approximately US$1.8 million).
  • On October 25, 2017, the Company announced the expansion of its service offerings with the launch of its supply chain financing services with an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains.

"We are pleased to report strong third quarter financial results that highlighted continued momentum in our business with revenue and net income growing by 26.2% and 31.9%, respectively for the third quarter 2017," commented Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS.

Mr. Lin continued, "During the third quarter, we also made significant progress in executing our long-term growth plan. In October, we launched the supply chain financing services with an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains. In November, we signed agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, just weeks after the launch of our FinTech Initiative. Kudos to our dedicated team and we look forward to ending the year on a strong note."

Third Quarter of 2017 Financial Results

Revenue

For the three months ended September 30, 2017, net revenue increased by $1.07 million, or 26.2%, to $5.13 million from $4.07 million for the same period last year. The increase in net revenue was primarily due to the increase in total amount of financing advised which increased by $130 million, or 35.1%, to $500 million for the three months ended September 30, 2017 from $370 million for the same period last year. The increase in net revenue and amount of financing advised was related to commercial payment advisory services and partially offset by the decrease in revenue generated from intermediary loan advisory services.


For the Three Months Ended September 30,


2017


2016


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)

Commercial Payment

8


$               373


$          4.22


3


$         187


$       2.11

International Corporate Financing

1


$               100


$          0.40


1


$          100


$       0.38

Intermediary Loan

1


$                 27


$          0.52


2


$            83


$       1.57

Total

10


$               500


$          5.13


6


$          370


$       4.07

Revenue from commercial payment advisory services increased by $2.10 million, or 99.5%, to $4.22 million for the three months ended September 30, 2017 from $2.11 million in the same period last year. The Company assisted 8 small to medium sized enterprises ("SMEs") in obtaining acceptance bills from banks with a total amount of financing of $373 million during the three months ended September 30, 2017, compared to 3 SMEs and $187 million, respectively, during the same period last year. Revenue from international corporate financing advisory services increased by $0.01 million, or 3.8%, to $0.40 million for the three months ended September 30, 2017 from $0.38 million for the same period last year. The Company provided international corporate financing advisory services to 1 SME with a total amount of financing of $100 million during the three months ended September 30, 2017, essentially unchanged from the same period last year. Revenue from intermediary loan advisory services decreased by $1.05 million, or 67.0%, to $0.52 million for the three months ended September 30, 2017 from $1.57 million for the same period last year. The Company provided intermediary loan advisory services to 1 SME with a total financing amount of $27 million during the three months ended September 30, 2017, compared to 2 SMEs and $83 million, respectively, during the same period last year.

Cost of Revenue

Total cost of revenue, which is mainly comprises revenue-generating staffing costs, increased by $0.04 million, or 38.1%, to $0.13 million for the three months ended September 30, 2017 from $0.10 million for the same period last year.

Gross Profit and Gross Margin

Gross profit increased by $1.03 million, or 25.9%, to $5.00 million for the three months ended September 30, 2017 from $3.97 million for the same period last year. The increase in gross profit was in line with the growth of net revenue. Gross margin was 97.4% for the three months ended September 30, 2017, compared to 97.6% for the same period last year.

Operating Expenses

Selling and marketing expenses increased by $0.05 million, or 547.3%, to $0.06 million for the three months ended September 30, 2017, compared to $0.01 million for the same period last year. The increase in selling and marketing expenses was primarily related to increased costs associated with a more expansive marketing campaign to promote the Company and an increase in staffing costs. General and administrative expenses increased by $0.65 million, or 232.5%, to $0.93 million for the three months ended September 30, 2017 from $0.28 million for the same period last year. The increase in general and administrative expenses was primarily due to an increase in expenses related to a new office lease, professional fees, travelling and entertainment expenses as well as expenses related to our initial public offering. As a result, total operating expenses increased by $0.70 million, or 243.0%, to $0.99 million for the three months ended September 30, 2017 from $0.29 million for the same period last year. As a percentage of net revenue, total operating expenses was 19.2% for the three months ended September 30, 2017, compared to 7.1% for the same period last year.

Operating Income and Operating Margin

Operating income increased by $0.33 million, or 8.9%, to $4.01 million for the three months ended September 30, 2017 from $3.68 million for the same period last year. Operating margin was 78.2% for the three months ended September 30, 2017, compared to 90.6% for the same period last year.

Other Income (Expenses)

Total net other income, which primarily comprises interest income from loans to third parties as well as interest income on bank deposits and other expenses, increased by $0.50 million, or 71.8%, to $1.19 million for the three months ended September 30, 2017 from $0.69 million for the same period last year.

Income Tax Expenses

Income tax expense was $0.19 million for the three months ended September 30, 2017, compared to $0.58 million for the same period last year. The decrease of income tax expense was mainly due to the transition of operating business from one subsidiary - Sheng Ying Xin (Beijing) Management Consulting Co., Ltd. during the third quarter of 2016, which is subject to the 25% income tax rate, to another subsidiary - Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd., which is exempted from income tax from its inception to December 31, 2020.

Net Income and EPS

Net income increased by $1.21 million, or 31.9%, to $5.01 million for the three months ended September 30, 2017 from $3.80 million for the same period last year. The increase in net income was primarily related to the increase in net revenue and decrease in income tax expenses and partially offset by the increase in operating expenses. Basic and diluted earnings share was $0.23 for the three months ended September 30, 2017, compared to $0.19 for the same period last year.

Nine Months Ended September 30, 2017 Financial Results


For the Nine Months Ended September 30,

($ thousands, except per share data)

2017


2016


% Change

Revenue

$            13,107


$             10,976


19.4%

Gross profit

12,791


10,703


19.5%

Gross margin

97.6%


97.5%


0.1 pp

Operating income

11,166


9,884


13.0%

Operating margin

85.2%


90.1%


-4.9 pp

Net Income

13,254


9,495


39.6%

EPS - basic & diluted

0.65


0.47


38.3%

Revenue

For the nine months ended September 30, 2017, net revenue increased by $2.13 million, or 19.4%, to $13.11 million from $10.98 million for the same period last year. The increase in net revenue was primarily due to the increase in total amount of financing advised which increased by $246 million, or 24.2%, to $1,264 million for the nine months ended September 30, 2017 from $1,018 million for the same period last year. The increase in net revenue and amount of financing advised was related to commercial payment advisory services and international corporate financing advisory services.


For the Nine Months Ended September 30,


2017


2016


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)


No. of
Clients
Advised


Amount of
Financing
Advised
($ Millions)


Revenue
($ Millions)

Commercial Payment

17


$               827


$          9.36


13


$         650


$       7.59

International Corporate Financing

3


$               300


$          1.16


3


$         230


$       0.87

Intermediary Loan

5


$               137


$          2.59


5


$         138


$       2.52

Total

25


$            1,264


$        13.11


21


$      1,018


$     10.98

Revenue from commercial payment advisory services increased by $1.78 million, or 23.4%, to $9.36 million for the nine months ended September 30, 2017 from $7.59 million for the same period last year. The Company assisted 17 SMEs in obtaining acceptance bills from banks with a total amount of financing of $827 million during the nine months ended September 30, 2017, compared to 13 SMEs and $650 million, respectively, during the same period last year. Revenue from international corporate financing advisory services increased by $0.29 million, or 32.8%, to $1.16 million for the nine months ended September 30, 2017 from $0.87 million for the same period last year. The Company provided international corporate financing advisory services to 3 SMEs with a total amount of financing of $300 million during the nine months ended September 30, 2017, compared to 3 SMEs and $230 million, respectively, during the same period last year. Revenue from intermediary loan advisory services increased by $0.07 million, or 2.8%, to $2.59 million for the nine months ended September 30, 2017 from $2.52 million for the same period last year. The Company provided intermediary loan advisory services to 5 SMEs with a total amount of financing of $137 million during the nine months ended September 30, 2017, compared to 5 SMEs and $138 million, respectively, during the same period last year.

Cost of Revenue

Total cost of revenue, which mainly comprises revenue-generating staffing costs, increased by $0.04 million, or 15.8%, to $0.32 million for the nine months ended September 30, 2017 from $0.27 million for the same period last year.

Gross Profit and Gross Margin

Gross profit increased by $2.09 million, or 19.5%, to $12.79 million for the nine months ended September 30, 2017 from $10.70 million for the same period last year. The increase in gross profit was in line with the growth of net revenue. Gross margin was 97.6% for the nine months ended September 30, 2017, compared to 97.5% for the same period last year.

Operating Expenses

Selling and marketing expenses increased by $0.06 million, or 208.0%, to $0.09 million for the nine months ended September 30, 2017, compared to $0.03 million for the same period last year. The increase in selling and marketing expenses was primarily related to an increase n costs associated with a more expansive marketing campaign to promote the Company and an increase in staffing costs. General and administrative expenses increased by $0.75 million, or 94.5%, to $1.54 million for the nine months ended September 30, 2017 from $0.79 million for the same period last year. The increase in general and administrative expenses was primarily due to an increase in expenses related to a new office lease, professional fees, travelling and entertainment expenses as well as expenses related to our initial public offering. As a result, total operating expenses increased by $0.81 million, or 98.5%, to $1.63 million for the nine months ended September 30, 2017 from $0.82 million for the same period last year. As a percentage of net revenue, total operating expenses was 12.4% for the nine months ended September 30, 2017, compared to 7.5% for the same period last year.

Operating Income and Operating Margin

Operating income increased by $1.28 million, or 13.0%, to $11.17 million for the nine months ended September 30, 2017 from $9.88 million for the same period of last year. Operating margin was 85.2% for the nine months ended September 30, 2017, compared to 90.1% for the same period last year.

Other Income (Expenses)

Total net other income, which primarily comprises interest income from loans to third parties as well as interest income on bank deposits and other expenses, increased by $0.54 million, or 26.1%, to $2.63 million for the nine months ended September 30, 2017 from $2.08 million for the same period last year.

Income Tax Expenses

Income tax expense was $0.54 million for the nine months ended September 30, 2017, compared to $2.47 million for the same period last year. The decrease of income tax expense was mainly due to the transition of operating business from one subsidiary - Sheng Ying Xin (Beijing) Management Consulting Co., Ltd. which is subject to the 25% income tax rate, to another subsidiary - Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd., which is exempted from income tax from its inception to December 31, 2020.

Net Income and EPS

Net income increased by $3.76 million, or 39.6%, to $13.25 million for the nine months ended September 30, 2017 from $9.50 million for the same period last year. The increase in net income was primarily related to the increase in net revenue and decrease in income tax expenses and partially offset by the increase in operating expenses. Basic and diluted earnings share were $0.65 for the nine months ended September 30, 2017, compared to $0.47 for the same period last year.

Liquidity and Capital Resources

As of September 30, 2017, the Company had cash and cash equivalents of $23.20 million, compared to $1.88 million at the end of 2016. Balance of loans to third parties was $33.96 million as of September 30, 2017, compared to $19.24 million at the end of 2016.

Net cash provided by operating activities was $13.60 million for the nine months ended September 30, 2017, compared to $10.51 million for the same period last year.

Recent Developments

On November 14, 2017, the Company entered into an equity transfer agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, for a total cash consideration of RMB12 million (approximately US$1.8 million). The acquisition was consummated on November 23, 2017.

On November 6, 2017, the Company announced plans to make "FinTech" or financial technologies a core competency and a key growth driver for the Company's next phase of growth (the "FinTech Initiative"). The Company's FinTech Initiative specifically centers around the development of a big data platform that would allow the Company to leverage big data access, analytics, artificial intelligence ("AI") and machine learning in acquiring and retaining customers through precision marketing and effective risk control. The Company plans to fulfill the FinTech Initiative through a combination of key employee recruitment and targeted acquisitions.

On October 25, 2017, the Company announced the expansion of its service offerings with the launch of its supply chain financing services (the "SCF Services"). The SCF Services provide owners of SMEs with holistic supply chain financing solutions and value-added services in order to reduce financing costs and improve efficiency during a business transaction. With an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains, the SCF Services will be operated through Fu Hui (Shenzhen) Commercial Factoring Co., Ltd., a recently incorporated, wholly owned subsidiary of the Company.

On October 16, 2017, Mr. Kam Cheng Leong tendered his resignation as director of the Company, Chairman of the Nominating and Corporate Governance Committee and member of both Audit Committee and Compensation Committee of the Company. Mr. Leong's resignation was for personal reasons and was not a result of any dispute with the Company. The Board accepted Mr. Leong's resignation with immediate effect. On the same day, the Board resolved to appoint Mr. Buting Yang to replace Mr. Leong in the abovementioned capacities, effective immediately.

About China Internet Nationwide Financial Services Inc.

Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial Services Inc. provides financial advisory services, including commercial payment advisory, intermediary bank loan advisory, and international corporate financing advisory, to meet the financing and capital needs of its clients, comprised largely of small-to-medium sized enterprises. More information about the Company can be found at www.cifsp.com.

Forward Looking Statements

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. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. 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. 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, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

INVESTOR RELATIONS:

China Internet Nationwide Financial Services Inc.
Email: [email protected]
Phone: +86 10 8587 8166

Tony Tian, CFA
Weitian Group LLC
Email: [email protected]
Phone: +1 732 910 9692

 

CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In US$)





 

As of
September 30,



 

As of
December 31,



2017



2016

ASSETS






Current assets






Cash and cash equivalents

$

23,196,608


$

1,880,425

Accounts receivable (including $0 and $0 of receivable from related parties as of September 30, 2017 and December 31, 2016, respectively)


5,885,278



8,088,511

Other receivables and prepayments


355,386



94,474

Loan to third parties


33,955,717



19,237,422

Deferred offering cost                                        


-



312,202

Total Current Assets


63,392,989



29,613,034







Non-current assets






Equipment, net


131,324



28,777

Intangible assets, net


5,445



2,772

Long-term office rental deposit


514,950



208,695

Total Assets

$

64,044,708


$

29,853,278







LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






Accrued payroll

$

575,933


$

490,875

Other payables and accruals


28,631



53,827

Due to a related party


163,603



163,361

Taxes payable


4,929,438



3,755,872

Total Current Liabilities


5,697,605



4,463,935







Shareholders' equity






Common Stock ($0.001 par value, unlimited authorized shares, and 22,023,146 and 20,000,000 share issued and outstanding as of September 30, 2017 and December 31, 2016, respectively)


22,023



20,000

Additional paid in capital


27,362,710



9,147,398

Statutory reserve


1,657,084



1,657,084

Retained earnings


30,932,971



17,679,458

Accumulated other comprehensive loss


(1,627,685)



(3,114,597)

Total Shareholders' Equity


58,347,103



25,389,343

Total Liabilities and Shareholders' Equity

$

64,044,708


$

29,853,278


CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

(In US$)



Three Months
Ended 
September 30,
2017


Three Months
Ended 
September 30,
2016


Nine Months
Ended 
September 30,
2017


Nine Months
Ended 
September 30,
2016

Revenue












International corporate financing advisory

$

395,744


$

381,222


$

1,159,283


$

873,137

Intermediary bank advisory services


519,438



1,572,127



2,587,585



2,517,229

Commercial payment advisory services


4,218,708



2,114,950



9,360,236



7,585,555

Total revenue


5,133,890



4,068,299



13,107,104



10,975,921













Cost of revenues


133,370



96,548



315,884



272,869

Gross profit


5,000,520



3,971,751



12,791,220



10,703,052













Operating expenses












Selling and marketing expenses


62,271



9,620



88,566



28,752

General and administrative expenses


925,114



278,224



1,536,974



790,273

Total Operating expenses


987,385



287,844



1,625,540



819,025

Income from operations


4,013,135



3,683,907



11,165,680



9,884,027













Other income (expenses)












Interest income on bank deposit


3,079



418



7,697



2,365

Other income(expenses), net


(26,452)



51



(52,851)



(7,377)

Interest income from loans to third parties


1,216,416



693,914



2,672,108



2,087,992

Total other income, net


1,193,043



694,383



2,626,954



2,082,980













Income before income tax expenses


5,206,178



4,378,290



13,792,634



11,967,007

Income tax expenses


191,821



576,285



539,123



2,471,844

Net Income

$

5,014,357


$

3,802,005


$

13,253,511


$

9,495,163

Other comprehensive loss












Foreign currency translation gain/(loss)


757,926



(149,163)



1,486,914



(551,420)

Comprehensive Income

$

5,772,283


$

3,652,842


$

14,740,425


$

8,943,743

Weighted average number of shares, basic and diluted*


21,429,397



20,000,000



20,481,701



20,000,000

Basic and diluted earnings per share

$

0.23


$

0.19


$

0.65


$

0.47

SOURCE China Internet Nationwide Financial Services Inc.

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.