Xiaobai Maimai Announces the Closing of P2P Disposition Agreement
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BEIJING, Dec. 30, 2020 /PRNewswire/ Xiaobai Maimai Inc. (NASDAQ: HX), formerly known as Hexindai Inc. ( Xiaobai Maimai , the Company , or we ), a social e-commerce platform in China, today announced the closing of the assignment and assumption agreement dated December 16, 2020, by and among Beijing Hexin Yongheng Technology Development Co., Ltd. ( Hexin Yongheng ), a wholly-owned subsidiary of the Company, Kuaishangche Automobile Leasing Co., Ltd. ( Kuaishangche ), a company not directly associated with the Company but controlled by Mr. An, the CEO and Chairman of the board of directors of the Company, Hexin E-Commerce Company Limited ( Hexin E-Commerce ), and individual shareholders of Hexin E-Commerce ( the Agreement ). The closing of the Agreement took place on December 30, 2020. Prior to the closing, Hexin Yongheng had assigned and transferred to Kuais
Unaudited Financial Results
Total net revenues were approximately US$1.4 million, representing a decrease of 73.8% from approximately US$5.2 million in the same period of fiscal year 2020. The decrease was mainly due to a decrease in net revenues from our loan recommendation services and interest income from our micro-lending business.
Revenue from loan facilitation, post-origination, and other services was nil, decreased from approximately US$3.2 million in the same period of last fiscal year as the Company had ceased to issue new loans since November 2019.
Revenue from online marketplace services was approximately US$0.3 million, compared with nil in the same period of last fiscal year. Such revenues were generated from our social e-commerce platform, which was launched in May 2020.
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BEIJING, Dec. 16, 2020 /PRNewswire/ Hexindai Inc. (NASDAQ: HX) ( Hexindai or the Company ), a social e-commerce platform in China, today announced that Beijing Hexin Yongheng Technology Development Co., Ltd. ( Hexin Yongheng ), a wholly-owned subsidiary of the Company, Kuaishangche Automobile Leasing Co., Ltd. ( Kuaishangche ), a company not directly associated with the Company, Hexin E-Commerce Company Limited ( Hexin E-Commerce ), and individual shareholders of Hexin E-Commerce have entered into an assignment and assumption agreement on December 16, 2020 (the Agreement ). Pursuant to the Agreement, Hexin Yongheng has agreed to assign and transfer to Kuaishangche the control over Hexin E-Commerce, in exchange for cash consideration of RMB 5 million (the Disposition ). Upon the closing of the Disposition, Kuaishangche will become the primary beneficiary of and have control of Hexin E-Commerce, and as a result, assume all assets and liabi