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Bram Berkowitz mainly writes in the financials bureau covering the banking sector. Prior to The Motley Fool, he wrote about and covered community and regional banks in New England for The Warren Group. Follow @BramBerko
What happened
Shares of the Chinese financial services platform
Yiren Digital (NYSE:YRD) jumped more than 36% this week following trading Thursday after the company announced earnings results for the first quarter of 2021.
So what
Yiren Digital, which provides China s wealthy population with a variety of lending and wealth-management services, reported net income equivalent to $27.7 million for the first quarter of 2021, a big 844% jump from net income the company reported in the first quarter of 2020.
/PRNewswire/ Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital personal financial management platform in China, today.
Yiren Digital Reports Fourth Quarter and Fiscal Year 2020 Financial Results
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BEIJING, April 1, 2021 /PRNewswire/ Yiren Digital Ltd. (NYSE: YRD) ( Yiren Digital or the Company ), a leading comprehensive personal financial service platform in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2020.
On December 31, 2020, the Company entered into definitive agreements in relation to a business restructuring with CreditEase Holdings (Cayman) Limited ( CreditEase ), the controlling shareholder of the Company, to streamline the Company s service lines and reposition the Company as a comprehensive personal financial service platform (the Restructuring ). Upon the completion of the Restructuring, the Company has ceased control over the business (the Disposed Business ) currently operated by Hengcheng Technology Development (Beijing) Co., Ltd. ( Hengcheng ), a var