HONG KONG, Aug. 30, 2021 /PRNewswire/ -- 9F Inc. ("9F" or
the "Company") (NASDAQ: JFU), an innovative
blockchain-based digital securities brokerage
platform and service technology company, today announced that
it is implementing a series of strategic changes aimed at
transforming the Company from a leading financial technology
service provider focused on personal credit technology to a
cutting-edge digital and blockchain-based securities brokerage
company with equity-based securities brokerage services and digital
asset technology services at the center of its offerings.
Leveraging the decades-long track record of its wholly-owned
licensed brokerage firm, and empowered by artificial intelligence
and blockchain technologies, the Company is committed to becoming a
global platform for the investment in, and trading of, securities
and digital assets, providing users worldwide with global
investments in stocks, debt securities and digital asset management
services, with a primary focus on stocks traded on the U.S. and
Hong Kong stock exchanges. The
Company's brokerage operation is headquartered in Hong Kong, supported by branch offices in
Mainland China, Singapore, Indonesia, Thailand, Vietnam and other Southeast Asian
countries.
Elaborating on the backdrop of the ongoing transition, Mr. Lei
Liu, Executive Director and CEO of the Company, commented, "The
Company has been around for fifteen years since its inception and
has experienced different economic cycles and crises. We have
gained a profound understanding of the fact that during economic
downturns, internet-based credit facilities increase the
overall debt and risk level of society, putting pressure on and
weighing down both investors and borrowers. The same holds
true for loan facilitation businesses operating in collaboration
with financial institutions, especially where direct and indirect
guarantee arrangements also give rise to hidden long-term risks,
into which we also have deep insights. As part of our strategic
transformation, we have decided to shift our focus to provide
brokerage services that also allow investors to
trade digital securities using blockchain
technology centered on equity securities and digital
asset products. In doing so, we will be able to better respond to
the policy call for deleveraging and stepping up investments in
equity assets, as well as to resolve historical issues that are now
behind us. The ownership of a licensed brokerage firm that has
decades of operating experience, the first-mover advantage
of our early deployment in Southeast Asian markets, the 113
million registered users that we have accumulated over time, the
blockchain and artificial intelligence technologies that we have
amassed, together with the innovation and execution capabilities of
our experienced management team, have served and will continue to
serve as the cornerstone of our transformation and in the process,
will make us a cut above the rest."
According to Mr. Raymond Chan,
CEO of our subsidiary Ether Securities Hong Kong, "We are
a NASDAQ-listed digital and blockchain-based securities
brokerage firm. We are based in Hong
Kong and we cater to the global markets. Our vision is to
provide an intelligent platform for global securities investments
and digital asset management for young users around the world, and
to make asset allocation on an international scale and wealth
appreciation a possibility through licensed and rule-compliant
trading of global assets (including digital assets). We have
noticed that blockchain technology is disrupting and
transforming traditional brokerage services, and many
institutions including Goldman Sachs, JPMorgan Chase, Robinhood
have included digital asset services in their service
offerings. Therefore, we see more demand in this
space for the foreseeable future, and have increased
resources in our research and development team in Singapore to focus on R&D of NFTs, METAVERSE and other blockchain
technology and services. We will incubate a novel ecosystem of 'new
consumption, new technology, new fortune' around the consumer and
technology sectors, to help younger generations grow their
affluence from equity-based investments and to benefit directly
from the rapid development of the global digital economy. This
digital ecosystem will also connect global investors with
investment opportunities that come with the vast potential of
China's new consumer economy and
the appreciation of global digital assets. We benchmark ourselves
against US-based Robinhood and Charles
Schwab, and we are working on a series of upgrades to our
securities app 'Ether Benben'."
The Company currently holds Type 1 (dealing in securities),
Type 4 (advising on securities), Type 5 (advising on
future contract) and Type 9 (asset management) Licenses under
the Securities and Futures Ordinance in Hong Kong, and offers brokerage, IPO
underwriting and distribution, securities investment advisory,
futures, public and private equity funds, and asset management
services that cater to the U.S. and Hong
Kong stock markets. The Company also holds an insurance
brokerage license in Hong Kong,
financial service licenses in Southeast
Asia, insurance brokerage license and fund sales license in
Mainland China. Leveraging our pool of licenses and
blockchain-based and blockchain technologies, the Company is
becoming a "blockchainized" securities brokerage firm.
In addition, the Company is in the process of applying for
brokerage and digital assets management licenses in other countries
such as Singapore and the United States, so as to continue to
expand service offerings and enhance its "one account, global
investment" concept and serve as a one-stop service platform.
About 9F Inc.
9F Inc. is a blockchain-based digital securities brokerage
platform and service technology company. The Company serves the
global markets from its headquarters in Hong Kong, and has a network of local offices
in Mainland China, Singapore, Indonesia, Thailand, Vietnam and other Southeast Asian countries.
The Company leverages advanced internet technologies to serve a
global customer base with a particular focus on young users. It
offers worldwide investment and digital asset management services
and connects global investors with investment opportunities that
come with the vast potential of China's new consumer economy and the
appreciation of global digital assets.
The Company currently holds Type 1 (dealing in securities),
Type 4 (advising on securities), Type 5 (advising on
future contract) and Type 9 (asset management) Licenses under
the Securities and Futures Ordinance in Hong Kong, and has a veteran team experienced
in securities services. The Company also holds multiple financing
service licenses in Southeast Asia
and plans to apply for blockchain-based securities service licenses
and digital assets management licenses in other countries and
regions such as Singapore and
the United States. As of
December 31, 2020, the Company has
accumulated approximately 113 million registered users, and has 65%
of its employees engaged in research, product development and
operation functions. Benefiting from the strength of its internet
technologies, the scalability of its business, and the increasing
weightage of employees servicing the overseas markets, the Company
has shifted the primary focus of its business into a
blockchain-based securities brokerage service platform.
The Company's vision is to empower young investors around the
world to make investment in a new ecosystem involving "new
consumption, new technology and new fortune", using our intelligent
investment services.
Pursuant to industry-wide policy requirements, Jiufu Puhui, a
subsidiary of the Company based in Mainland China, has ceased its
online lending information intermediary services in Mainland China
in 2020. Outstanding loans under the relevant online lending
activities have been transferred to certain third parties and Jiufu
Puhui will continue to provide technical support for debt
collection and post-origination customer services to such
independent third parties to facilitate the phasing out of the
online lending intermediary businesses and the settlement of
outstanding loans. Jiufu Shuke, a subsidiary of the Company based
in Beijing, will shift its
business focus to the provision of financial technologies
enablement services for financial institutions. Ether
Securities Hong Kong (previously known as Fuyuan Securities Hong
Kong) will serve as the headquarters under the Company's revamped
business strategy and the central hub of a long-established network
spanning Hong Kong, Southeast Asia, as well as other overseas
markets. The Company plans to procure additional licenses in
Singapore, the U.S. and beyond and
leverage internet and blockchain technologies, thereby expanding
its overseas operations progressively to provide global securities
investment and digital assets management services.
For more information, please
visit https://ir.9fgroup.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of 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," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market, regulatory
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in any such statements. Potential
risks and uncertainties include, but are not limited to,
uncertainties as to the Company's ability to continue or to complete its ongoing business
transformation, attract and retain investors on its
platform, its ability to apply for or obtain any license, its
ability to expand into any new market, its ability to compete
effectively, its ability to comply with any applicable laws,
regulations and governmental policies in China or elsewhere, general economic
conditions in China and elsewhere,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq, including its ability
to cure any non-compliance with the Nasdaq's continued listing
criteria. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission.
Neither track record nor past
performance is indicative of future results. 9F Inc. does not
guarantee any specific outcome (including the outcome of its
ongoing business transformation) or profit.
No opinion expressed, information provided or statement
made by the Company in this press release shall be treated as an
inducement, recommendation or advice to make a particular
investment or follow a particular strategy.
All information provided in this press release is as of
the date of this press release, and subject to change without
notice. 9F Inc. does not undertake any obligation to update
information contained herein as a result of new information, future
events or otherwise, except as required under applicable
law.
For investor and media enquiries, please contact:
In China:
9F Inc.
E-mail: ir@9fbank.com.cn
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE 9F Inc.