Wednesday, October 16, 2019 9:03:31 PM
Quote:Since May 2019, there have been a number of borrowers who borrowed funds via our online finance marketplace platform that maliciously defaulted on their debt repayment obligations (the “ Defaulted Loans ”). As of the date of this Current Report, the total amount of Defaulted Loans on our platform is approximately RMB95,000,000 (approximately USD13,500,000). As we only facilitate loans by connecting borrowers and lenders on our platform and do not take control of funds that pass between such lenders and borrowers, we are unable to take legal action against the default borrowers or liquidate their loan collateral. Instead, the Company has been taking measures permissible under the PRC laws, including but not limited to, reporting the defaulted borrowers to regulatory authorities, having our customer service personnel to assist the lender to make collection in-person, assisting lenders to negotiate with the borrowers, assisting the lenders to take legal actions and etc. Since March 2018, the Chinese regulatory authorities have issued rules and measures limiting lender or P2P platforms’ ability to make collections, including collection with violent actions etc. Due to the delays in collecting the Defaulted Loans, a number of lenders have been visiting the Company’s offices with threats and have caused disruptions to the Company’s business operations. In order to avoid further disruption of the Company’s operations while also reducing our office rental expenses, the Company decided to move its offices in late July
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