China Rapid Finance Announces Change of Auditor

October 1, 2019 4:15 PM EDT
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SHANGHAI, Oct. 1, 2019 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) ("XRF" or the "Company") today announced the appointment of Haoxin Certified Public Accountants Company, Ltd. ("Haoxin"), a member firm of TGS Global, as the Company's independent registered public accounting firm.

Haoxin replaces PricewaterhouseCoopers Zhong Tian LLP ("PwC"), which previously was the independent registered public accounting firm for XRF.  The appointment of Haoxin has been approved by both the Audit Committee and the Board of Directors (the "Board") of the Company.  XRF's intention is to file its Annual Report on Form 20-F for its fiscal year ended December 31, 2018 on or before November 15, 2019.

The reports of PwC on the consolidated financial statements of XRF and its subsidiaries as of and for the years ended December 31, 2016 and 2017 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

The Board would like to express its sincere gratitude to PwC for its professionalism and quality of services rendered to the Company over the past years.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to satisfy the requirements of PRC regulatory authorities regarding the repayment of loans made by lenders on its platform; the success of the cooperation arrangement with EOT; the Company's ability to file its Annual Report in a timely manner or regain compliance with NYSE continued listing standards; the potential need to make adjustments to prior period financial statements of the Company; unexpected difficulties in the Company's pursuit of its goals and strategies; unexpected developments, including slow growth, in the consumer lending market; reduced demand for, and market acceptance of, the Company's products and services; difficulties keeping and strengthening relationships with borrowers or investors; difficulties of expanding data and channel partnerships, potentially costly servicing activities; competition in the consumer lending market; PRC governmental regulations and policies; and general economic and business conditions in the regions where the Company provides products and services. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this announcement and in the attachments is as of the date of this announcement, and the Company undertakes no duty to update such information except as required under applicable law.

About China Rapid Finance Limited

China Rapid Finance (NYSE: XRF) is a leading fin-tech company that offers an award-winning microcredit platform and one of China's largest online consumer finance marketplaces.  XRF utilizes its proprietary, mobile-first technology to select consumers for its institutional clients. XRF was founded by Dr. Zane Wang, who has decades of consumer credit industry experience in the U.S. and China. For more information, please visit

About Haoxin Certified Public Accountants Co., Ltd

Haoxin Certified Public Accountants Co., Ltd., founded in 2005, is registered with the PCAOB and is a member of TGS Global, which is a top 25 international network (  Haoxin has more than 50 CPA, CPV, CTA, CIA and EC professionals, including six partners, with more than 15 years of professional experience in accounting, auditing, tax advice, financial management, investing and financial consulting and asset evaluation.  For more information, please visit

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SOURCE China Rapid Finance

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