Form 6-K Pintec Technology Holdin For: Aug 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2019
Commission File Number: 001-38712
Pintec Technology Holdings Limited
9/F Heng An Building
No. 17, East 3rd Ring Road
Chaoyang District, Beijing
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Pintec Technology Holdings Limited | ||
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By |
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/s/ Steven Yuan Ning Sim |
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Name |
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Steven Yuan Ning Sim |
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Title |
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Chief Financial Officer |
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Date: August 1, 2019 |
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Pintec Files Its Annual Report on Form 20-F With Adjustments to Its Financial Results
BEIJING, July 31, 2019 (GLOBE NEWSWIRE) Pintec Technology Holdings Limited (Nasdaq: PT) (PINTEC or the Company), a leading independent technology platform enabling financial services in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2018 with the U.S. Securities and Exchange Commission on July 30, 2019, Eastern Time.
Certain adjustments were made in the Companys consolidated financial statements for the fiscal year ended December 31, 2018, subsequent to the release of the full year 2018 unaudited annual results in March 2019.
In May 2019, the Company waived the interests accrued on a loan to a third party after the third party repaid the outstanding loan principal in full. As a result, the following items in the Companys condensed consolidated statements of operations and comprehensive (loss)/income statement for the fiscal year ended December 31, 2018 were adjusted:
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Pre-adjustment |
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Post-adjustment |
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RMB |
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US$ |
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RMB |
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US$ |
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(in thousands) |
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Share of loss from equity method investments |
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(2,967 |
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(432 |
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(2,652 |
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(386 |
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Other income, net |
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14,317 |
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2,082 |
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8,822 |
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1,283 |
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Income before income tax expenses |
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13,059 |
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1,899 |
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7,880 |
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1,146 |
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Net income |
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7,350 |
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1,068 |
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2,171 |
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315 |
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Total comprehensive income |
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37,523 |
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5,456 |
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32,344 |
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4,703 |
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Non-GAAP adjusted net income |
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138,610 |
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20,159 |
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133,431 |
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19,406 |
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Due to the Companys reclassification of certain items according to their nature, the following items in the Companys condensed consolidated balance sheet for the fiscal year ended December 31, 2018 were adjusted:
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Pre-adjustment |
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Post-adjustment |
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RMB |
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US$ |
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RMB |
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US$ |
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(in thousands) |
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Short-term financing receivables, net |
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734,475 |
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106,825 |
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742,117 |
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107,936 |
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Prepayments and other current assets |
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261,567 |
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38,043 |
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229,008 |
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33,308 |
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Amounts due from related parties |
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472,926 |
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68,784 |
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475,426 |
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69,148 |
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Total current assets |
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2,237,713 |
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325,461 |
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2,215,296 |
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322,201 |
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Total assets |
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2,390,443 |
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347,674 |
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2,368,026 |
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344,414 |
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Accrued expenses and other liabilities |
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175,853 |
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25,577 |
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157,462 |
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22,902 |
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Total current liabilities |
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1,297,741 |
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188,747 |
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1,280,504 |
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186,241 |
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Total liabilities |
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1,327,987 |
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193,146 |
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1,310,750 |
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190,640 |
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Total invested shareholders equity |
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1,062,456 |
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154,528 |
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1,057,276 |
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153,774 |
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Total liabilities and invested shareholders equity |
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2,390,443 |
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347,674 |
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2,368,026 |
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344,414 |
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The annual report can be accessed on the Companys investor relations website at http://ir.pintec.com/. The Company will provide hard copies of the annual report, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations, Pintec Technology Holdings Limited, 9/F Heng An Building, No. 17 East 3rd Ring Road, Chaoyang District, Beijing, Peoples Republic of China.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses.
The Company believes that this non-GAAP financial measure can help management evaluate the Companys operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect the Companys operations. The Company will continue to incur share-based compensation expenses in its business, which are reflected in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should be considered when evaluating the Companys performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (USD) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8755 to US$1.00, the noon buying rate in effect on December 31, 2018, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
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 managements current expectations 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 Companys control. Further information is included in the Companys filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About PINTEC
PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from point-of-sale financing, personal installment loans and business installment loans, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies, peer-to-peer platforms and other similar institutions. For more information, please visit ir.pintec.com.
Investor Relations Contact
Joyce Tang
Pintec Technology Holdings Ltd.
Phone: +1-646-308-1622
E-mail:[email protected]
Jack Wang
ICR Inc.
Phone: +1-646-308-1622
E-mail: [email protected]
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