Investment Rating - The report maintains a "Buy" rating for QFIN US and 3660 HK with target prices of $37.20 and HKD 143.40 respectively [9]. Core Insights - QFIN's 3Q24 performance exceeded expectations with revenue of RMB 4.37 billion, a quarter-on-quarter increase of 5.1% and a year-on-year increase of 2.1%. Net profit reached RMB 1.80 billion, reflecting a quarter-on-quarter increase of 30.6% and a year-on-year increase of 57.9% [3][4]. - The company announced a share repurchase plan of $450 million for 2025, indicating a commitment to shareholder returns [3]. - Loan quality has stabilized, with a decrease in overdue rates and an increase in loan disbursement volume, suggesting a potential return to normal operational strategies [3][5]. Financial Performance - In 3Q24, the loan disbursement volume was RMB 82.4 billion, marking a quarter-on-quarter increase of 13.1% and a year-on-year decrease of 14.9%. The loan balance was RMB 127.7 billion, with a quarter-on-quarter increase of 3.4% [4]. - The net take rate improved to 12.2% in 3Q24, up from 10.2% in 2Q24, driven by lower funding costs and the cessation of low-margin businesses [4]. - The company expects to achieve its net profit guidance of RMB 1.75-1.85 billion for 3Q24, supported by macroeconomic stabilization and prudent operational management [5]. Earnings Forecast - The report adjusts the forecast for attributable net profit for 2024, 2025, and 2026 to RMB 6.15 billion, RMB 6.34 billion, and RMB 6.62 billion respectively, reflecting an increase of 13.7% for 2024 [6]. - Target prices for QFIN US and 3660 HK have been raised to $37.20 and HKD 143.40 based on PE and DCF valuation methods [6][19]. Valuation Methodology - The target price is derived from a combination of DCF and PE valuation methods, with the PE valuation based on an average of 6x for 2025 [19][20]. - The DCF analysis incorporates a three-stage model, projecting net profits and capital returns over the next several years [20][21]. Key Financial Metrics - The report provides a detailed breakdown of financial metrics, including projected revenues, net profits, EPS, PE ratios, and ROE for the years 2022 to 2026 [27]. - For 2024, the projected EPS is RMB 42.39, with a PE ratio of 5.53, indicating a favorable valuation compared to historical performance [27].

Financial Data and Key Metrics - Non-GAAP net income reached a record high of RMB 1.83 billion in Q3, up 29.1% sequentially and 54.5% YoY [8] - Non-GAAP net income per diluted ADS increased 34.8% sequentially and 71.5% YoY to RMB 12.4 [8] - ROE in Q3 increased to 32.2%, significantly higher than most financial services and internet companies in China [9] - Total loan facilitation and origination volume (excluding RM SaaS) increased by 13.1% sequentially [7] - D1 delinquency rate decreased by 0.2 percentage points sequentially, and 30-day collection rate increased by 1.1 percentage points to the highest level since 2022 [11] - Funding costs decreased by 30 basis points sequentially, and ABS issuance costs fell by more than 50 basis points [12] - Total ABS issuance for the first three quarters of 2024 reached RMB 13.4 billion, up 23% YoY [13] Business Line Data and Key Metrics - Capital-light segment contributed 55% of total loan facilitation and origination volume in Q3, up approximately 10 percentage points YoY [20] - Loan volume from embedded finance channels increased by 85% YoY, with new credit line users acquired through these channels increasing by roughly 5 percentage points [15] - The number of users with successful drawdown grew consistently each month, with the monthly average increasing by approximately 12% from the previous quarter [18] - Log-in conversion rate increased by 11.6% sequentially in Q3 [18] - Total Technology Solutions business partnered with an additional 9 financial institutions, bringing the total to 14, with solutions deployed in 10 of them [24] Market Data and Key Metrics - The company served more than 55 million users with approved credit lines cumulatively by the end of Q3 [7] - New credit line users increased by 23.8% sequentially, while average unit acquisition cost declined by 7.4% [14] - The proportion of new credit line users acquired through embedded finance channels increased by roughly 5 percentage points [15] - The company partnered with 5 financial institutions across various categories, including joint stock banks, municipal banks, private banks, and consumer finance companies [16] Company Strategy and Industry Competition - The company transitioned from a loan facilitation model to a platform model, focusing on long-term user engagement and diversified product offerings [21][22] - The platform model enables the company to address users' credit needs at different stages of their life cycle while balancing scale, risk, and profitability [22] - The company is leveraging AI and large language models to improve user experience and operational efficiency, with the AI copilot system achieving a recall rate of 96.3% and an accuracy rate of 98.8% [25][26] - The company is expanding its tech solutions beyond consumer credit services, developing a proprietary solution tailored for SME lending [25] - The company is confident in its competitive advantage, particularly in its target customer groups, and believes the platform model has made it more robust and resilient [68][69] Management Commentary on Operating Environment and Future Outlook - The company remains cautiously optimistic about the economic outlook but is confident in achieving long-term, high-quality growth [30] - The company expects risk performance to remain relatively stable in the coming quarters, assuming a muted macro environment [11][77] - The company anticipates total shareholder returns in 2024 to approach 100% of its 2023 net income, one of the highest payout ratios among Chinese ADRs [31] - The company expects non-GAAP net income for Q4 2024 to be between RMB 1.8 billion and RMB 1.9 billion, representing YoY growth of 57% to 65% [50] Other Important Information - The company completed the majority of its USD 350 million share repurchase plan and approved a new repurchase plan of USD 450 million starting January 1, 2025 [31][47] - The company generated approximately RMB 2.37 billion in cash from operations in Q3, with total cash and cash equivalents and short-term investments reaching RMB 9.77 billion [45] - The company's leverage ratio reached a historical low of 2.3x in Q3, and it expects the ratio to fluctuate around this level in the near future [44] Q&A Session Summary Question: Drivers of loan volume growth and outlook for 2025 [53] - Loan volume increased 4.4% sequentially, driven by a slight recovery in customer demand and the platform strategy [54] - The company remains prudent due to macroeconomic, geopolitical, and domestic policy uncertainties but is well-positioned to seize growth opportunities [56] Question: Drivers of write-backs and sustainability [59] - Write-backs increased significantly due to prudent provisioning policies and improved risk performance, with RMB 910 million in write-backs in Q3 [60][63] - Write-backs are expected to remain sizable in Q4 and beyond, though the shift to a capital-light model may reduce the need for large provisions [65][66] Question: Competitive landscape and strategy [59] - The company has a competitive advantage in its target customer groups and has transitioned to a platform model, improving customer retention and lifetime value [67][68] Question: Asset quality outlook [71] - The company expects stable risk performance in the near future, supported by its high-quality development strategy and advanced risk management technology [73][77] Question: Share buyback pace and price considerations [79] - The company plans to complete its current share repurchase plan by the end of 2024 and will execute the new USD 450 million plan starting January 1, 2025 [79][81] - The company believes its shares are undervalued and will prioritize share buybacks to maximize shareholder returns [80][83] Question: Take rate improvement and long-term outlook [86] - Take rate improvement in Q3 was driven by reduced credit costs, lower funding costs, and deferred impacts from mix changes [87] - The company expects take rate to remain stable in Q4 and improve slightly in 2025, with long-term sustainability dependent on macroeconomic recovery [89][91]

As of November 19, 2024, the Company had in aggregate purchased approximately 13.7 million ADSs in the open market for a total amount of approximately US$298 million (inclusive of commissions) at an average price of US$21.7 per ADS pursuant to the share repurchase plan. Business Outlook Conference Call Preregistration Registration Link: https://register.vevent.com/register/BI019bc78618c84e7184e794d691cfdb5b Safe Harbor Statement (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("USD") except for n ...

User Growth and Engagement - As of September 30, 2024, the platform has connected with 162 financial institution partners and 254.3 million consumers with potential credit demand, an increase of 11.6% from 227.9 million a year ago[4] - The cumulative number of users with approved credit limits reached 55.2 million, up 12.2% from 49.2 million as of September 30, 2023[4] - The cumulative number of successful borrowers reached 33.1 million, reflecting a 12.6% increase from 29.4 million as of September 30, 2023[4] Financial Performance - Net income for Q3 2024 was RMB 4,370.2 million (USD 622.7 million), compared to RMB 4,281.0 million in the same period of 2023[7] - Operating profit for Q3 2024 was RMB 2,289.2 million (USD 326.2 million), up from RMB 1,388.9 million in Q3 2023[7] - Total revenue for Q3 2024 was RMB 43.7 billion (USD 6.2 billion), an increase from RMB 42.8 billion in Q3 2023 and RMB 41.6 billion in the previous quarter[11] - Non-GAAP net profit for Q3 2024 reached RMB 18.3 billion, reflecting strong financial performance despite challenging macro conditions[9] - The net profit attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 4,347,677, up from RMB 3,173,596 in the same period of 2023, reflecting a growth of approximately 37%[45] Profitability Metrics - The net profit margin for Q3 2024 was 41.2%, with a non-GAAP net profit margin of 41.8%[7] - The company’s basic earnings per share for the three months ended September 30, 2024, was RMB 6.20, up from RMB 3.56 in the same period of 2023[45] - The company’s diluted earnings per share for the nine months ended September 30, 2024, was RMB 14.11, compared to RMB 9.61 for the same period in 2023, reflecting a growth of approximately 47%[45] Operational Efficiency - Operating costs and expenses totaled RMB 2,081.0 million (USD 296.5 million), down from RMB 2,892.2 million in Q3 2023[12] - The operating profit margin for the three months ended September 30, 2024, improved to 52.4% from 32.4% in the same period of 2023, showcasing enhanced operational efficiency[55] Cash Flow and Liquidity - Cash and cash equivalents totaled approximately RMB 97.7 billion, with operating cash flow of RMB 23.7 billion as of the end of Q3 2024[9] - The cash and cash equivalents at the end of September 30, 2024, were RMB 6,541,857 thousand, down from RMB 8,005,398 thousand at the end of the previous year, indicating a decrease in liquidity[48] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 2,371,822 thousand, representing a significant increase compared to RMB 1,243,893 thousand for the same period in 2023[48] Risk Management and Credit Quality - The 90-day+ delinquency rate for loans on the platform was 2.72% as of September 30, 2024[4] - The first-day overdue rate was 4.6%, while the 30-day recovery rate reached approximately 87.4%, marking the best level in the past three years[9] - The provision for receivables was RMB 477.5 million (USD 68.0 million), a decrease from RMB 509.0 million in the same period of 2023 and RMB 849.5 million in the previous quarter[15] Shareholder Returns - The company announced a new share repurchase plan of USD 450 million for 2025[3] - The company executed a share repurchase plan totaling USD 350 million, with a new plan approved for USD 450 million, demonstrating commitment to shareholder returns[9] Future Outlook - The company expects net profit for Q4 2024 to be between RMB 1.75 billion and RMB 1.85 billion, reflecting a year-on-year growth of 57% to 65%[29] - The company plans to continue its market expansion and invest in new product development to sustain growth momentum in the upcoming quarters[57] - The company plans to maintain a prudent approach in its business planning due to ongoing macroeconomic uncertainties[29] Non-GAAP Financial Metrics - The company uses non-GAAP financial metrics to assess operational performance, excluding stock-based compensation expenses[38] - Non-GAAP operating income is defined as operating income excluding stock-based compensation expenses, providing insights into business trends[38] - The company emphasizes that non-GAAP financial data should be viewed as supplementary to GAAP results, not as a substitute[38] - The company believes that non-GAAP metrics enhance understanding of past performance and future outlook[38]

Investment Rating - The report does not explicitly provide an investment rating for the company [1][2][3] Core Arguments - The report alleges that the company has been falsifying its SEC financials to portray the business as more profitable than it actually is [6] - The report claims that the company has been using related-party transactions to shift costs and manipulate profit statements [7][8][9] - The report suggests that the company has been manipulating its profit by under-provisioning for bad debts, despite increasing delinquency rates [12][13][14] - The report highlights a significant discrepancy between the company's reported profits and the profits reported to the State Administration for Industry and Commerce (SAIC) [4][5] - The report criticizes the company's controlling shareholder, Zhou Hongyi, for a history of actions that allegedly harm public shareholders' interests [16][18][19][20] Company Overview - The company, formerly known as "360 DigiTech," rebranded as "Qifu Technology" in 2023 [1] - The company is widely recognized by its brand name "360 Jietiao," which was recently renamed to "Qifu Jietiao" [3] - Zhou Hongyi, the former chairman of the board, resigned in August 2024 for "personal reasons" [3] Financial Discrepancies - The company reported a net income of 4 billion RMB to the SEC in 2022, while the SAIC data showed a net income of only 3.15 million RMB for the same year, a difference of 1271 times [4] - In 2023, the company reported a net income of 4.27 billion RMB to the SEC, while the SAIC data showed a net income of 3.08 million RMB, a difference of 1384 times [4] - The report highlights a significant discrepancy in total revenues reported to the SEC and SAIC, with a 23.1% difference in 2022 and a 17.2% difference in 2023 [5] Related-Party Transactions - The company has engaged in significant related-party transactions with Shanghai Qibutianxia, a subsidiary controlled by Zhou Hongyi [7][8] - The report alleges that Shanghai Qibutianxia has a large number of employees (5000-9999 or over 10,000) but no discernible business operations, suggesting that the company may be using it to shift employee costs [10][11] - The company's employee count increased from 2129 in 2021 to 3121 in 2023, while Shanghai Qibutianxia's employee count remained significantly higher [11] Profit Manipulation - The company's bad debt provisions accounted for 55% of total operating expenses in 2022 and 50% in 2023, making it a significant factor in profit manipulation [12] - The 90-day delinquency rate increased from 2.03% in 2022 to 3.40% in Q2 2024, indicating deteriorating loan quality [12][13] - Despite a 33% increase in accounts receivable from 2022 to 2023, the company reduced its bad debt provisions by 12% [13][14] - The company's cash and cash equivalents decreased by 2.1 billion RMB from 2022 to H1 2024, despite reported revenue and net income growth [15] Controlling Shareholder's History - Zhou Hongyi has a history of actions that allegedly harm public shareholders' interests, as seen in his other listed companies, LUDASHI and 360 [16][18][19] - LUDASHI's stock price surged due to a special dividend announcement but plummeted after Zhou Hongyi's controlled entity sold a significant portion of its shares and the dividend plan was canceled [18] - 360's stock price experienced a significant decline after its re-listing in China, despite an initial surge [19] - The report estimates that insiders have sold over 230 million USD worth of shares since 2020 [20] Conclusion - The report concludes that the company's stock is likely to experience a significant decline, similar to the performance of Zhou Hongyi's other listed companies [20]

Investment Rating and Target Price - The report initiates coverage on Qifu Technology-S (3660 HK) with a "Buy" rating and a target price of HKD 114.30 [1] - The target price is derived from the average of PE (6.5x 2024E PE) and DCF (50-year forecast period, cost of equity 22.6%) valuation methods [2] Core Business Overview - Qifu Technology is a leading consumer credit platform in China, with a loan balance of RMB 157.8 billion and 250 million registered users as of 2Q24 [2] - The company primarily offers small-ticket (average loan size of RMB 7,500) and short-term (average contract duration of 10 months) internet consumer credit products [2] - The proportion of capital-light loans (where the company does not bear credit risk) has been increasing, reaching 65% of total loan issuance in 2Q24 [3] Loan Quality and Profitability - Loan quality has improved, with the first-day delinquency rate slightly decreasing to 4.8% in 2Q24 (from 4.9% in 1Q24) and the 30-day collection rate rising to 86.3% (from 85.1% in 1Q24) [4] - The improvement in loan quality led to a provision reversal of RMB 480 million in 2Q24, contributing to a higher net profit take rate of 3.4% (up from 2.6% in 1Q24) [4] - The company expects 3Q24 net profit to be between RMB 1.5-1.6 billion, representing a 9-16% sequential increase [4] Financial Projections - The report forecasts net profit attributable to shareholders of RMB 5.41 billion, RMB 6.58 billion, and RMB 7.18 billion for 2024, 2025, and 2026, respectively [2] - Loan issuance volume is expected to decline by 15% in 2024, followed by 5% growth in both 2025 and 2026 [9] - The provision-to-income ratio is projected to decrease to 25.1%, 22.2%, and 21.9% in 2024, 2025, and 2026, respectively [9] Capital Structure and Shareholder Returns - Qifu Technology has utilized USD 211 million of its USD 350 million share repurchase program as of 2Q24 [2] - The company expects a dividend payout ratio of 29% and a dividend yield of 5.4% for 2H24, consistent with 2023 levels [2] Industry and Regulatory Environment - The internet finance industry has entered a phase of normalized regulation, with most major issues in platform companies' financial businesses having been rectified [37] - Regulatory uncertainty has decreased, and the focus has shifted to improving the level of normalized financial supervision [37] - The Small Loan Company Supervision and Management Interim Measures (Draft for Comment) issued in August 2024 further clarified regulatory requirements, including a minimum 30% co-lending ratio and the establishment of a risk classification system [38]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 115.43, corresponding to a P/E ratio of 6.2x for 2024 [3]. Core Views - Profit growth is driven by an increase in take rate, a decrease in financing costs, and improved risk metrics, with the take rate being the primary factor for the profit increase [3]. - The company reported a revenue of RMB 8.313 billion for H1 2024, a year-on-year increase of 10.64%, and an adjusted net profit of RMB 2.618 billion, up 23.33% year-on-year [3]. - The report highlights that the company's risk indicators have improved, and financing costs have decreased, leading to an upward adjustment of the adjusted net profit forecasts for 2024-2026 to RMB 5.6 billion, RMB 6.2 billion, and RMB 7.1 billion respectively, reflecting year-on-year growth rates of 26%, 11%, and 15% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue growth of 6.29%, primarily due to a 42% increase in financing income to RMB 1.69 billion, driven by an increase in on-balance sheet loan balances [3]. - The adjusted net profit for Q2 2024 was RMB 1.413 billion, a 23% increase year-on-year, attributed to the expansion of the take rate, which reached 4.4% in Q2 2024 compared to 3.3% in Q2 2023 [3]. - The company’s on-balance sheet loan balance was RMB 157.8 billion, down 14.5% year-on-year [3]. Risk and Management - The report indicates that the company is focusing on risk management and operational efficiency optimization, which is expected to contribute to profit growth in the future [3]. - The company is also progressing with a USD 350 million share repurchase plan, which reflects management's confidence in the company's future [3]. Market Data - The current stock price is HKD 84.45, with a market capitalization of HKD 27.577 billion [5]. - The stock has traded within a range of HKD 53.40 to HKD 84.45 over the past 52 weeks [5].

Investment Rating - The report does not explicitly state the investment rating for Qifu Technology Inc (3660 HK) Core Insights - Qifu Technology reported a 6.3% year-on-year increase in revenue to RMB 4.16 billion and a 23.3% year-on-year increase in net profit to RMB 1.413 billion for Q2 2024 [2][6] - The return on equity (ROE) for Q2 2024 was 25.4%, up approximately 3 percentage points year-on-year [2][6] - The company has repurchased 10.7 million ADSs, achieving over 60% of its target repurchase amount of up to $350 million within 12 months, with an average repurchase price of $19.7 per ADS [2][6] Summary by Sections Financial Performance - Revenue for Q2 2024 was RMB 4.16 billion, a 6.3% increase year-on-year, while net profit reached RMB 1.413 billion, reflecting a 23.3% increase year-on-year [2][6] - The net take rate improved to 4.4%, up 0.9 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [2][6] - The average internal rate of return (IRR) for Q2 2024 was 21.6%, a slight increase of 0.1 percentage points quarter-on-quarter [2][6] User and Loan Metrics - The cumulative number of users approved for credit lines increased by 1.3 million quarter-on-quarter to 53.6 million, marking a 13.1% year-on-year growth [3][6] - New loan originations in Q2 2024 totaled RMB 95.4 billion, down 23.2% year-on-year and 3.8% quarter-on-quarter, with platform services contributing 64.9% of the total [3][6] - The 90-day delinquency rate was 3.4%, while the 30-day recovery rate improved by 1.2 percentage points quarter-on-quarter to 86.3% [3][6] Outlook - The company expects net profit for Q3 2024 to be between RMB 15.5 billion and RMB 16.5 billion, representing a year-on-year increase of 31% to 40% [4][6] - Loan IRR is anticipated to fluctuate around 21.6% [4][6] - Asset quality indicators are expected to continue improving in Q3 2024, with potential for additional loan loss provisions [4][6]

Financial Data and Key Metrics - Revenue increased by 6.3% YoY to RMB4.16 billion in Q2 2024, with a net take rate rising by over 1 percentage point YoY to 4.4% [6] - Non-GAAP net income grew by 23% YoY to RMB1.41 billion, and non-GAAP net income per diluted ADS increased by 32% YoY to RMB9.16 [6] - ROE reached 25.4% in Q2, outperforming industry peers [6] - Funding costs decreased by 56 basis points sequentially, totaling a 132 basis point reduction in H1 2024 [8] - 90-day delinquency rate was 3.4% in Q2, while day one delinquency rate decreased by 10 basis points and 30-day collection rate increased by 1.2 percentage points sequentially [7][21] Business Line Performance - Revenue from credit-driven services (capital-heavy) was RMB2.91 billion in Q2, down from RMB3.02 billion in Q1 but up from RMB2.79 billion YoY [17] - Revenue from platform services (capital-light) increased to RMB1.25 billion in Q2, up from RMB1.14 billion in Q1 and RMB1.13 billion YoY [18] - Loan volume under the ICE model increased slightly to 24.6%, with the revenue take rate rising by 54 basis points YoY [12] - Technology solutions business facilitated nearly RMB2 billion in bank loans cumulatively, with outstanding balances exceeding RMB1 billion [12] Market and Strategic Developments - The company served 160 financial institutions and over 53 million users with approved credit lines by the end of Q2 [4] - The embedded finance business saw loan volume more than double YoY, with new credit line users from this channel increasing from 36.4% in Q1 to 37.7% in Q2 [9] - The company is exploring collaborations with financial institutions under the embedded finance model, aiming to enhance service efficiency and promote financial inclusion [10][11] - The technology solutions business achieved an 80% standardization rate, with partnerships established with 12 financial institutions [12][13] Management Commentary on Operating Environment and Outlook - Despite macroeconomic challenges, the company achieved its highest quarterly profit in the past 11 quarters, driven by improved asset quality and operational efficiency [4][6] - Management expects funding costs to remain stable with potential for slight decreases in H2 2024 [8] - The company plans to maintain prudent operations, iterate products and services, and expand strategic partnerships to build a sustainable growth engine [16] - For Q3 2024, the company expects non-GAAP net income between RMB1.55 billion and RMB1.65 billion, representing YoY growth of 31% to 40% [27] Other Key Information - The company issued RMB4.6 billion in ABS in Q2, with H1 2024 ABS issuance up 30% YoY [8] - Sales and marketing expenses decreased by 12% QoQ and 16% YoY, reflecting a more prudent customer acquisition approach [19] - The company upgraded its AI copilot system, achieving a speech recognition accuracy rate of over 93% and intent recognition accuracy of over 95% [14][15] - The Board approved a dividend of $0.30 per Class A ordinary share or $0.60 per ADS for H1 2024 [24] Q&A Session Summary Question: Loan volume growth and take rate expectations for H2 2024 - Loan volume is expected to grow in H2 2024 due to stable credit demand, improved risk metrics, and diversified acquisition channels [30][31] - Take rate growth in Q3 is driven by declining credit and funding costs, better monetization through platform strategy, and increased contribution from the capital-light model [33] Question: Impact of Mr. Zhou Hongyi's resignation - Mr. Zhou resigned due to personal reasons, and his departure will not impact daily operations as he was not involved in them [35][36] Question: Share buyback pace and rationale - The company accelerated share buybacks, purchasing $211 million worth of stock by August 13, 2024, due to undervaluation and to maximize shareholder value [38] Question: Funding cost reduction and asset quality improvement - Funding costs declined due to lower ABS costs and increased ABS proportion, with limited room for further reduction [41] - Asset quality improved due to cautious loan origination, optimized risk models, and enhanced post-loan operations [42][43] Question: Customer acquisition pace in H2 2024 - The company plans to accelerate customer acquisition in H2 2024, leveraging diversified channels and embedded finance models to achieve quality loan growth [47][48]

August 2024 2Q2024 Result Presentation Strictly Private and Confidential Disclaimer This presentation has been prepared by Qifu Technology, Inc. (the "Company") solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance ...