Core Viewpoint - CNFinance Holdings Limited has announced the dismissal of KPMG as its independent registered public accounting firm and the appointment of HTL International, LLC for the fiscal year ending December 31, 2024, effective December 6, 2024 [1]. Group 1: Accounting Firm Transition - The appointment of HTL was made after a careful evaluation process and has been approved by the audit committee of the Company's board of directors [2]. - HTL succeeds KPMG, which provided unqualified reports on the Company's consolidated financial statements for the fiscal years ended December 31, 2022, and 2023 [3]. - There have been no disagreements between the Company and KPMG regarding accounting principles, financial statement disclosures, or auditing procedures during the relevant periods [4]. Group 2: Company Overview - CNFinance is a leading home equity loan service provider in China, connecting borrowers with licensed financial institutions through various partnership models [6]. - The primary target borrower segment includes micro- and small-enterprise owners in Tier 1 and Tier 2 cities and other major cities in China [6]. - The Company's risk mitigation mechanisms are integrated into its loan products, supported by a comprehensive online and offline process focusing on borrower and collateral risks [6].

Core Viewpoint - CNFinance Holdings Limited has announced the results of its extraordinary general meeting, where significant resolutions regarding the company's name change and corporate governance were approved [1][2]. Group 1: Company Name Change - The company will change its name from "CNFinance Holdings Limited 泛華金融控股有限公司" to "CNFinance Holdings Limited 深泛联控股有限公司" [2]. - The name change will take effect on or around November 29, 2024, and the company's ISIN and CUSIP codes will remain unchanged [3]. Group 2: Corporate Governance - Shareholders approved the replacement of the existing Amended and Restated Memorandum and Articles of Association with the Second Amended and Restated Memorandum and Articles of Association [2]. - Directors and officers are authorized to take necessary actions to effectuate the resolutions adopted during the meeting [2]. Group 3: Company Overview - CNFinance is a leading home equity loan service provider in China, focusing on connecting borrowers with licensed financial institutions through various partnership models [5]. - The primary target borrower segment includes micro- and small-enterprise owners who own real properties in Tier 1 and Tier 2 cities in China [5]. - The company's risk mitigation mechanisms are integrated into its loan products, supported by an online and offline process that emphasizes risk management [6].

Company Overview - CNFinance Holdings Limited is a leading home equity loan service provider in China, focusing on connecting borrowers with financing sources through partnerships with sales partners and trust companies [6][7] - The company primarily targets micro- and small-enterprise owners who own real properties in Tier 1 and Tier 2 cities and other major cities in China [6] Extraordinary General Meeting (EGM) - CNFinance will hold an Extraordinary General Meeting of Shareholders on November 29, 2024, to consider a proposed name change from "CNFinance Holdings Limited 泛華金融控股有限公司" to "CNFinance Holdings Limited 深泛联控股有限公司" [1][2] - The proposed name change will not affect shareholders' rights, the company's operations, or its financial position [2] Shareholder Participation - The record date for determining shareholders entitled to receive notice of the EGM is set for October 31, 2024 [3] - Holders of ordinary shares registered by the record date are entitled to attend the EGM, while holders of American depositary shares must act through JPMorgan Chase Bank, N.A. to exercise their voting rights [4]

Financial Data and Key Metrics Changes - In the first half of 2024, the company originated loans of RMB6.9 billion, with outstanding loan principal reaching approximately RMB16 billion, reflecting a year-over-year growth of about 10% [5] - Interest income was approximately RMB930 million, up 5% compared to the same period last year, while net income from operating activities was approximately RMB220 million, remaining largely flat year-over-year [6][7] - The net profit for the period decreased to RMB48 million from RMB93.1 million in the same period of 2023 [14] Business Line Data and Key Metrics Changes - Net revenue under the Commercial Bank Partnership model increased to RMB58.4 million from RMB50.1 million in the same period of 2023 [13] - Collaboration costs for sales partners decreased by 3.9% to RMB159.2 million from RMB165.6 million [14] - Provision for credit losses increased to RMB170.8 million from RMB129.6 million in the same period in 2023, primarily due to the increase in outstanding loan principles [14] Market Data and Key Metrics Changes - The NPL ratio for loans originated by the company was 1.2% as of June 30, 2024, compared to 1.1% as of December 31, 2023 [15] - The deliverance ratio for loans originated by the company increased from 15.5% as of December 31, 2023, to 16.4% as of June 30, 2024 [15] Company Strategy and Development Direction - The company is focused on ensuring asset quality and enhancing operational efficiency, particularly in the context of ongoing macroeconomic uncertainties [11] - Plans include enhancing credit approval standards for new loans and improving the efficiency of delinquent loan recoveries [12] - The company aims to strengthen product innovation and compliance efforts to improve risk control and prevent non-market risk cases [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing uncertainty in the macroeconomic environment and the adjustment in the real estate market, committing to adjust liquidity pressure on existing loans [11] - The company plans to deepen cooperation with third-party asset management companies to improve recovery speed and rates [12] Other Important Information - Total interest and fees income increased by 4.7% to RMB926.5 million from RMB884.5 million [13] - Other expenses increased by 62.2% to RMB97 million from RMB59.8 million, primarily due to fees paid to third-party asset management companies [14] Q&A Session Summary - The Q&A session concluded without any recorded questions or answers, indicating a lack of engagement during this segment [16]

Core Viewpoint - CNFinance Holdings Limited reported its unaudited financial results for the first half of 2024, highlighting growth in loan principal, interest income, and net revenue despite macroeconomic uncertainties [1][2][3]. Financial Performance - Total outstanding loan principal reached RMB16.0 billion (US$2.2 billion) as of June 30, 2024, marking a 9.6% increase from RMB14.6 billion a year earlier [2][3]. - Total interest and fees income rose by 4.7% to RMB926.5 million (US$127.5 million) compared to RMB884.5 million in the same period of 2023 [2][6]. - Net revenue under the commercial bank partnership model increased by 16.6% to RMB58.4 million (US$8.0 million) from RMB50.1 million in the prior year [2][9]. - Net interest and fees income after collaboration costs grew by 5.3% to RMB424.0 million (US$58.3 million) from RMB402.7 million in the same period of 2023 [10]. Operational Highlights - The company originated loans totaling RMB6.9 billion in the first half of 2024, contributing to the increase in outstanding loan principal [3]. - A recovery rate of 110% was achieved through enhanced collection efforts on delinquent loans [3]. - The provision for credit losses increased by 31.8% to RMB170.8 million (US$23.5 million) due to the rise in outstanding loan principal [10]. Cost Management - Total interest and fees expenses increased by 9.7% to RMB401.7 million (US$55.3 million) primarily due to a higher average daily balance of interest-bearing borrowings [8]. - Operating expenses rose by 14.4% to RMB204.7 million (US$28.2 million), with significant increases in other expenses related to third-party asset management for delinquent loans [11]. Income and Earnings - Net income for the first half of 2024 was approximately RMB48.0 million (US$6.6 million), down from RMB93.1 million in the same period of 2023 [15]. - Basic and diluted earnings per ADS were RMB0.70 (US$0.10), compared to RMB1.36 and RMB1.22 in the same period of 2023 [15]. Asset Quality and Delinquency - The delinquency ratio for loans increased from 15.5% as of December 31, 2023, to 17.4% as of June 30, 2024 [16]. - The NPL ratio for loans was 1.2% as of June 30, 2024, slightly up from 1.1% at the end of 2023 [16]. Share Repurchase Program - The board of directors authorized an extension of the share repurchase program, increasing the cap to US$30 million, with approximately US$17.6 million repurchased as of June 30, 2024 [17].

Company Overview - CNFinance Holdings Limited is a leading home equity loan service provider in China, operating through subsidiaries that connect borrowers with financial institutions [3] - The company primarily targets micro- and small-enterprise (MSE) owners who own real properties in Tier 1 and Tier 2 cities and other major cities in China [3] - CNFinance employs a trust lending model and a commercial bank partnership model to facilitate its operations, collaborating with sales partners and local channel partners [3] Financial Reporting - CNFinance will report its unaudited financial results for the first half of 2024 on August 27, 2024, before U.S. markets open [1] - An earnings conference call will be hosted by the management at 8:00 AM U.S. Eastern Time on the same day [1] - Dial-in numbers for the live conference call are provided for international, U.S., and Hong Kong participants [1][2] Risk Management - The company's risk mitigation mechanism is integrated into its loan products, focusing on both borrower and collateral risks [3] - Effective post-loan management procedures further enhance the company's risk management capabilities [3]

Core Viewpoint - CNFinance Holdings Limited has increased its share repurchase authorization to US$30.0 million, expanding from the previous US$20.0 million program initiated in March 2022, with the new repurchase program commencing on May 27, 2024 [1]. Group 1: Share Repurchase Program - The board of directors initially authorized a share repurchase program for up to US$20.0 million in March 2022, which was set to last for 12 months [1]. - In March 2023, the program was extended for another 12 months, and in March 2024, it was further extended for an additional 24 months [1]. - As of May 27, 2024, CNFinance has repurchased approximately US$18.5 million of its American depositary shares (ADSs) [1]. Group 2: Company Overview - CNFinance is a leading home equity loan service provider in China, connecting borrowers with licensed financial institutions through sales partners and trust companies [2]. - The primary target borrower segment includes micro- and small-enterprise (MSE) owners who own real properties in Tier 1 and Tier 2 cities and other major cities in China [2]. - The company's risk mitigation mechanism is integrated into its loan products, supported by an online and offline process that focuses on borrower and collateral risks, along with effective post-loan management procedures [2].

Core Viewpoint - CNFinance Holdings Limited will hold its annual general meeting of shareholders on June 7, 2024, with no proposals for shareholder approval, serving as an open forum for discussions with management [1]. Group 1: Company Overview - CNFinance Holdings Limited is a leading home equity loan service provider in China, focusing on connecting micro- and small-enterprise owners with financing needs to licensed financial institutions [3]. - The company operates through a trust lending model and a commercial bank partnership model, collaborating with sales partners and local channel partners to recommend eligible borrowers [3]. - The primary target borrower segment includes MSE owners who own real properties in Tier 1 and Tier 2 cities and other major cities in China [3]. - CNFinance's risk mitigation mechanism is integrated into its loan products, supported by an online and offline process that focuses on borrower and collateral risks, along with effective post-loan management procedures [3]. Group 2: AGM Details - The annual general meeting will take place at 44/F, Tower G, No. 16 Zhujiang Dong Road, Tianhe District, Guangzhou City, Guangdong Province, on June 7, 2024, from 9:30 a.m. to 11:00 a.m. (Beijing Time) [1]. - The record date for determining shareholders entitled to attend the AGM is set for May 8, 2024 [1][2]. - Both holders of ordinary shares and beneficial owners of American Depositary Shares (ADSs) are welcome to attend the AGM in person [2].

Company Information - CNFinance Holdings Limited filed its annual report on Form 20-F for the fiscal year 2023 on April 26, 2024[2] - The company is headquartered in Guangzhou City, Guangdong Province, People's Republic of China[1] Regulatory Compliance - The report is submitted under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[5]

GUANGZHOU, China, April 26, 2024 /PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission ("SEC") on April 26, 2024. The annual report can be accessed on the Company's investor relations website at http://ir.cashchina.cn as well as the SEC's website at http://www.sec.gov. T ...