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14.11.2017 22:15:00
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Hui Ying Financial Holdings Corp. Reports Unaudited Third Quarter 2017 Financial Results
Revenues increased by 102% to $14.28 million with loans facilitated through platform growing 73% to RMB 2.6 billion
SHANGHAI, Nov. 14, 2017 /PRNewswire/ -- Hui Ying Financial Holdings Corp. (OTCQB: SFHD) ("Hui Ying" or the "Company"), a leading online financial credit facility solution provider servicing Small-to-Medium Enterprises ("SMEs") and individual borrowers in China, today announced its financial results for the three and nine months ended September 30, 2017.
Third Quarter 2017 Highlights
For the Three Months Ended September 30, | |||||
($ millions, except per share data) | 2017 | 2016 | % Change | ||
Revenues | $ 14.28 | $ 7.07 | 101.9% | ||
Loan origination service fee | $ 8.39 | $ 5.11 | 64.3% | ||
Loan repayment management fee | $ 5.25 | $ 1.97 | 167.0% | ||
Financing income from entrusted loans | $ 0.64 | $ - | NM | ||
Operating income | $ 6.41 | $ 1.92 | 233.2% | ||
Other income (expenses) | $ (0.24) | $ 0.04 | -717.6% | ||
Net income | $ 4.76 | $ 1.46 | 226.3% | ||
EPS - diluted | $ 0.06 | $ 0.02 | 179.0% | ||
- Total loans facilitated through our platform increased by 73.3% to RMB 2.6 billion for the third quarter of 2017, from RMB 1.5 billion for the same period of last year, as China's online peer-to-peer lending platform industry continued to grow significantly during the third quarter, coupled with the increased marketing campaign, promotion activities on our platform as well as increased brand awareness of our online marketplace.
- Total revenues more than doubled to $14.28 million for the third quarter of 2017 from $7.07 million for the same period of last year, as a result of increase in loans facilitated through our platform and the contribution from the newly launched entrusted loan business. Revenues from loan origination service fee, loan repayment management fee and financing income from entrusted loans were $8.39 million, $5.25 million and $0.64 million, respectively, for the third quarter of 2017 compared to $5.11 million, $1.97 million and nil, respectively, for the same period of last year.
- Net income was $4.76 million, or $0.06 per diluted share, for the third quarter of 2017, compared to $1.46 million, or $0.02 per diluted share, for the same period of last year.
Bodang Liu, Chairman and Chief Executive Officer of Hui Ying, commented, "Our business continued to accelerate during the third quarter with loans facilitated through our platform increasing by 73.3% to RMB 2.6 billion, leading to revenues growth of 101.9% to $14.28 million and net income growth of 226.3% to $4.76 million, both were record high. Our recently launched entrusted loan business already making an impact, contributing 4.5% of revenues in the third quarter."
"We also completed the transaction of acquiring 4.4538% equity interest in Shenzhen TouZhiJia Financial Information Service Co., Ltd. ("TouZhiJia") in September. We view this as a strategic investment and expect to benefit meaningfully from TouZhiJia's vertical peer-to-peer lending search engine, www.touzhijia.com, through this strategic investment. As the peer-to-peer lending platform industry continues to evolve amidst dramatically changing competitive landscape and regulatory environment, we are optimistic about our outlook and expect the strong momentum to continue in the next several quarters," concluded Mr. Liu.
Third Quarter 2017 Financial Results
Revenues
For third quarter of 2017, total revenues increased by $7.21 million, or 101.9%, to $14.28 million from $7.07 million for the same period of last year. The increase of total revenues was mainly attributable to the increase in the volume of loans facilitated through our platform as well as financing income generated through our entrusted loan business which we launched in June 2017 and contributed 4.5% of total revenues in the third quarter this year. The total loan volume facilitated through our platform increased by 73.3% to RMB 2.6 billion for the third quarter of 2017 from RMB 1.5 billion for the same period of last year.
The loan origination service fee increased by $3.29 million, or 64.3%, to $8.39 million for the third quarter of 2017 from $5.11 million for the same period of last year. The loan repayment management fee increased by $3.29 million, or 167.0%, to $5.25 million for the third quarter of 2017 from $1.97 million for the same period of last year. The financing income from entrusted loans were $0.64 million for the third quarter of 2017, compared to $nil for the same period of last year. The loan origination service fee, loan repayment management fee, and financing income from entrusted loans accounted for 58.8%, 36.8% and 4.5%, respectively, of total revenues for the third quarter of 2017, compared to 72.2%, 27.8% and nil, respectively, for the same period of last year. The change is due to the shift in structure of our loan products towards longer duration loans. Since our loan repayment management fee is based on a certain percentage of the borrowing times duration of a loan, the more loans with longer terms, the more loan repayment management fees we generate. We expect this trend will continue as the industry becomes more regulated and investors are getting more comfortable investing in loans with longer terms. We will continue to adjust our loan product offerings accordingly.
Operating Expenses
Operating expenses increased by $2.72 million, or 52.9%, to $7.88 million for the third quarter of 2017 from $5.15 million for the same period of last year. Sales and marketing expenses increased by $1.88 million, or 42.0%, to $6.37 million for the third quarter of 2017 from $4.49 million for the same period of last year. The increase in sales and marketing expenses was associated with sales and marketing efforts and promotion activities that led to higher volume of loans facilitated through our platform. General and administrative expenses increased $0.85 million, or 161.3%, to $1.38 million for the third quarter of 2017 from $0.53 million for the same period of last year, primarily due to expenses related to public company listing on the OTCQB.
Operating Income
Operating income increased by $4.48 million, or 233.2%, to $6.41 million for the third quarter of 2017 from $1.92 million for the same period of last year. The increase in operating income was primarily driven by increase in total revenues and partially offset by increase in operating expenses. Operating margin was 44.9% for the third quarter of 2017, compared to 27.2% for the same period of last year.
Income before Income Taxes
Total other expense, including interest income, interest expenses and bank charges, realized gain on investments and others, was $0.24 million for the third quarter of 2017, compared to total other income of $0.04 million for the same period of last year. The change was primarily related to interest expense and bank changes.
Income before provision for income taxes increased by $4.20 million, or 214.2%, to $6.16 million for the third quarter of 2017 from $1.96 million for the same period of last year
Net Income
Provision for income taxes was $1.41 million for the third quarter of 2017, compared to $0.50 million for the same period of last year.
Net income increased by $3.30 million, or 226.3%, to $4.76 million for the third quarter of 2017 from $1.46 million for the same period of last year.
Earnings per Share
Basic and diluted earnings per share were $0.07 and $0.06, respectively, for the third quarter of 2017, compared to $0.02 and $0.02, respectively, for the same period of last year.
Nine Months Ended September 30, 2017 Financial Results
For the Nine Months Ended September 30, | |||||
($ millions, except per share data) | 2017 | 2016 | % Change | ||
Revenues | $ 32.97 | $ 18.38 | 79.4% | ||
Loan origination service fee | $ 20.04 | $ 13.26 | 51.2% | ||
Loan repayment management fee | $ 12.29 | $ 5.13 | 139.8% | ||
Financing income from entrusted loans | $ 0.64 | $ - | NM | ||
Operating income | $ 12.57 | $ 3.08 | 307.7% | ||
Other income (expenses) | $ (0.00) | $ 0.05 | -103.9% | ||
Net income | $ 9.65 | $ 2.51 | 284.3% | ||
EPS - diluted | $ 0.13 | $ 0.04 | 247.8% | ||
Revenues
For the nine months ended September 30, 2017, total revenues increased by $14.59 million, or 79.4%, to $32.97 million from $18.38 million for the same period of last year. The increase of total revenues was mainly attributable to the increase in the volume of loans facilitated through our platform as well as financing income generated through our entrusted loan business which we launched in June 2017 and contributed 1.9% of total revenues in the nine months ended September 30, 2017. The total loan volume facilitated through our platform increased by 61.5% to RMB 6.3 billion for the nine months ended September 30, 2017 from RMB 3.9 billion for the same period of last year.
The loan origination service fee increased by $6.78 million, or 51.2%, to $20.04 million for the nine months ended September 30, 2017 from $13.26 million for the same period of last year. The loan repayment management fee increased by $7.17 million, or 139.8%, to $12.29 million for the nine months ended September 30, 2017 from $5.13 million for the same period of last year. The financing income from entrusted loans were $0.64 million for the nine months ended September 30, 2017, compared to $nil for the same period of last year. The loan origination service fee, loan repayment management fee, and financing income from entrusted loans accounted for 60.8%, 37.3% and 1.9%, respectively, of total revenues for the nine months ended September 30, 2017, compared to 72.1%, 27.9% and nil, respectively, for the same period of last year. The change is due to the shift in structure of our loan products towards longer duration loans. Since our loan repayment management fee is based on a certain percentage of the borrowing times duration of a loan, the more loans with longer terms, the more loan repayment management fees we generate. We expect this trend will continue as the industry becomes more regulated and investors are getting more comfortable investing in loans with longer terms. We will continue to adjust our loan product offerings accordingly.
Operating Expenses
Operating expenses increased by $5.10 million, or 33.3%, to $20.40 million for the nine months ended September 30, 2017 from $15.30 million for the same period of last year. Sales and marketing expenses increased by $4.21 million, or 35.4%, to $16.10 million for the nine months ended September 30, 2017 from $11.89 million for the same period of last year. The increase in sales and marketing expenses was associated with sales and marketing efforts and promotion activities that led to higher volume of loans facilitated through our platform. General and administrative expenses increased $0.87 million, or 27.4%, to $4.03 million for the nine months ended September 30, 2017 from $3.16 million for the same period of last year, primarily due to expenses related to public company listing on the OTCQB.
Operating Income
Operating income increased by $9.49 million, or 307.7%, to $12.57 million for the nine months ended September 30, 2017 from $3.08 million for the same period of last year. The increase in operating income was primarily driven by increase in total revenues and partially offset by increase in operating expenses. Operating margin was 38.1% for the nine months ended September 30, 2017, compared to 16.8% for the same period of last year.
Income before Income Taxes
Total other expense, including interest income, interest expenses and bank charges, realized gain on investments and others, was $2,040 for the nine months ended September 30, 2017, compared to total other income of $51,680 for the same period of last year. The change was primarily related to the increase in interest expense and bank changes and partially offset by the increase in realized gain on investments and interest income.
Income before provision for income taxes increased by $9.43 million, or 300.9%, to $12.57 million for the nine months ended September 30, 2017 from $3.13 million for the same period of last year
Net Income
Provision for income taxes was $2.92 million for the nine months ended September 30, 2017, compared to $0.62 million for the same period of last year.
Net income increased by $7.14 million, or 284.3%, to $9.65 million for the nine months ended September 30, 2017 from $2.51 million for the same period of last year.
Earnings per Share
Basic and diluted earnings per share were $0.13 for the nine months ended September 30, 2017, compared to $0.04 for the same period of last year.
Loan Portfolio
For the Nine | For the Year | For the Year | ||||
Number of borrowers | 1,444 | 1,067 | 571 | |||
Repeat borrower rate | 21% | 15% | 9% | |||
Number of investors | 53,754 | 39,999 | 43,302 | |||
Repeat investor rate | 56% | 56% | 42% | |||
Number of loans | 12,688 | 8,739 | 2,818 | |||
Value of loans ($ millions) | $956.6 | $818.5 | $513.0 | |||
Average loan amount ($) | 75,516 | 93,658 | 182,039 | |||
Loans outstanding -EoP ($ millions) | $443.6 | $246.1 | $186.0 |
For the nine months ended September 30, 2017, the Company facilitated 12,688 loans with aggregate loan amount of $956.6 million. This compared to 8,739 loans with aggregate loan amount of $818.5 million for the year of 2016. For the nine months ended September 30, 2017, the company had 1,444 borrowers, of which 21% was repeated borrowers. This compared to 1,067 borrowers with 15% repeat borrower rate for the year of 2016. For the nine months ended September 30, 2017, the company had 53,754 investors, of which 56% was repeated investors. This compared to 39,999 investors with 56% repeat investor rate for the year of 2016.
For the nine months ended September 30, 2017, by guarantor type, pawn shops were the largest segment for us with 6,959 loans and aggregate loan amount of $648.0 million, followed by asset or investment management companies with 2,148 loans and aggregate loan amount of $56.5 million, and micro credit companies with 875 loans and aggregate loan amount of $97.2 million. Financial guarantee companies accounted for 476 loans with aggregate loan amount of $37.3 million while others accounted for 2,210 loans with aggregate loan amount of $117.6 million for the nine months ended September 30, 2017. The following table summarizes comparison of number of loans and loan amount for the nine months ended September 30, 2017 versus the years of 2016 and 2015.
Number of Loans | Value of Loans ($ millions) | |||||||||||||
Guarantor type | For the Nine | For the Year | For the Year | For the Nine | For the Year | For the Year | ||||||||
Pawn shops | 6,959 | 6,152 | 1,489 | $ | 648.0 | $ | 572.3 | $ | 323.4 | |||||
Financing guarantee companies | 476 | 351 | 17 | 37.3 | 46.2 | 1.9 | ||||||||
Asset or investment management companies | 2,148 | 1,143 | - | 56.5 | 71.8 | - | ||||||||
Micro credit companies | 875 | 837 | 308 | 97.2 | 111.6 | 100.5 | ||||||||
Others | 2,210 | 256 | 1,005 | 117.6 | 16.7 | 87.3 | ||||||||
Total | 12,668 | 8,739 | 2,818 | $ | 956.6 | $ | 818.5 | $ | 513.0 | |||||
As of September 30, 2017, we had outstanding loan balances of $443.6 million, compared to $246.1 million at the end of 2016.
Financial Condition
As of September 30, 2017, the Company had cash and cash equivalents of $12.94 million, compared to $8.56 million at the end of 2016. The cash held in private loan risk reserve accounts was $13.10 million and $7.30 million as of September 30, 2017 and December 31, 2016, respectively. Short term investments were $nil as of September 30, 2017, compared to $8.27 million at the end of 2016. As of September 30, 2017, we had $50.49 million in total current assets and $19.04 million in total current liabilities, representing a current ratio of 2.65. As of December 31, 2016, we had $19.99 million in total current assets and $9.05 million in total current liabilities, with a current ratio of 2.21.
Net cash provided by operating activities was $20.23 million for the nine months ended September 30, 2017, compared to $2.91 million for the same period of last year. Net cash used in investing activities was $29.58 million for the nine months ended September 30, 2017, compared to $0.04 million for the same period of last year. Net cash provided by financing activities was $13.28 for the nine months ended September 30, 2017, related to cash proceeds received from issuance of senior convertible promissory notes on June 30, 2017, compared to nil for the same period of last year.
Recent Developments
On September 29, 2017, the Company announced the change of its corporate name to Hui Ying Financial Holdings Corporation.
On September 7, 2017, the Company announced that Puhui Equity Investment Co., Ltd. ("Puhui"), a wholly owned subsidiary of the Company's variable interest entity -- Benefactum Alliance Business Consultant (Beijing) Co., Ltd., entered into a definitive share transfer agreement on September 1, 2017 to acquire a 4.4538% equity interest in Shenzhen TouZhiJia Financial Information Service Co., Ltd. ("TouZhiJia") from certain selling shareholders for an aggregate purchase price of RMB19,100,008 (approximately US$2.87 million). TouZhiJia's main businesses include vertical Peer-to-Peer ("P2P") search engine, private wealth management and secondary loan exchange services. TouZhiJia Financial, as a service provider, refers potential investors to the Company through online channel.
On August 14, 2017, the Company announced that FINRA has approved the effectiveness of a one (1) -for- five (5) reverse stock split (the "Reverse Split") of the Company's authorized and issued and outstanding shares of common stock, effective at the market open on August 7, 2017 under the symbol of "SFHDD". The symbol reverted back to "SFHD" after 20 business days.
On July 7, 2017, the Company announced the launch of entrusted loan services (the "Services") with the engagement of Qingdao Weichuang Private Capital Management Co., Ltd. as the trustee of the Services at the launch. The Company also announced that it has entered into a series of entrusted loan contracts, pursuant to which the Company, as the trustor and provider of the funds, entrusted the trustee to grant entrusted loans in the aggregate principal amount of RMB 50 million to five SME borrowers.
On July 7, 2017, the Company announced the closing of its offering of $13,189,163.87 aggregate principal amount of senior convertible promissory notes, dated June 30, 2017, to certain investors in China.
About Hui Ying Financial Holdings Corporation
Hui Ying Financial Holdings Corporation, previously known as Sino Fortune Holding Corporation, is a leading online financial credit facility solution provider servicing under-served SME and individual borrowers in China. Through operating an electronic online financial platform, www.hyjf.com, the Company matches investors with SME and individual borrowers in China. The Company also sets aside risk reserve funds with the aim of limiting losses to investors from borrower defaults. In addition, the company provides investors with access to a liquid secondary market, giving them an opportunity to exit their investments before the underlying loans become due. For more information, please visit: ir.hyjf.com.
Forward-Looking Statements
This press release may contain projections or other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements.
Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
For investors and media inquiries please contact:
At the Company:
Ede Yang
Email: ir@hyjf.com
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: tony.tian@weitian-ir.com
Phone: +1-732-910-9692
HUI YING FINANCIAL HOLDINGS CORPORATION (f/k/a SINO FORTUNE HOLDING CORPORATION AND SUBSIDIARIES) CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||
September 30, | December 31, | ||||
2017 | 2016 | ||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | $ | 12,942,309 | $ | 8,561,695 | |
Short-term investments | - | 8,274,306 | |||
Accounts receivable | 572,440 | 281,038 | |||
Short-term loans receivable | 35,312,326 | - | |||
Prepayments | 587,237 | 2,078,926 | |||
Other receivables | 1,079,850 | 792,849 | |||
Total current assets | 50,494,162 | 19,988,814 | |||
Property and equipment - net | 792,133 | 279,408 | |||
Investment in an equity investee | 2,870,067 | - | |||
Intangible assets | 15,004 | 17,745 | |||
Total assets | $ | 54,171,366 | $ | 20,285,967 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 470,282 | $ | 227,895 | |
Taxes payable | 4,002,070 | 1,285,160 | |||
Deferred tax liability | - | 16,673 | |||
Interest payable | 348,252 | - | |||
Due to related party | 601,538 | - | |||
Liabilities from risk reserve fund guarantee, without recourse to the Company | 13,101,290 | 7,297,123 | |||
Other payables | 519,235 | 219,911 | |||
Total current liabilities | 19,042,667 | 9,046,762 | |||
Convertible notes payable | 13,189,164 | — | |||
Total long-term liabilities | 13,189,164 | — | |||
Total liabilities | 32,231,831 | 9,046,762 | |||
Stockholders' equity | |||||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued | - | - | |||
Common stock, $0.001 par value, 598,000,000 shares authorized, 72,364,178 shares issued and outstanding as of September 30, 2017 and December 31, 2016 | 72,364 | 72,364 | |||
Additional paid-in capital | 9,527,326 | 9,527,326 | |||
Retained earnings | 11,955,875 | 2,310,480 | |||
Accumulated other comprehensive loss | 383,970 | (670,965 | |||
Total stockholders' equity | 21,939,535 | 11,239,205 | |||
Total liabilities and stockholders' equity | $ | 54,171,366 | $ | 20,285,967 | |
HUI YING FINANCIAL HOLDINGS CORPORATION (f/k/a SINO FORTUNE HOLDING CORPORATION AND SUBSIDIARIES) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) | |||||||||||||
For The Three Months | For The Nine Months Ended | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Revenues: | |||||||||||||
Financing income from entrusted loans | $ | 636,449 | $ | - | $ | 636,449 | $ | - | |||||
Loan facilitation and repayment management fees and others | 13,646,313 | 7,074,552 | 32,332,058 | 18,382,099 | |||||||||
Total revenue | 14,282,762 | 7,074,552 | 32,968,507 | 18,382,099 | |||||||||
Operating expenses | |||||||||||||
Selling, general and administrative expenses | 7,753,250 | 5,016,297 | 20,134,827 | 15,057,766 | |||||||||
Business and related taxes | 58,117 | 82,028 | 123,657 | 122,573 | |||||||||
Depreciation | 64,872 | 53,629 | 141,330 | 119,176 | |||||||||
Total operating expenses | 7,876,239 | 5,151,954 | 20,399,814 | 15,299,515 | |||||||||
Income from Operations | 6,406,523 | 1,922,598 | 12,568,693 | 3,082,584 | |||||||||
Other income (expenses) | |||||||||||||
Interest income | 27,237 | 23,657 | 183,265 | 83,182 | |||||||||
Interest expense and bank charges | (339,300) | (1,486) | (489,840) | (6,312) | |||||||||
Realized gain on investments | 93,752 | - | 310,793 | - | |||||||||
Other | (23,702) | 17,016 | (6,258) | (25,190) | |||||||||
Total other income (expense) | (242,013) | 39,187 | (2,040) | 51,680 | |||||||||
Income before provision for income taxes | 6,164,510 | 1,961,785 | 12,566,653 | 3,134,264 | |||||||||
Provision for income taxes | (1,405,154) | (503,232) | (2,921,258) | (624,721) | |||||||||
Net income | 4,759,356 | 1,458,553 | 9,645,395 | 2,509,543 | |||||||||
Other comprehensive income | |||||||||||||
Net unrealized gain on investments (net of tax effect) | (50,018) | - | (50,018) | - | |||||||||
Foreign currency translation adjustment | 614,489 | (24,158) | 1,104,953 | (45,326) | |||||||||
Total comprehensive income | $ | 5,323,827 | $ | 1,434,395 | $ | 10,700,330 | $ | 2,464,217 | |||||
Net income per common share | |||||||||||||
Basic | $ | 0.07 | $ | 0.02 | $ | 0.13 | $ | 0.04 | |||||
Diluted | $ | 0.06 | $ | 0.02 | $ | 0.13 | $ | 0.04 | |||||
Weighted average number of common shares outstanding | |||||||||||||
Basic | 72,364,178 | 67,500,000 | 72,364,178 | 67,500,000 | |||||||||
Diluted | 78,958,760 | 67,500,000 | 74,594,599 | 67,500,000 | |||||||||
HUI YING FINANCIAL HOLDINGS CORPORATION (f/k/a SINO FORTUNE HOLDING CORPORATION AND SUBSIDIARIES) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||
For The Nine Months Ended | ||||||
2017 | 2016 | |||||
Cash flows from operating activities: | ||||||
Net income | $ | 9,645,395 | $ | 2,509,543 | ||
Adjustments to reconcile net income to net cash provided by | ||||||
Depreciation | 141,330 | 119,176 | ||||
Accrued interest for convertible notes | 348,252 | - | ||||
Changes in operating assets and liabilities: (increase) decrease: | ||||||
Accounts receivable | (272,943) | (752) | ||||
Prepayments | 1,547,000 | (720,051) | ||||
Other receivables | (246,844) | (802,900) | ||||
Increase (decrease): Accounts payable and accrued liabilities | 228,775 | (792,708) | ||||
Taxes payable | 2,601,664 | 474,045 | ||||
Due to related party | 588,140 | - | ||||
Liabilities from risk reserve fund guarantee | 5,364,095 | 2,122,641 | ||||
Other payables | 283,324 | - | ||||
Net cash provided by operating activities | 20,228,188 | 2,908,994 | ||||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (627,301) | (17,886) | ||||
Purchase of intangible asset | - | (18,850) | ||||
Purchase of short-term investments | (7,345,919) | - | ||||
Proceeds from disposal of short-term investments | 15,720,267 | - | ||||
Disbursements for short-term entrusted loans made | (34,525,821) | |||||
Investment in an equity investee | (2,806,142) | - | ||||
Net cash used in investing activities | (29,584,916) | (36,736) | ||||
Cash flows from financing activities: | ||||||
Proceeds from issuance of convertible notes | 13,275,151 | - | ||||
Net cash provided by financing activities | 13,275,151 | - | ||||
Effect of exchange rate change | 462,191 | (191,649) | ||||
Cash and cash equivalents: | ||||||
Net increase | 4,380,614 | 2,680,609 | ||||
Balance at beginning of period | 8,561,695 | 5,712,741 | ||||
Balance at end of period | $ | 12,942,309 | $ | 8,393,350 | ||
Supplemental Disclosures of Cash flow Information: | ||||||
Cash paid for income taxes | $ | 415,719 | $ | - | ||
View original content:http://www.prnewswire.com/news-releases/hui-ying-financial-holdings-corp-reports-unaudited-third-quarter-2017-financial-results-300555798.html
SOURCE Hui Ying Financial Holdings Corporation
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