China Lending Stock Gets 11% Boost on Partnership With Rui Xin
Joined by the insurance provider, China Lending plans to develop its consumer lending platform.
China Lending Corp. (Nasdaq: CLDC) saw an 11-percent jump in its stock price Monday, to $1.03 per American depositary share, after it announced a partnership with Rui Xin Insurance Technology (Ningbo) Co. Ltd.
China Lending, a Beijing-based company that focuses on micro-, small- and medium-sized enterprises in China, said in a statement today that it has scored a five-year deal that would help it expand its business and customer base.
With its new partner, insurance provider Rui Xin, the company plans to set up its own consumer finance platform, according to the report. China Lending also said it hopes to improve its asset quality and risk management through this deal, as well as delve into the insurance market.
"Through our partnership with Rui Xin, we will develop a customer base for consumer financial services and serve customers with long-term financing needs," China Lending's co-founder and chief executive officer, Jingping Li, said in the statement.
Yanliang Zhuang, the vice president of Rui Xin, stated, "We believe the partnership will create synergies for both parties in technological and commercial areas. Going forward, we will continue to promote the integration of our resources, explore potential business opportunities, and expand our customer bases to boost the business growth of both parties."