China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Thursday two developments that mark significant progress in regaining compliance with the New York Stock Exchange’s Continued Listing requirements. China Rapid Finance reported that it completed its 2018 financial statement audit and filed its 2018 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC).
“In addition, the company instructed its Depositary Bank to implement a ratio change for its American Depositary Shares (ADSs). The new ratio will be 10 Class A ordinary shares per one ADS. The company expects the effective date for the ratio change will be on or around December 2, 2019; however, the exact date could change depending on the timing of SEC approval.”
China Rapid Finance also revealed that Dr. Po Wang will now focus on new business development in order to accelerate the Company’s growth and planned return to profitability. As a result, Dr. Wang’s title was changed from Co-CEO to Executive Vice-President, New Ventures. The company added:
“Dr. Wang will remain on the Board as an executive director. A key element of the Company’s recovery plan is to partner with multiple financial services enterprises that can leverage the Company’s “decision-making” technology to better serve their large customer bases.”