Yirendai Ltd. (NYSE:YRD) Q1 2019 Earnings Conference Call Transcript

Jul 10, 2019 • 08:00 pm ET

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Yirendai Ltd. (NYSE:YRD) Q1 2019 Earnings Conference Call Transcript

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Presentation
Executive
Ning Tang

asset allocation-based wealth management solution for affluent investors.

We believe we are well positioned to capture the significant synergies presented by this business realignment and strategic transformation to deliver long term operating performance and shareholder value. Post the transaction, we will be rebranding the listed company under a new name Yiren Digital as we are broadening our business to include more holistic personal financial services to our customers.

I would like to take the time now to introduce our new management team for Yiren Digital. Ms. Wei Wang will be our CEO for Yiren Credit. Ms. Wang joined CreditEase in 2010 and has extensive operational and leadership experience in the consumer credit industry.

Ms. Xiao Shang will be our CEO for Yiren Wealth. She brings invaluable wealth management and investment experience to Yiren Wealth, with over 10 years working experience at CreditEase.

Mr. Huan Chen, our Board of Director will be our CRO for Yiren Digital. He is currently also serving as Chief Strategy Officer for CreditEase, and brings with him over 11 years working experience at CreditEase. Along with the new and experienced management team, I look forward to building a leading digital, personal financial services platform that provides both wealth management and consumer credit services to our clients.

Now I would like to highlight our strategic plan for the remaining 2019 and beyond. On the credit, consumer credit part, we will focus on high quality asset growth near-term and streamline our online and offline operations to better serve our customers with improved customer acquisition and operational efficiencies, and get ready for the upcoming regulatory registration process.

We are also making proactive strategic initiatives to expand our business and further strengthen our market leadership position. I'm excited to announce that we have signed a preliminary memorandum of understanding for the acquisition of a leading supply chain financing platform, DaoKouDai Technology Ltd., based in Beijing, which will bring a strong team of experts to help us better serve our small and medium sized enterprises.

We have also formed a joint venture with ZBO Fintech after our strategic investment. ZBO Fintech is a B2B2C Auto Fintech company incubated by the insurance, leading insurance company, PICC. The joint venture will provide creditech underwriting solution services for both ZBO Fintech as well as various financial institutions, which we believe will further strengthen our business cooperation with PICC.

At Yiren Wealth, as part of our strategic transformation, we have started providing multiple non-P2P investment products on our Yiren Wealth platform, including bank, wealth management products, mutual funds and insurance products. We believe with our deep wealth management expertise developed through the years, serving our CreditEase high net worth and ultra-high net worth clients, we are well-positioned to provide the customer-centric, cost effective asset allocation based wealth management services to China's large mass affluent investor base.

Finally, on regulation, we have successfully completed the Beijing Local Financial Bureau Onsite inspection at Yirendai in May and have been submitting our operational data to the National Internet