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Fincera Provides 2017 Second Quarter Business Update and Announces Plans to Change its Reporting Currency

Thursday, August 10, 2017 4:05 PM
Fincera Inc.

SHIJIAZHUANG, HEBEI PROVINCE, CHINA / ACCESSWIRE / August 10, 2017 / Fincera Inc. ("Fincera" or the "Company") (OTCQB: AUTCF) (fka AutoChina International Ltd.), a leading provider of web-based financing and ecommerce services for small and medium-sized businesses and individuals in China, today provided an operational update on the second quarter ended June 30, 2017, including an update on the Company's credit advance and online payment processing platform CeraPay (, and its small business lending platform CeraVest (

In addition, the Company announced that it plans to change its reporting currency from the U.S. dollar ("US$") to Renminbi ("RMB") beginning with the second quarter ended June 30, 2017, to reduce the impact of increased volatility of the RMB to US$ exchange rate on the Company's reported operating results and to increase comparability with its peer companies in China. The aligning of the reporting currency with the underlying operations will better depict the Company's results of operations for each period. This release contains translations of certain RMB amounts into US$ for convenience. Prior period numbers have been recast into the new reporting currency.

Second Quarter 2017 Business Update


Launched in November 2014, CeraPay was used to make payment transactions totaling over RMB5.3 billion (USD$788.1 million) during the second quarter of 2017. Fincera developed CeraPay as a convenient platform through which customers can make electronic payments while the Company can make credit advances to its customers, allowing customers to pay for their everyday truck-operating needs at participating merchants within the CeraPay network. Fincera earns transaction fees through its CeraPay platform.

CeraPay Transaction Volume by Quarter

For the Three Months Ended
June 30, 2017
March 31, 2017
December 31, 2016
CeraPay Transaction Volume
(RMB in millions)
5,342.6 5,713.4 5,558.4
(USD in millions)
$ 788.1 $ 842.8 $ 819.9

In addition to the recently introduced fuel card and toll card, Fincera recently rolled out a 12-month installment payment program under which customers may purchase various items including commercial vehicles. The goal of these programs is to provide users with even more convenient methods to utilize CeraPay.


From its inception in November 2014, CeraVest has originated over RMB10.2 billion (USD$1.5 billion) in loans, and had a loan portfolio of approximately RMB3.4 billion (USD$0.5 billion) at June 30, 2017. Fincera created CeraVest as an online lending marketplace that provides short-term operating capital for small businesses primarily in the transportation industry. Through CeraVest, Fincera can originate loans and then sell those loans to investors. The Company believes it provides loans that generate higher returns than those of the short-term banking options available in China. Currently, individuals who invest on the CeraVest platform can earn an approximate annual interest rate of return of 8.0% for a flexible term investment, or 8.6% for a 6-month investment if held to maturity. Fincera earns origination fees on CeraVest loans.

CeraVest Quarterly Loan Originations

For the Three Months Ended
June 30, 2017
March 31, 2017
December 31, 2016
CeraVest Loans Issued
(RMB in millions)
1,524.7 1,463.9 1,061.4
(USD in millions)
$ 224.9 $ 215.9 $ 156.6

Management Commentary

Mr. Yong Hui Li, Fincera's Chairman and CEO, stated, "We are pleased with the continued adoption of our CeraPay and CeraVest products and are continuously looking for ways to enhance their convenience and value for customers. Our transportation customers have found the new fuel and toll cards particularly useful, and we look forward to serving more small business owners with our new installment payment program."

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.7793 to US$1.00, the effective noon buying rate on June 30, 2017, as set forth in the H.10 statistical release of the Federal Reserve Board.

About Fincera Inc.

Founded in 2005, Fincera Inc. (OTCQB: AUTCF) provides innovative web-based financing and ecommerce services for small and medium-sized businesses and individuals in China. The Company also operates a network of branch offices in 31 provinces, municipalities, and autonomous regions across China. Fincera's current service offerings include a B2B payment network, a web-based small business lending platform, and B2B ecommerce marketplaces targeting industry verticals such as trucking and passenger vehicles. The Company's website is Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:

  • Changing principles of generally accepted accounting principles;
  • Continued compliance with government regulations;
  • Legislation or regulatory environments, requirements or changes adversely affecting the transportation or financial services industries in China;
  • Fluctuations in consumer demand in the industries we serve;
  • Management of rapid growth;
  • General economic conditions;
  • Changes in government policy;
  • The fluctuations in sales of commercial vehicles in China;
  • China's overall economic conditions and local market economic conditions;
  • Our business strategy and plans;
  • The Company's ability to expand through strategic acquisitions, the establishment of new locations, and the introduction of new products and services;
  • Our ability to successfully integrate recent acquisitions;
  • Credit risk affecting our revenue and profitability, including our ability to manage the default risk of customers;
  • The results of future financing efforts; and
  • Geopolitical events.

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.


At the Company
Jason Wang
Chief Financial Officer
(858) 997-0680 / [email protected]

Investor Relations
The Equity Group Inc.
Carolyne Y. Sohn
Senior Associate
(415) 568-2255 / [email protected]

Adam Prior
Senior Vice President
(212) 836-9606 / [email protected]

SOURCE: Fincera Inc.

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