UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2019
(Commission File No. 001-38051)
China Rapid Finance Limited
2nd Floor, Building D, BenQ Plaza
207 Songhong Road
Changning District, Shanghai 200335
People’s Republic of China
+86-21-6032-5999
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): ☐
China Rapid Finance Reports 2019 Semi-Annual Financial Results
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(US$ in thousands, except share data and per share data, or otherwise noted)
| For the Six Months Ended | |
June 30, | June 30, | |
Revenue: |
|
|
Transaction and service fees (net of customer acquisition incentive) | 39,057 | 22,236 |
Other revenue | 695 | 1,400 |
| 39,752 | 23,636 |
Net interest income/(expense) | (107) | 2,050 |
(Provision)/Reversal for loan losses | 0 | (1,483) |
Discretionary Payments | (9,052) | (4,881) |
Business and related taxes and surcharges | 0 | (51) |
Net revenue | 30,593 | 19,271 |
Operating expense: |
|
|
Servicing expenses | (6,049) | (2,974) |
Sales and marketing expenses | (20,506) | (11,381) |
General and administrative expenses | (36,380) | (21,953) |
Product development expenses | (8,427) | (3,401) |
Total operating expenses | (71,362) | (39,709) |
Other income (expense): |
|
|
Other income (expense), net | 407 | (43) |
Loss before income tax expense | (40,362) | (20,481) |
Income tax expense | (379) | (96) |
Net loss | (40,741) | (20,577) |
Net loss attributable to ordinary shareholders | (40,741) | (20,577) |
Net loss | (40,741) | (20,577) |
Foreign currency translation adjustment, net of nil tax | 249 | (1,203) |
Comprehensive loss | (40,492) | (21,780) |
Weighted average number of ordinary shares used in computing net loss per share |
|
|
Basic | 65,244,600 | 66,164,360 |
Diluted | 65,199,459 | 65,199,459 |
Loss per share attributable to ordinary shareholders |
|
|
Basic | (0.62) | (0.31) |
Diluted | (0.62) | (0.31) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(US$ in thousands, except share data and per share data, or otherwise noted)
| ||
| June 30, | June 30, |
Assets |
|
|
Cash and cash equivalents | 58,809 | 12,477 |
Restricted cash | 2,708 | 57,574 |
Short-term investment |
|
|
Loans receivable, net of allowance for loan losses US$99 thousand and US$554 thousand as of December 31, 2017 and 2018, respectively | 1,917 | 8,678 |
Contract assets, net |
| 283 |
Safeguard Program asset | 13,841 | 0 |
Receivables, prepayments and other assets | 20,978 | 28,331 |
Property equipment and software, net | 5,551 | 4,175 |
Total assets | 103,804 | 111,518 |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/ EQUITY |
|
|
Liabilities: |
|
|
Safeguard Program payable | 14,057 | 0 |
Accrued liabilities | 54,464 | 129,327 |
Income tax payable | 1,981 | 1,832 |
Deferred revenue | 8,220 | 1,046 |
Total liabilities | 78,722 | 132,205 |
Commitments and contingencies (Note 15) |
|
|
Shareholders’ (deficit)/equity |
|
|
Ordinary shares, US$0.0001 par value, 500,000,000 shares authorized, 64,702,673 and 65,759,210 shares issued and outstanding as of December 31, 2017 and 2018, respectively | 6 | 6 |
Additional paid-in capital | 282,833 | 284,064 |
Accumulated other comprehensive income | (494) | (1,002) |
Accumulated deficit | (257,263) | (303,755) |
Total shareholders’ (deficit)/equity | 25,082 | (20,687) |
Total liabilities and shareholders’ (deficit)/equity | 103,804 | 111,518 |
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW DATA
(US$ in thousands, except share data and per share data, or otherwise noted)
| |
| June 30, |
| US$ |
Net cash used in operating activities | (17,278) |
Net cash used in investing activities | 19,803 |
Net cash provided by financing activities | - |
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (1,335) |
Net increase/(decrease) in cash, cash equivalent and restricted cash | 1,190 |
Cash, cash equivalent and restricted cash at beginning of period | 68,861 |
Cash, cash equivalent and restricted cash at end of period | 70,051 |
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
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|
China Rapid Finance Limited | |
| |
|
|
By: | /s/ Steven Foo
|
| Steven Foo |
| Chief Financial Officer |
Date: December 31, 2019
