Credit card companies are surveyed and their shares tumbled 40%
Published on December 17, 2024 11:05AM EDT By Nancy Miller

Some reporters asked Yang Yuzhi, vice president of the company, to prove that colleagues went home first. The reporter asked if the employees would work normally behind them. Yang Yuzhi said that he would go to work normally. But Yang Yuzhi did not respond to whether Sun Haitao, chief executive of 51 credit cards, had been taken away to assist in the investigation.

With the exception of those disclosed above, the company has not yet received official documents from the relevant government departments relating to the reasons for the investigation and is unaware of the details behind the implementation of the investigation, the company said. The company stressed that the business operation and financial position of the group remained normal and sound, and that the assets of the group were not seized or frozen. In addition, as the daily business operation and management of the Group is the responsibility of the Group's senior management team, the Board does not currently expect the above matters to have any significant adverse impact on the daily business operation and financial position of the Group. The board will further assess the impact of the matter on the group.

"This storm is due to our imperfect management, especially the lack of training and supervision of cooperative companies, resulting in some excessive behavior in the process of communication with borrowers, causing harm to individual borrowers," Sun Haitao, 51 credit card CEO, posted a blog post on Sina Weibo at 6: 00 on October 22, less than a day before the news of credit card 51 was checked.

Sun Haitao said that in the follow-up business activities, the company will consciously and conscientiously accept the guidance of the government, strictly follow the operating rules of listed companies, further implement various risk control measures, put an end to all irregular third-party cooperation, and ensure benign communication and cooperation with various partners. At the same time, priority should be given to ensuring that each lender is paid on schedule in accordance with the contract. To this end, the company will regularly disclose the operation and assets of the enterprise, as well as the payment to the lender. At the same time, the company will consciously accept territorial government, third-party audit companies and the majority of borrowers.

(picture source:搜狗图片)

In addition, 51 credit card executives and corporate public relations departments made``multiple clarifications'' . Media reported that 51 credit card CFO Zhao Ke responded to``the company was under police assault investigation'' that the company is currently operating normally and is learning the specific situation. It is not clear whether the personnel taken by the police are employees of the company, and the official announcement will be issued later.

In addition to the company's founder Sun Haitao also issued an apology letter on the matter, 51 credit card also issued an announcement this morning to respond to the incident. The company noted a significant drop in its share price on the afternoon of October 21, 2019, the announcement said. After inquiry, the board of directors learned that on the same day, the company was investigated by the relevant government departments at the Hangzhou office in Zhejiang Province. In addition, Sun Haitao, chairman, chief executive director and controlling shareholder of the company, Zhao Ke, executive director and chief financial officer of the company, and some employees of the group are also assisting in the investigation at the request of the relevant government departments. The investigation, which requires the assistance of two directors, has been temporarily concluded and the two directors have not been associated Detained by the government department.

Sun Haitao said the storm is due to imperfect management of the company, especially the lack of training and supervision of the cooperative company, resulting in some excessive behavior in the process of communication with the borrower, causing harm to individual borrowers, for which the company is very sorry. Sun Haitao mentioned in the article that the balance of assets of 51 borrowers on September 30, 2019 was 10.7 billion yuan, and that of investors was only 9.7 billion yuan. In addition, as of June 30, 2019, the balance of the company's own net assets was 3.8 billion yuan, and the total amount of cash owned by the company was 2.6 billion yuan. The company has enough cash and assets to protect the rights and interests of investors . The above operation of the enterprise can be supervised by the government and the third party audit company at any time.

51 official customer service told reporters: "We do receive a lot of such news now, but we have now verified with the Hangzhou headquarters, the news is not true, headquarters public relations are also taking relevant measures to suggest that you pay attention to our official follow-up release of the news. 51 credit cards and its P2P online loan platform 51 people, there is no problem at present." At present, the company is running well, there is nothing unusual, do not believe these negative news. "

Today, it was reported that 51 credit cards were intervened by Zhejiang local police. According to sources, more than 100 police officers stormed the office building of 51 credit cards in Xixi. On Oct. 21, Hangzhou police announced on the official Weibo that they had launched an investigation into criminal acts such as outsourcing companies commissioned by 51 Credit Card Co., Ltd. At present, the case is still being further investigated.

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