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Weidai Ltd. (WEI) stock is going down to 9.71% in the aftermarket – Here’s why?

Weidai Ltd. (WEI) has seen a push of 9.71% in aftermarket. However, the last trading session closed at $0.9082 with 0.2%.

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General Meeting – When is it going to take place?

On 18th November 2021, WEI announced that a general meeting will take place at Hongxin Science and Technology Park, No.668, Jianshe Third Road, Xiaoshan District, Hangzhou, Zhejiang Province. Moreover, the meeting will occur on December 15, 2021, at 11:00 a.m. (local time).

Financial Results for six months ended 30th June 2021

WEI reported unaudited financial results on 27th August 2021. The company reported US$83.0 million in net revenues. Not only this, but the loan service fees accounted for US$82.2 million in net revenues, while other income accounted for US$1.0 million. Moreover, operating expenditures and expenses came out to be US$56.5 million. Provision for financial guaranteed liabilities was US$12.1 million, origination and servicing costs were US$31.0 million. Last but not least, general, and administrative costs totaled US$9.0 million, and research and development costs were US$2.1 million.

Full Year 2020 Financial Results – What’s up?

WEI stated the full year 2020 financial results on 19th March 2021. The company reported the net revenues of $235.4 million and loan service fee to be $216.3 million. Not only this, but net financing income totaled $4.7 million. Furthermore, origination and servicing expenses are reported to be $117.4 million, sales and marketing expenses to be $2.3 million, and research and development expenses nearly equal to $4.2 million. Last but not the least, the net loss came out to be $109.5 million.

About WEI

Weidai Ltd. is a pioneer and market leader in China for auto-backed finance solutions, with an effective and comprehensive risk management framework and technology. Moreover, the company converts old autos, which are a sort of “non-standard” security, into savings and investments in order to give loans to China’s small and micro businesses, and then links the borrowers with institutional finance partners via its platform.

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