Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Thursday it has issued a $20 million senior unsecured note to Majik Fund SPC, which is an exempted company managed by a subsidiary of Yunfeng Financial Group Limited. According to Hexindai, the note bears a fixed interest rate of 12.0% per annum, with interest payable semi-annually in arrears.
While sharing more details about the note, Xinming Zhou, CEO of Hexindai, stated:
“I’m pleased to issue this Note to Majik Fund SPC which I believe demonstrates their confidence in the future prospects of our business and the industry. With our business gradually improving despite a difficult market environment, we will use the proceeds as working capital to continue growing our platform and diversify our revenue streams to drive future growth and strengthen our position in the industry.”
Hexindai noted that Yunfeng Financial Group is an international financial institution that combines traditional financial services with the latest science and technology. Yunfeng Financial Group provides one-stop financial services including brokerage, investment research, corporate finance, asset management, insurance, employee stock ownership plan administration services and fintech solution.
Hexindai offers borrowers a wide range of products designed based on customer segmentation data and tailored to the specific needs of the emerging middle class in China by matching them with investors seeking various types of investment products with appropriate risk levels and risk-adjusted returns.