WUHAN, China, April 20, 2018 /PRNewswire/ -- SSLJ.com Limited (NASDAQ: SSLJ) (the "Company"), a vertically integrated O2O home decoration service and product provider in China, announced today that the Company has received a credit line of up to RMB1 billion (approximately USD159 million) from Hubei Sanxia Rural Commercial Bank Co. Ltd. ("HSRCB"), a large regional commercial bank located in China, intended for working capital.
Hubei Sanxia Rural Commercial Bank Co., Ltd. was founded in 2012 and is headquartered in Yichang, China. HSRCB provides comprehensive banking services in China. It accepts deposits; grants loans; and offers settlement and clearing, acceptance and discounting, financial, interbank lending, credit card, collection, insurance, and factoring services, as well as safety deposit box services. The company operates 42 branches in Yichang and Wuhan.
The Company entered into the strategic cooperation agreement (the "Agreement") with HSRCB on April 16, 2018. Pursuant to the Agreement, HSRCB is expected to authorize SSLJ a 3-year line of credit no less than RMB1 billion (approximately USD159 million) intended for working capital. Credit extensions include, but are not limited to, short-term loans, medium and long-term loans, bill financing, loan commitments, and fitting-out loans. The type, amount, and terms of the credit line are subject to adjustment based upon SSLJ's assets and operating conditions. As part of the Agreement, HSRCB is expected to offer discount billing services to SSLJ, tailored fund management models and operation plans for SSLJ as well as provide SSLJ employees with convenient personal financial services.
Mr. Wei Zheng, Chairman and Chief Executive Officer of SSLJ.com Limited, stated, "While SSLJ is disrupting the status quo in the home decoration industry, we have additional need for working capital. Securing this line of credit enables SSLJ to continue to operate nimbly as we drive growth. Our partnership with HSRCB also affords us access to their strong strategic advice and other important regional resources."
About SSLJ.com Limited
SSLJ.com Limited is a pioneer in the vertically integrated O2O home decoration service and product market with one of the largest market shares in China. The Company provides customers with a convenient, full-service, one-stop solution for their homes' interior decoration and improvement needs by offering consulting, design, construction, and furnishing services as well as modern, high-quality and high-tech products. The Company has 9 branch companies and 12 sales offices in 10 cities, which are Beijing, Shanghai, Shenzhen, Wuhan, Suzhou, Hefei, Zhengzhou, Tianjin, Chengdu, Xi'an. For more information, please visit http://www.sslj.com/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the listing of the Company's Class A ordinary shares on NASDAQ. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Ms. Wing Chuen Rhoda Lau
Chief Financial Officer
In the United States:
Ascent Investor Relations LLC
Ms. Tina Xiao