Jiayin Group Inc. (JFIN) Stock Plunged 2.50% After A Soaring An Incredible 17.46% Previous Trading Session. Here’s What Happened

Jiayin Group Inc. (JFIN), operates in the lucrative field of financial technology and is a renowned financial technology company connecting individual debtors to individual creditors, recently notified that JFINis to own a 95% stake at Shanghai Bweenet Network Technology Co., Ltd., which is an LLC formed in the People’s republic of China.


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The contractual agreement for acquisition between JFIN and Shanghai bweenet was subject to certain conditions and regulations such as JFIN purchasing JFIN stock owned by present shareholders of Shanghai Bweenet, to be provided with more business opportunities. The acquisition taking place for an accumulated capital of RMB 95M due to which JFIN stock had an incredible soar last trading session.

After the contractual agreement is completed and the conditions are agreed on, JFIN will acquire 95% of the equity of Shanghai Bweenet, being given decision-making capability for the Chinese LLC. JFIN will complete the transaction in various installments if certain regulations are followed. The agreement and the transfer of capital will only be concluded subject to certain conditions, such as due diligence of the Chinese LLC.

Information on Shanghai Bweenet.

Shanghai Bweenet is anLLCestablished in the Peoples Republic of China. Shanghai specializes in constructing chips made for cryptocurrency mining, design, and commercialization of cryptocurrency mining hardware, as well as provides guidance for cryptocurrency mining farms and mining pools.

The Company predicts that the capital provided to Shanghai Bweenet will be used for further expansion and various business opportunities for its future business development.

Conclusion

JFIN’s long-term revenue growth and rising stock price has proven to be a success and an expected investment in NFT’s as well as savvy acquisitions in PRC have peaked investor expectation for the company.

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