China Finance online announcement
BEIJING, July 9, 2021 / PRNewswire / – China Finance Online Co. Limited (“China Finance Online”, or the “Company”, “we”, “us” or “our”) (NASDAQ GS: JRJC), one of the leading financial services online company that provides Chinese individual investors with financial technology-based online access to securities trading services, wealth management products, securities investment advisory services, as well as a database financial and analytical services to institutional clients, today announced that the Company has become aware of an investigation into Mr. Zhiwei Zhao, Chairman of the Board of Directors of the Company by Xicheng branch from the Beijing Municipal Public Security Bureau. The Company has been informed that Mr. Zhao is currently cooperating with government authorities for the investigation.
Separately, Xicheng branch of the Beijing Municipal Public Security Bureau recently applied to Beijing Zhengjin Wealth Management Co., Ltd., a subsidiary of our variable interest entity in China, to provide certain commercial and financial documents relating to its commodity brokerage service activity. Zhengjin and its subsidiaries have provided the requested information. As initially disclosed in the Company’s 2017 Annual Report on Form 20-F, the Company suspended its commodities brokerage business in 2017 due to the suspension of trading of new commodities by most metal exchanges. precious in China.
The Company has no specific information regarding the above investigation and request for information. The Company plans to continue to cooperate with the government investigation upon request. There can be no assurance that the final outcome of the investigations will not result in administrative, civil or criminal proceedings against us, Mr. Zhao, our directors or employees, which could materially and adversely affect our business, financial condition and results. operating.
About China Finance Online
China Finance Online Co. Limited is a leading online financial services company providing Chinese individual investors with financial technology-based online access to securities trading services, wealth management products, financial services securities investment advice, as well as a financial database and analysis services to clients’ institutions. The company’s flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the online securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the company provides financial database and analysis to institutional clients, including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.
Safe Harbor Declaration
This press release contains forward-looking statements that constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. Statements contained herein reflect the current views of management with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those of forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements may be identified by words such as âwillâ, âexpectsâ, âanticipatesâ, âthe futureâ, âintendsâ, âplansâ, âbelievesâ, âestimatesâ and similar statements. Among other things, this press release contains the following forward-looking statements regarding:
- liquidity and sources of funding, including our ability to continue to operate;
- our prospect and our ability to attract new users;
- our prospect of creating a comprehensive wealth management ecosystem by providing a fully integrated online communications and securities trading platform;
- our outlook for stabilizing cash attrition and improving our financial position;
- our initiatives to meet client demand for intuitive online investment platforms and alternative investment opportunities; and
- the market outlook for securities trading, securities investment advice and wealth management activities.
Such statements involve certain risks and uncertainties which could cause actual results to differ materially from those of forward-looking statements, which risk factors and uncertainties include, among other things, substantial doubt as to the ability to continue operation, COVID-19 epidemic or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions to which we are subject; the uneven situation of the global and Chinese economies which could cause stock market volatility and affect our operating results in the coming quarters; the impact of changing mainland Chinese stock market conditions, Hong Kong the global stock market and financial markets on our future performance; the unpredictability of our strategic transformation and the growth of new businesses; the outlook for our margin activities and the extent to which our implementation of margin account verification and continuous monitoring will produce positive results; the extent to which our strategic collaborations with our partners will produce positive results; the prospects of from China affluent and middle-class households; the prospects of equipping our client specialists with new technologies, tools and financial knowledge; faltering investor confidence which could have an impact on our business; and possible goodwill other than cash, intangible assets and impairment of investments could have an unfavorable impact on our net income. In addition, we have recurring operating losses and our inability to generate sufficient cash flow to meet our obligation and maintain our business and deal with uncertainty about the impact of the COVID-19 outbreak on operation, which raises substantial doubts about our ability to continue in business. worry. Further information regarding these and other risks is included in the Company’s filings with the United States Securities and Exchange Commission, including its annual report on Form 20-F under “Forward-Looking Information” and ” Risk factors “. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE China Finance Online Co., Ltd.