BEIJING, Nov. 16, 2018 /PRNewswire/ -- Hexindai
Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a
fast-growing consumer lending marketplace in China, today
announced that it has changed its independent registered public
accounting firm.
I. Previous Independent Registered Public Accounting
Firm
- On November 15, 2018, the Company
dismissed its independent registered public accounting firm,
Marcum Bernstein & Pinchuk LLP
("MarcumBP"). MarcumBP served as the Company's independent
registered public accounting firm for the two most recent fiscal
years ended March 31, 2017 and
2018.
- The audit report of MarcumBP on the consolidated financial
statements of the Company as of March 31,
2017 and 2018 and for the fiscal years ended March 31, 2017 and 2018 did not contain an
adverse opinion or disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting
principles.
- The decision to change the independent registered public
accounting firm was recommended and approved by the Audit Committee
and the Board of Directors of the Company.
- During the Company's two most recent fiscal years ended
March 31, 2017 and 2018 and through
November 15, 2018, the date of
dismissal, (a) there were no disagreements with MarcumBP on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of MarcumBP, would have caused it
to make reference thereto in its reports on the financial
statements for such years and (b) there were no "reportable events"
(as that term is described in Item 304(a)(1)(v) of Regulation S-K),
and except for the material weaknesses in the Company's internal
control over financial reporting (the "Material Weaknesses") as
disclosed in the Company's Annual Report on Form 20-F for the
fiscal year ended March 31, 2018
filed with the U.S. Securities and Exchange Commission (the "SEC")
on July 27, 2018. The Audit Committee
and Board of Directors of the Company discussed the Material
Weaknesses with MarcumBP. The Company has authorized MarcumBP to
respond fully to the inquiries of the successor accountant of the
Company concerning the Material Weaknesses. There is no
disagreement with MarcumBP on the above matters.
- On November 16, 2018, the Company
provided MarcumBP with a copy of the above statements contained in
this press release and has requested that MarcumBP furnish the
Company with a letter addressed to the SEC stating whether it
agrees with the above statements, and if not, stating the respects
in which it does not agree. A copy of such letter is attached as
Exhibit 16.1 to the Company's current report on Form 6-K dated
November 16, 2018.
II. New Independent Registered Public Accounting Firm
With the dismissal of MarcumBP, the Company engaged Deloitte
Touch Tohmatsu ("Deloitte") as its independent registered
public accounting firm for the fiscal year ending March 31, 2019. The engagement of Deloitte was
approved by the Audit Committee and the Board of Directors of the
Company. During the two most recent fiscal years ended March 31, 2017 and 2018 and any subsequent
interim periods prior to the engagement of Deloitte, neither the
Company, nor someone on its behalf, has consulted Deloitte
regarding:
- the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit
opinion that might be rendered on the Company's consolidated
financial statements, and neither a written report was provided to
the Company or oral advice was provided that Deloitte concluded was
an important factor considered by the Company in reaching a
decision as to the accounting, auditing or financial reporting
issue; or
- any matter that was the subject of a disagreement as defined in
Item 16F(a)(1)(iv) of Form 20-F and related instructions to Item
16F of Form 20-F, or any reportable events as described in Item
16F(a)(1)(v) of Form 20-F.
About Hexindai Inc.
Hexindai (NASDAQ: HX) is a fast-growing consumer lending
marketplace based in Beijing,
China facilitating loans to meet the increasing consumption
demand of the emerging middle class in China. Hexindai provides borrowers with
convenient and ready access to credit through its online
marketplace. The Company 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. Hexindai's strong online and offline
user acquisition capabilities combined with an online platform with
extensive offline networks, an advanced risk management system, and
strong strategic cooperative relationships with a custodian bank
and an insurance company to safeguard investments, allows the
Company to generate higher customer satisfaction, reliance, and
realize faster growth in China.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the SEC, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please
visit http://ir.hexindai.com/
For investor inquiries, please contact:
Hexindai
Ms. Daisy Wang
Tel: +86-10-5380-6196
Email: ir@hexindai.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
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SOURCE Hexindai Inc.