Pintec Technology Holdings Limited
|Company Name||Pintec Technology Holdings Limited|
In October 2018, Pintec completed its initial public offering (“IPO”) in which it sold more than 3.7 million American Depositary Shares (or “ADSs”) at $11.88 per share.
On July 30, 2019, after the market closed, the Company filed its 2018 annual report in which it restated certain results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income.
On this news, the Company’s share price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019, thereby injuring investors.
Then, on June 15, 2020, after the market closed, Pintec disclosed that it could not timely file its 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, the Company disclosed that it "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Moreover, Pintec "announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment."
Since the IPO, Pintec’s stock has traded as low as $0.92 per share, significantly below the $11.88 offering price.
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