China Rapid Finance announces name change to SOS

Source: IBS Intelligence 2020-07-21

SOS, formerly known as China Rapid Finance, has announced the approval from shareholders at the 2020 Annual Meeting of Shareholders of the proposal to change the company’s name to SOS Limited. The company also announces the relocation of its headquarters to Qingdao City, Shandong, China.

In May, the company has completed its asset injection with Yong Bao Two (YBT), a holding company that controls SOS Information Technology (SOS). The intention was for China Rapid Finance’s FinTech business to enable the drive of cross-selling opportunities and leverage funding sources from SOS’ portfolio.

Following shareholder approval on July 17, the company’s name has been changed to SOS Limited and the trading symbol for its ADS has been changed to SOS, effective since Monday, July 20, 2020. The company’s ADS will continue to trade on NYSE under the new CUSIP 83587W106.

Yandai Wang, CEO of the company said, “Our strategy of organic growth, coupled with strategic acquisitions, is well underway. The recently signed cooperation agreement with Qingdao West Coast New District Management Committee (“Qingdao”) is one of many progress milestones that we are making. We have also been actively working on strategic acquisitions that are expected to scale and complement our current customer base. We are ramping up our go-to-market capabilities to meet this unprecedented demand from our members.”

The relocation is consistent with the company’s strategic plans to accelerate scale in the hyper-growth category of the emergency rescue services business. SOS provides marketing-related data, technology and solutions to emergency healthcare services in China. The company has accumulated over 55 million members. The company plans to discuss more on its strategic developments during its upcoming earnings release and investor call.

SOS also provides various types of membership cards to individual members in large corporations as part of employee benefits. Its products include SOS Medical Rescue Card, SOS Auto Rescue Card, SOS Financial Rescue Card, and SOS Life Rescue Card. SOS utilises cloud and other cutting-edge technologies to provide marketing solutions in a new fashion, including its app-based mobile platform, cloud call centers and large data centers. SOS has contractual service agreements with major banks, insurance companies, internet companies, and telecom providers in China.

China Rapid Finance

SOS Limited

China Rapid Finance

China Rapid Finance announces name change to SOS

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