Weidai Ltd. (WEI) stock soars during current market trading session. Here’s the update

Weidai Ltd. (NASDAQ: WEI) stock gains by 2.06% in the current market trading session. Weidai Ltd. is China’s first and largest supplier of auto-backed finance solutions, with a comprehensive and effective risk control system and technology. The company converts old vehicles, a sort of “non-standard” collateral, into investable assets in order to give loans to China’s small and micro businesses, and uses its platform to link borrowers with institutional financing partners.

WEI stock’ Financial Highlights

Weidai announced its first half ended June 30, 2021, unaudited financial results. Given below is the summary:

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  • 9 million (US$83.0 million) in net sales for the six months ending June 30, 2021.
  • Operating costs and expenses totaled RMB364.6 million (US$56.5 million) in the six months ended June 30, 2021.
  • In the six months ended June 30, 2021, share-based compensation expenditures totaled RMB5.5 million (US$0.9 million), which comprised origination and service charges, general and administrative expenses, and research and development expenses.
  • For the first half of 2021, the income generated from operations was RMB57.2 million (US$8.9 million).
  • Income tax costs totaled RMB453.0 million (US$70.2 million) for the first half of 2021.
  • 1 million (US$61.5 million) was the net loss for the six months ending June 30, 2021.
  • Weidai’s ordinary stockholders suffered a net loss of RMB395.5 million (US$61.2 million) in the six months ended June 30, 2021.
  • The adjusted net loss generated for the first half of 2021 was RMB391.6 million (US$60.7 million).

Regulatory Changes

Weidai began repaying outstanding net principle amounts to all investors on the Company’s platform in July 2021, in conjunction with the appropriate regulatory authorities (the aggregate principal deposited by a specific investor excluding the total amount that has been taken by such investor). All outstanding net principal amounts on Weidai’s platform have been fully repaid as of the date of this earnings announcement.

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