Jiayin Raises Stake In Shanghai Bweenet To 95% For RMB95M

Chinese fintech platform Jiayin Group Inc’s JFIN variable interest entity Shanghai Jiayin Finance Technology Co., Ltd inked an agreement with Shanghai Bweenet Network Technology Co., Ltd to acquire the additional stake for an aggregate consideration of RMB95 million, reaching a 95% stake ownership in Shanghai Bweenet.
Shanghai Bweenet specializes in chip designing aimed at cryptocurrency mining, design and distribution of cryptocurrency mining hardware, and management of cryptocurrency mining farms and mining pools.
Jiayin Group expects incremental business opportunities for its future business development from the transaction.
Jiayin Group held cash and cash equivalents of $14 million (RMB94.8 million) as of Sep. 30, 2020.
Price action: JFIN shares are lower by 3.13% at $8.21 on the last check Monday.