Q&K Announces Disposal of WFOE
26 10월 2021 - 7:00PM
Q&K International Group Limited (NASDAQ: QK) (“Q&K” or the
“Company”), a leading technology-driven long-term apartment rental
platform in China, today announced that it has sold all of its
equity interest in Shanghai Qingke Investment Consulting Co., Ltd.
(the “Former WFOE”), which was a wholly-owned subsidiary of the
Company in China prior to the disposition, to Wangxiancai Limited,
which is beneficially owned by the legal representative and
executive director of one of the Company’s subsidiaries, a related
party (the “Disposal”). The Former WFOE has a series of contractual
arrangements with Shanghai Qingke E-commerce Co., Ltd, the
Company’s former variable interest entity, through which the
Company carried out certain rental apartment operation business.
The Disposal was performed to dedicate the Company’s business
resources to operate higher-quality rental apartments through its
subsidiaries in China. As a result of the Disposal, the Company no
longer conducts any operation through a variable interest entity.
Mr. Chengcai Qu, the chief executive officer of the Company,
said, “the Disposal will help us optimize our resources to focus on
operating higher-quality rental apartments going forward. We will
continue our efforts in the long-term apartment industry with this
fresh start.”
About Q&K
Q&K International Group Limited (NASDAQ: QK) is a leading
technology-driven long-term apartment rental platform in China. The
Company offers young, emerging urban residents
conveniently-located, ready-to-move-in, and affordable branded
apartments as well as facilitates a variety of value-added
services. Q&K leverages advanced IT and mobile technologies to
manage rental apartments in various cities in China. Technology is
the core of Q&K’s business and is applied to its operational
process from apartment sourcing, renovation, and tenant
acquisition, to property management. The focus on technology
enables Q&K to operate a large, dispersed, and fast-growing
portfolio of apartments with high operational efficiency and
deliver a superior user experience.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the quotations from management in this press
release and the Company and its subsidiaries’ (collectively, the
“Group”) operations and business outlook contain forward-looking
statements. Such statements involve certain risks, uncertainties
and other factors that could cause actual results to differ
materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to the
following: the Group’s ability to access financing on favorable
terms in a timely manner and maintain and expand its cooperation
with financial institutions; the Group’s ability to continue as a
going concern in the future or achieve or maintain profitability;
the Group’s ability to effectively respond to the challenges and
uncertainties resulting from the COVID-19 pandemic and other
outbreaks and catastrophes; the Group’s ability to manage its
growth; the Group’s ability to integrate strategic investments,
acquisitions and new business initiatives; the Group’s ability to
control the quality of its operations, including the operation of
the rental apartments managed by its own apartment managers or by
third-party contractors; the Group’s ability to attract and retain
tenants and landlords, including tenants and landlords from its
acquired lease contracts; the Group’s ability to resolve disputes
with third parties; the Group’s ability to manage its brand and
reputation; the Group’s goal and strategies; the Group’s limited
operating history; the Group’s ability to compete effectively; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Group’s filings with the U.S. Securities and Exchange Commission.
Except as required by law, the Group does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please
contact:
Q&K
E-mail: ir@qk365.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +852-6686-1376
E-mail: rvanguestaine@ChristensenIR.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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