Weidai Ltd. Works on Applying for Online Microcredit Company License

HANGZHOU, China, Dec. 12, 2019 /PRNewswire/ -- Weidai Ltd. ("Weidai" or the "Company") (NYSE: WEI), a leading auto-backed financing solution provider in China, today announced that it is working on applying for an online microcredit company license in China, in an effort to further diversify its business.

Chinese regulators are encouraging marketplace lending platforms to transform into online microcredit companies. In late November 2019, the Head Office for Special Rectification of Online Finance Risk and the Head Office for Special Rectification of Peer-to-Peer Online Lending jointly issued Circular 83, which provides detailed guidelines for the transformation of marketplace lending platforms into online microcredit companies.

"Weidai has been implementing various initiatives to meet the government's compliance and transformation requirements," said Mr. Hong Yao, Weidai's founder, chairman and chief executive officer. "We will closely monitor the market fluctuations and continue to execute our strategies to diversify our business to meet evolving market demand."

About Weidai Ltd.

Weidai Ltd. is a pioneer and leading auto-backed financing solution provider in China supported by sophisticated and effective risk management system and technology. The Company transforms used automobiles, a type of "non-standard" collateral, into investable assets, to provide accessible credit for China's small and micro enterprises, and connects the borrowers with both online investors and institutional funding partners through its platform.

For more information, please visit http://weidai.investorroom.com/.

Safe Harbor Statement

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For investor and media inquiries, please contact:

In China:
Christensen
Mr. Christian Arnell
Tel: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com

SOURCE Weidai Ltd.