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Yirendai realigns operations

CreditEase Holdings (Cayman) Ltd., the controlling shareholder of Yirendai Ltd., is realigning its operations and is transferring some businesses and services to Yirendai.

Yirendai entered into definitive agreements with CreditEase, under which Yirendai will assume certain business operations, including online wealth management, consumer lending, financial leasing, small and midsize enterprise lending and other related services or businesses. Yirendai will assume the business operations for a total consideration of 106,917,947 issued ordinary shares of Yirendai and 889 million Chinese yuan in cash.

In addition, Ning Tang, the executive chairman of Yirendai and chairman and CEO of CreditEase, will assume the CEO role for Yirendai upon the completion of the transactions.

As of March 25, US$1 was equivalent to 6.71 Chinese yuan.