Pintec Technology Holdings Limited Corrects Errors in Unaudited Financial Results for the First Half of 2023

Published / Modified Apr 30 2024
CSIMarket Team / CSIMarket.com

CORRECTION: Pintec Reports Unaudited Financial Results for the First Half of 2023 and Discloses Errors in Interim Report

Beijing, April 30, 2024 - Pintec Technology Holdings Limited (Nasdaq: PT), a technology-enabled financial and digital services provider for the micro, small, and medium enterprises ecosystem, recently announced its unaudited financial results for the six months ended June 30, 2023. The company disclosed an unintended error in its Interim Report regarding the gain from the disposal of its wholly owned subsidiary, Sky City Holding Limited and its subsidiaries (collectively SCHL Group).

In the Interim Report, Pintec initially revealed a gain of RMB6.71 million from the disposal of SCHL Group. However, during the preparation of the financial statements for the year ended December 31, 2023, the company identified two inadvertent errors. Firstly, the cumulative foreign currency translation loss of RMB45.59 million, previously recorded as accumulated other comprehensive loss, should be treated as a loss from the disposal of SCHL Group. This correction increased Pintec's net loss from RMB0.71 million to RMB46.30 million.

Secondly, the non-controlling interest in a subsidiary included in the SCHL Group, originally reported as RMB139.34 million, should be classified as another payable to non-controlling interest holders. This adjustment increased accrued expenses and other liabilities from RMB30.20 million to RMB169.54 million, while decreasing the non-controlling interest from RMB153.47 million to RMB14.12 million.

Pintec's management has promptly addressed these errors and wishes to rectify any confusion caused by the earlier announcement. The company assures stakeholders that it remains committed to transparent and accurate financial reporting practices.

Pintec Technology Holdings Limited operates in China's thriving financial technology sector, providing innovative solutions to micro, small, and medium enterprises. By leveraging advanced technologies such as artificial intelligence, cloud computing, and big data, the company offers a wide range of services, including online lending, digital wealth management, and insurance distribution.

Despite the financial adjustment, Pintec is well positioned to capitalize on the immense growth opportunities in China's digital economy. As the country continues to invest heavily in technology-driven financial services, Pintec's comprehensive suite of solutions and its strong market presence offer significant potential for growth and market share expansion.

Pintec's recent announcement of its unaudited financial results for the first half of 2023 reflects the company's commitment to transparency and openness. The acknowledgment and rectification of errors demonstrates its dedication to maintaining accurate financial reporting standards. Moving forward, the company will focus on enhancing its risk management capabilities, operational efficiency, and technological innovation to position itself as a leading player in China's fintech industry.