Fortune Auto Finance Co., Ltd.（"the company" or "FAF"）successfully issued RMB 2 billion "Xin Rong 2020-3 Retail Auto Mortgage Loan Assets Backed Securities (ABS) "in the inter-bank bond market on 6th November 2020. The successful issuance of this ABS project represents that the company has successfully completed total nine batches of CLO ABS projects in the inter-bank market.
Since the third quarter of 2020, under the guidance of "high-quality development strategy" and with coordination and cooperation from multi departments including sales and marketing department, risk control department, post-loan department and etc., FAF maintained steady business development, both auto loan scale and net profit recorded sustained growth, asset quality kept improving, the NPL ratio decreased to fine level of 0.74% by third quarter end with continuing optimization trend. Within the overall risk management system FAF always takes liquidity risk management as top priority. In the same time, through diversified financing channels FAF is able to achieve stable funding structure and healthy liquidity status, which well guaranteed the company’s steady business development in the fourth quarter of year and striving for larger market share.