China Internet Nationwide Financial Services Inc. Announces Engagement of Shearman & Sterling LLP and KPMG Advisory (China) Limited to Conduct Independent Investigation into Muddy Waters Allegations

BEIJING, Jan. 19, 2018 /PRNewswire/ -- China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS) ("CIFS" or the "Company"), a leading financial advisory services company, today announced that the independent special committee (the "Special Committee") formed by the Company's Board of Directors has engaged Shearman & Sterling LLP to conduct an independent investigation into the allegations raised in a report issued by Muddy Waters LLC dated December 20, 2017 (the "Report"). Shearman & Sterling LLP has retained KPMG Advisory (China) Limited to assist in the investigation.

"We will work with Shearman & Sterling LLP and KPMG Advisory (China) Limited to conduct a detailed and thorough independent investigation into these accusations," said Mr. Hong Huang, Chairman of the Special Committee. " We look forward to updating investors and other interested parties once the investigation is complete."

About Shearman & Sterling LLP

Shearman & Sterling has been advising many of the world's leading corporations and financial institutions, governments and governmental organizations for more than 140 years. The firm has approximately 850 lawyers in 20 offices around the world. For more information, please visit: www.shearman.com.

About KPMG

KPMG is one of the world's leading professional services firms and the fastest growing Big Four accounting firm in the world. Seated in Amstelveen, the Netherlands, KPMG employs 189,000 people and has three lines of services: financial audit, tax, and advisory. For more information, please visit: https://home.kpmg.com.

About China Internet Nationwide Financial Services Inc.

Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial Services Inc. provides financial advisory services, including commercial payment advisory, intermediary bank loan advisory, and international corporate financing advisory, to meet the financing and capital needs of its clients, comprised largely of small-to-medium sized enterprises.

Forward Looking Statements

This news release contains "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. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

INVESTOR RELATIONS:

China Internet Nationwide Financial Services Inc.
Email: [email protected] 
Phone: +86 10 8587 8166

Tony Tian, CFA
Weitian Group LLC
Email: [email protected]
Phone: +1 732 910 9692

SOURCE China Internet Nationwide Financial Services Inc.