What is the symbol of jianpu technology inc.
Jianpu Technology Inc operates as an open platform for discovery and recommendation of financial products in the People's Republic of China. The Company connects users and financial service providers, providing users with personalized search results and recommendations that are tailored to their specific financial needs and credit profiles. It also offers big data and system-based risk management, sales and marketing solutions, and integrated solutions through Gold Cloud to financial service providers. Jianpu Technology serves customers in the People's Republic of China.
The Amended Complaint alleges that prior to the IPO, a substantial portion of Jianpu's revenue came from P2P financial services providers on whose platforms it operated. During a conference call in December 2017, top executives reported that "non-licensed financial institutions" on its platform accounted for around 12% of Jianpu's revenue. Despite the fact that the Registration Statement addressed whether Jianpu's financial services providers had licenses to operate, it did not disclose that the majority of these same financial services providers were actively violating existing regulations.
Moreover, the Registration Statement merely referred to media speculation that the PRC might "impose new regulations on fees and interest" (Am. Cmplt. (Dkt. No. 30) at 98), rather than disclosing that such new regulations might result in significant losses to Jianpu's business. The Court concludes that this disclosure was insufficient to alert investors of the risks posed by existing regulatory violations. Accordingly, the Court denies Defendants' motion to dismiss.
