Weidai Ltd. to Hold Annual General Meeting on December 15, 2020

HANGZHOU,China,Nov. 20,2020 – Weidai Ltd. ("Weidai" or the "Company") (NYSE: WEI),a leading auto-backed financing solution provider in China,today announced that it will hold its annual general meeting of shareholders at No. 9 Baiyun Road,Shangcheng District,Hangzhou,Zhejiang Province,the People's Republic of China on December 15,2020 at 11:00 a.m. (local time).

No proposals will be submitted for shareholder approval at the annual general meeting. Instead,the annual general meeting will serve as an open forum for shareholders to discuss the Company's affairs with management.

The Board of Directors of the Company has fixed the close of business on November 20,2020 as the record date for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company's ordinary shares at the close of business on the record date will be entitled to attend the annual general meeting and any adjournment or postponement thereof in person.

The notice of the annual general meeting is available on the Company's website at http://weidai.investorroom.com/. The Company filed its annual report on Form 20-F for the fiscal year ended December 31,2019,with the U.S. Securities and Exchange Commission (the "SEC") on June 4,2020,U.S. Eastern Time. The annual report can be accessed on the SEC's website at www.sec.gov. The Company will also provide a hard copy of its annual report containing its audited consolidated financial statements,free of charge,to its shareholders and American Depositary Share holders upon request.

About Weidai Ltd.

Weidai Ltd. is a pioneer and leading auto-backed financing solution provider in China supported by sophisticated and effective risk management system and technology. The Company transforms used automobiles,a type of "non-standard" collateral,into investable assets,to provide accessible credit for China's small and micro enterprises,and connects the borrowers with institutional funding partners through its platform.

For more information,please visit http://weidai.investorroom.com/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section21E 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," "target," "confident" and similar statements. Weidai may also make written or oral forward-looking statements in its periodic reports to the SEC,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about Weidai's beliefs and expectations,are forward-looking statements. Such statements are based upon management's current expectations and current market and operating conditions,and relate to events that involve known or unknown risks,uncertainties and other factors,all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks,uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include,but are not limited the following: Weidai's goal and strategies; Weidai's expansion plans; Weidai's future business development,financial condition and results of operations; Weidai's expectations regarding demand for,and market acceptance of,its solutions and services; Weidai's expectations regarding keeping and strengthening its relationships with borrowers,investors and financial institutions and other platform participants; general economic and business conditions; Weidai's assumptions underlying or related to any of the foregoing regulations and governmental policies relating to the online consumer finance industry in China; and Weidai's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE,including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,and Weidai does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under applicable law.

For investor and media inquiries,please contact:

In China:

Christensen

Mr. Rene Vanguestaine

Tel: +86-10-5900-1548

E-mail: rvanguestaine@christensenir.com

In US:

Christensen

Ms. Linda Bergkamp

Tel: +1-480-614-3004

E-mail: lbergkamp@christensenir.com

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