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LexinFintech Holdings Ltd. reports developments tied to its technology-empowered personal financial service business in China. The company connects consumers with financial institutions through online and offline channels, an installment consumption platform, big data and AI-driven credit risk management, and smart user and loan management systems. It also provides technology solutions for financial institutions pursuing digital transformation.
Recurring news themes include unaudited quarterly and annual results, loan origination trends, asset quality indicators, delinquency metrics, funding costs, regulatory adaptation, compliance and risk management. Company updates also cover capital-return actions such as dividends, ADS repurchases and share repurchase programs.
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On July 15, 2021, LexinFintech Holdings Ltd. announced the promotion of Mr. Jayden Yang Qiao to Chief Risk Officer. Mr. Qiao joined Lexin earlier this year as Vice President, where he improved the company's credit risk management. Under his guidance, Lexin has achieved a 40% reduction in its 1+ days past due rate compared to the previous year, bringing it down to 4.92%. Additionally, the recovery rate for bad debts improved by 30%. Mr. Qiao's extensive experience includes roles at JD Digits and Discover Financial Services, showcasing his expertise in risk management.
LexinFintech Holdings Ltd. (NASDAQ: LX) has announced a strategic partnership with Huawei to explore opportunities in the Chinese consumer market. This collaboration will focus on membership services, joint marketing, fintech product development, and buy-now-pay-later services. Lexin aims to leverage its expertise in fintech, while Huawei will contribute its strengths in 5G technology and big data. The partnership is expected to enhance user experiences and broaden service offerings for Chinese consumers.
LexinFintech Holdings Ltd. (NASDAQ: LX) reported strong financial results for Q1 2021, achieving record highs in key metrics. Operating revenue increased to RMB2.94 billion, driven by an 8.9% rise in credit-oriented services income. Net income soared to RMB711 million, reversing a loss of RMB678 million in Q1 2020. Loan originations reached RMB53.8 billion, up 57.8% year-on-year. The company anticipates total loan originations for 2021 between RMB240 billion and RMB250 billion, reflecting confidence in continued growth.
LexinFintech Holdings Ltd. (NASDAQ: LX) will announce its unaudited financial results for Q1 2021 on June 1, 2021, before the U.S. market opens. The company's management will also host an earnings call at 7:00 AM U.S. Eastern time to discuss these results. Interested participants can register online for the call and will receive necessary information post-registration. Lexin provides a comprehensive consumer finance platform in China, integrating technology-driven services in financial technology, membership benefits, and ecommerce.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced the resignation of CFO Craig Yan Zeng, effective June 7, 2021, due to personal reasons. He will remain on the Board and serve as a senior consultant. Kris Qiao Qian, currently Chief Financing Cooperation Officer, will act as CFO until a permanent replacement is found. The company has also welcomed Beryl Haiyan He to its Finance Division to oversee internal controls. Zeng will remain to supervise the upcoming Q1 2021 earnings report.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced its financial results for Q4 and full year 2020, highlighting significant growth in loan originations and user engagement. The company reported Q4 total loan originations of RMB53.2 billion, up 24.2% year-over-year, with a full-year increase to RMB177 billion, representing a 40.3% growth. However, net income decreased by 1.6% in Q4 and 74.1% for the full year. The total operating revenue for Q4 was RMB3.0 billion, an increase of 3.2% year-over-year, while the gross profit for the full year fell by 27.3% to RMB3,633 million.
LexinFintech Holdings Ltd. (NASDAQ: LX) will release its unaudited financial results for Q4 and FY 2020 on March 18, 2021, after U.S. market close. A conference call will follow at 11:00 PM EST on the same day. Participants can register online to join the call and receive dial-in details. The company offers consumer finance solutions and operates platforms like Fenqile and Le Card, targeting young professionals in China. Lexin utilizes advanced technologies for risk management and loan facilitation, creating a comprehensive consumption ecosystem.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced strong growth in loan origination, achieving RMB 176.5 billion in 2020, a 40% increase from 2019. For fiscal year 2021, loan origination is projected between RMB 220 billion and RMB 230 billion. The company has improved asset quality, with first payment defaults below 1% for five months. Additionally, Lexin has eliminated individual investor loans on its Juzi Licai platform and shifted to a profit-sharing model for over 50% of new loans, enhancing compliance and positioning for future growth.