Lexinfintch Hold Stock Price, News & Analysis

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.

LexinFintech Holdings Ltd. (NASDAQ: LX) announces the appointment of Mr. Kris Qian Qiao to its board of directors. A long-standing member of Lexin's management team, Mr. Qiao has over 14 years of finance experience and aims to enhance the company's strategic direction. Concurrently, Mr. Keyi Chen and Mr. Xiaoguang Wu have resigned from their board roles for personal reasons, with Mr. Wu remaining as a director and chairperson of the nominating committee. Lexin continues to leverage technology for its consumer finance solutions in China's market.

LexinFintech Holdings Ltd. (LX) reported its Q3 2020 results, showcasing robust growth in loan originations despite declines in net income and gross profit. Total loan originations reached RMB48.3 billion, up 30.6% year-over-year, with an outstanding principal balance of RMB67.4 billion, also a 31.0% increase. Active users grew by 21.3% to 7.4 million, though new users decreased by 32.9%. Revenue declined slightly to RMB3.2 billion, while net income fell by 52.4% to RMB345 million. The company reaffirmed its loan origination guidance for FY 2020 between RMB170 billion and RMB180 billion.

LexinFintech Holdings Ltd. (NASDAQ: LX) announced it will release its third-quarter 2020 unaudited financial results before U.S. market opens on November 24, 2020. An earnings conference call is scheduled for 6:00 AM EST on the same day. Participants can join the call by registering online. Lexin is a leading online consumption and consumer finance platform in China, offering various services such as financial technology and a point redemption system through its platforms Fenqile and Le Card.

LexinFintech Holdings Ltd. (NASDAQ: LX) is expanding its services beyond consumer finance to meet the demand of young consumers in China. During Hong Kong Fintech Week, CEO Jay Xiao announced the launch of the Le Hua Card, facilitating usage across various consumption scenarios. The transaction volume for the card surged by 400% year-on-year in Q2 2020, contributing significantly to loan originations. The company's full-year loan originations are projected to reach RMB 170-180 billion. Lexin also introduced Le Card, a digital membership service designed to enhance user engagement with many well-known brands.

LexinFintech Holdings Ltd. (NASDAQ: LX) announced that the recently released Discussion Draft for Online Microcredit Business by Chinese regulators will have limited impact on its operations. With online microcredit accounting for less than 1% of its loan financing as of October 31, 2020, the company expects to continue its current business model without significant changes. Executives expressed confidence in the resilience of their operations amid regulatory changes, while promising to monitor potential risks closely.

LexinFintech Holdings Ltd. (NASDAQ: LX) announced senior management's intention to purchase up to $20 million of the Company’s American depositary shares over the next six months. Chairman Jay Wenjie Xiao indicated expectations to maintain loan origination guidance despite regulatory uncertainties. Lexin reported improved credit performance, with the FPD7 rate decreasing to 1.81% and the M1 collection rate rising to 92.36%. The risk-free model generated RMB 419 million in revenues, reflecting a 109% year-on-year increase. The Lehua card saw a 400% transaction increase, serving over 4 million vendors.

LexinFintech Holdings Ltd. (NASDAQ: LX) announced a business update call scheduled for September 16, 2020, at 5:00 AM U.S. Eastern time. The call aims to provide insights into the company's performance and strategies for the new generation consumer finance market in China. Interested participants must register online to receive dial-in information, including a Conference ID number of 3777794. A replay will be available until September 23, 2020. Lexin offers a range of financial services through its ecommerce platform, Fenqile, and utilizes technologies like AI and big data.