Qifu Technology Stock Price, News & Analysis

360 DigiTech (NASDAQ: QFIN) announced the resignation of Mr. Yongjin Fu as director, effective January 20, 2023, for personal reasons. The Board has appointed Mr. Fan Zhao as an independent director and member of the audit committee, effective immediately. Mr. Zhao brings extensive experience, having founded Beijing Fengye Fanda Investment Advisory and serving in various leadership roles. CEO Haisheng Wu expressed gratitude for Fu's contributions and confidence in Zhao's ability to drive sustainable growth and shareholder value. Established in 2016, 360 DigiTech is a leading Credit-Tech platform in China, enhancing accessibility of credit services.

360 DigiTech has announced the pricing of its global offering of 5,540,000 Class A ordinary shares at HK$50.03 per share, translating to approximately US$12.75 per ADS. The shares are expected to trade on the Hong Kong Stock Exchange starting November 29, 2022. Gross proceeds from the offering are projected at HK$277.2 million, aimed at enhancing technology and credit assessment capabilities. Additionally, there is an over-allotment option for 830,000 shares until December 23, 2022. The offering is subject to standard closing conditions.

360 DigiTech (NASDAQ: QFIN), a leading Chinese Credit-Tech platform, announced its global offering of 5,540,000 Class A ordinary shares. This includes a Hong Kong public offering of 560,000 shares and an international offering of 4,980,000 shares. The shares will be listed on the Hong Kong Stock Exchange under the stock code 3660. The maximum offer price is HK$88.80 (US$11.31) per share. Proceeds will be utilized for technology enhancement, expanding user base, and general corporate purposes. The offering is subject to market conditions.

360 DigiTech, Inc. (QFIN) reported its Q3 2022 financial results, showing total net revenue of RMB4.14 billion, down from RMB4.61 billion in the same period last year. Net income was RMB988.4 million, a decrease of 37% year-over-year. Despite these declines, the company connected 141 financial partners with 203.5 million consumers, marking an 11.9% year-over-year increase. A quarterly dividend of US$0.08 per share was announced. The company anticipates Q4 2022 loan facilitation volume to range from RMB102.5 billion to RMB112.5 billion, reflecting a year-on-year growth of 6% to 16%.

360 DigiTech (NASDAQ: QFIN) announced it will report its unaudited financial results for the third quarter ending September 30, 2022, before U.S. markets open on November 14, 2022. A conference call will be held at 8:00 AM ET on the same day, with dial-in options available for various regions including the U.S., Hong Kong, and Mainland China. The company's innovative technology platform enhances financial services for institutions, enabling better customer acquisition and risk management. The announcement includes a safe harbor statement regarding forward-looking statements.

360 DigiTech (QFIN) reported its second-quarter financial results for 2022, showing total net revenue of RMB4.18 billion, up 4.5% year-over-year. The company facilitated RMB98.3 billion in loans, an 11% increase compared to the previous year, with a significant portion (55.7%) coming from its capital-light model. However, net income declined to RMB979.8 million, down from RMB1.55 billion year-over-year. The company expects 2022 loan facilitation volume between RMB410 billion and RMB450 billion, projecting growth of 15% to 26% despite ongoing macroeconomic challenges.

360 DigiTech (QFIN) reported Q1 2022 financial results with net revenue of RMB4.32 billion (US$681.5 million), a 20% increase from Q1 2021. Net income was RMB1.17 billion (US$185.2 million), down from RMB1.35 billion in the prior year. The company facilitated RMB98.83 billion in loan volume, a 33.3% YoY growth. As of March 31, 2022, it had 122 financial partners and 192.9 million consumers. The outlook for 2022 remains positive with expected loan facilitation between RMB410 billion and RMB450 billion, indicating 15% to 26% growth despite macroeconomic challenges.

360 DigiTech (NASDAQ: QFIN) will report its unaudited financial results for Q1 2022 on May 24, 2022, after U.S. markets close. Management will host a conference call at 8:30 PM ET. Interested parties can access the call by dialing provided numbers or joining via a webcast on the company's Investor Relations website. 360 DigiTech is known for its financial technology solutions that enhance service provision for financial institutions in China.

360 DigiTech, Inc. (QFIN), a leading financial technology platform in China, was identified by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act on May 4, 2022. This designation suggests that the Company's financial statements for 2021 were audited by a firm whose work cannot be fully inspected by the PCAOB. If this situation persists for three consecutive years, trading of the Company's shares in the U.S. could be prohibited. The Company is actively seeking solutions to mitigate stakeholder impacts.