Welcome to our dedicated page for Qfin Holdings news (Ticker: QFIN), a resource for investors and traders seeking the latest updates and insights on Qfin Holdings stock.
Qfin Holdings reports developments as an AI-empowered Credit-Tech platform in China that connects financial institutions with consumers and SMEs across the loan lifecycle. Company updates commonly cover unaudited quarterly and annual financial results, loan facilitation and origination activity, capital-light services, Intelligence Credit Engine offerings, total technology solutions, embedded finance channels and funding activity such as asset-backed securities.
Recurring news also includes semi-annual dividend actions, annual report releases for U.S. and Hong Kong reporting, ESG reporting, annual general meeting results and governance changes. Updates frequently discuss credit risk, delinquency and collection trends, risk-standard adjustments, regulatory developments and liquidity conditions affecting consumer finance in China.
360 DigiTech (QFIN) reported strong fourth quarter and full year 2020 results, with total net revenue increasing by 39.0% to RMB3,337.5 million (US$511.5 million) from RMB2,400.9 million in Q4 2019. The company also saw a 180.3% increase in net income to RMB1,204.4 million (US$184.6 million). For the full year, total net revenue rose 47.1% to RMB13,564.0 million (US$2,078.8 million), despite regulatory challenges. Cumulative registered users reached 162.57 million, demonstrating 20.4% year-on-year growth, reflecting strong demand for its digital loan services.
360 DigiTech (NASDAQ: QFIN) will announce its unaudited financial results for the fourth quarter and full year ended December 31, 2020, after U.S. markets close on March 15, 2021. A conference call is scheduled for 9:00 PM U.S. Eastern Time on the same day. The Company, a data-driven digital platform for financial institutions, aims to improve customer acquisition and risk management through its technology solutions. Investors can access a live webcast and a replay of the call on the Company's Investor Relations website.
360 DigiTech (QFIN) announced its Q3 2020 results, highlighting a 43.4% revenue increase to RMB3,703.5 million and a net income rise of 67.9% to RMB1,231.7 million. Loan origination volume grew 17.9% year-over-year to RMB66,000 million, with capital-light model loans increasing 48.7%. The company reported 155.96 million registered users, a 23.8% increase, and a 90-day+ delinquency ratio of 1.96%. 360 DigiTech raised its total loan origination forecast for FY 2020 to RMB242-244 billion.
360 DigiTech (NASDAQ: QFIN) will release its unaudited financial results for Q3 on November 19, 2020. The earnings conference call is scheduled for the same day at 8:00 PM U.S. Eastern Time, with dial-in options available for international participants. The company, a digital platform powered by data and technology, provides financial institutions with targeted products and services to enhance customer engagement and risk management. Further details on their operational strategy and financial performance will be clarified during the earnings call.
On September 15, 2020, 360 Finance, Inc. (NASDAQ: QFIN) announced a name change to 360 DigiTech, Inc. following a special resolution adopted by shareholders. The name change takes effect immediately, with American depositary shares trading under the new name starting September 16, 2020. This change does not affect the company's ticker symbol. 360 DigiTech is a digital platform aimed at improving financial product offerings and risk management services in partnership with 360 Group.
360 Finance (NASDAQ: QFIN) announced its affiliate, 360 Group, has secured approval from the China Banking and Insurance Regulatory Commission to acquire a 30% stake in Kincheng Bank of Tianjin. This acquisition positions 360 Group as the largest shareholder of Kincheng Bank, marking it as the third Chinese private bank supported by a major internet entity. The partnership aims to leverage data-driven technology for enhanced financial products and services, enabling both firms to meet diverse consumer needs effectively.
360 Finance (QFIN) reported strong financial results for Q2 2020, with total net revenue increasing by 50.0% to RMB3,340.1 million (US$472.8 million). Loan origination volume reached a record RMB58.9 billion, up 21.8% year-on-year. Notably, loan origination under the capital-light model surged by 282.3% to RMB14.6 billion. Net income rose 41.8% to RMB876.5 million (US$124.1 million). The company maintains a conservative outlook, projecting total loan origination for 2020 to be between RMB200 billion and RMB220 billion, reflecting ongoing regulatory changes.
360 Finance, Inc. (NASDAQ: QFIN), a digital consumer finance platform, will announce its unaudited financial results for Q2 2020 on August 24, 2020. The earnings call is scheduled for 8:00 AM U.S. Eastern Time. The company specializes in tailored online financing products for prime and underserved borrowers, supported by its partnerships and proprietary technology, enhancing borrower acquisition and retention. Forward-looking statements in the release indicate inherent risks and uncertainties that may affect future results.
360 Finance (NASDAQ: QFIN) announced an extraordinary general meeting (EGM) for shareholders on September 15, 2020, to consider changing its name to 360 DigiTech, Inc. The name change aims to reflect the company's evolving focus on technology-enabled services, aligning with its growth strategy. The record date for eligible shareholders is August 12, 2020. Shareholders can attend the EGM in person, while American depositary shares (ADS) holders must act through Bank of New York Mellon to vote. The notice of the EGM is available on the company’s website.
360 Finance (NASDAQ: QFIN) announced the appointment of Alex Xu as Chief Financial Officer, taking over from Jiang Wu, who becomes Chief Strategy Officer. This transition is aimed at enhancing the company's growth strategy and strengthening its organizational structure amidst market changes. Additionally, Yan Zheng and Zhiqiang He have been promoted to Chief Risk Officer and Senior Vice President, respectively. Xu brings extensive experience in finance, having held senior roles at multiple firms, which is expected to benefit 360 Finance in executing its strategic plans.