Welcome to our dedicated page for X Financial news (Ticker: XYF), a resource for investors and traders seeking the latest updates and insights on X Financial stock.
X Financial (NYSE: XYF) operates an online personal finance platform in China that connects borrowers with institutional funding partners. Company announcements commonly address loan facilitation and origination activity, active borrower trends, outstanding loan balances, delinquency measures, credit standards, and the regulatory environment for internet-based lending in the People's Republic of China.
Recurring updates also include quarterly and annual financial results, Form 20-F annual reporting, earnings calls, share repurchase activity involving ADSs and ordinary shares, and annual general meeting materials for holders of Class A ordinary shares, Class B ordinary shares, and ADSs.
X Financial (NYSE: XYF), a leading personal finance technology company in China, will hold its 2020 annual general meeting on December 11, 2020, at 10:00 a.m. Beijing Time, at its Shenzhen offices. No shareholder proposals will be discussed; instead, the meeting will serve as an open forum for shareholders and ADS holders to converse with management. The record date for determining eligible shareholders is set for November 16, 2020. The company has filed its annual report for the fiscal year ended December 31, 2019, accessible via its investor relations website.
X Financial (NYSE: XYF) reported a significant decline in its Q2 2020 financial results. Total net revenue fell by 51.0% to RMB387.9 million (US$54.9 million) due to decreased transaction volumes amid stringent risk policies. The company recorded a loss from operations of RMB341.5 million (US$48.3 million), a sharp contrast to the previous year's profit. The net loss attributable to shareholders reached RMB343.7 million (US$48.6 million). Despite challenges, active borrowers increased by 46.1% quarter-over-quarter, and the company forecasts over 20% growth in loan facilitation for Q3.
X Financial (NYSE: XYF) has appointed Frank Fuya Zheng as its new Chief Financial Officer, effective August 24, 2020, following the resignation of Kevin Jie Zhang. Mr. Zheng brings over 15 years of experience in corporate finance and investment management, previously serving as CFO at Cogo Group and holding various directorial positions. This leadership change comes as the company continues to leverage technology in personal finance, enhancing its risk assessment capabilities through partnerships and proprietary systems, targeting the growing credit demand in China.
X Financial (NYSE: XYF), a leading technology-driven personal finance company in China, will release its unaudited financial results for Q2 2020 on August 21, 2020, before U.S. markets open. An earnings conference call will follow at 8:00 AM ET on the same day, with dial-in details provided for various regions. The company utilizes a proprietary big data-driven risk control system and has partnered with ZhongAn Online P&C Insurance Co., Ltd. to enhance its credit assessment capabilities. For more information, visit X Financial's website.
X Financial (NYSE: XYF) reported a 31.9% decrease in net revenues to RMB529.0 million (US$74.5 million) for Q1 2020, largely due to a decline in transaction volumes amid stricter risk policies related to COVID-19. The company experienced a loss from operations of RMB130.0 million (US$18.3 million), compared to a profit in Q1 2019. Net loss attributable to shareholders was RMB196.3 million (US$27.7 million) versus a profit last year. Despite challenges, institutional funding contributions rose to 81.7% of total loans facilitated.
X Financial (NYSE: XYF) will release its unaudited financial results for Q1 2020 on June 30, 2020, prior to the U.S. market opening. This will be followed by an earnings conference call at 8:00 AM ET on the same day, which will also be accessible via webcast. X Financial provides technology-driven personal finance solutions in China, leveraging its proprietary risk control system, WinSAFE. The company partners with ZhongAn Online P&C Insurance to enhance investor confidence and diversify funding sources.