X Financial's SEC filings document its reporting as a Cayman Islands foreign private issuer with American depositary shares listed under XYF. Form 6-K reports furnish unaudited quarterly and annual financial results, including loan facilitation and origination volume, outstanding loan balances, transaction counts, active borrower measures, delinquency rates, revenue, profitability, credit provisions, and business outlook disclosures.
The company's filings also cover Form 20-F annual reporting, annual general meeting notices, shareholder meeting procedures for Class A and Class B ordinary shares and ADS holders, board-approved executive appointments, exhibit press releases, and governance disclosures tied to its China-based online personal finance platform and institutional funding partner model.
X Financial received a preliminary, non-binding proposal from Mangrove Coast Investment Limited on November 6, 2026, to acquire all ordinary shares not beneficially owned by Mangrove for US$6.03 in cash per ADS, or US$1.005 in cash per ordinary share.
The proposal is subject, among other things, to negotiation and execution of definitive and related agreements mutually acceptable to both parties; neither is obligated to complete it, and a binding commitment would arise only upon execution of definitive documents. If completed, X Financial’s ADSs would be eligible for termination of registration and would be delisted from the New York Stock Exchange. Yue (Justin) Tang, X Financial’s chairman and chief executive officer, reported beneficial ownership of 110,866,701 ordinary shares, including 98,765,278 held by Mangrove.
X Financial received a preliminary, non-binding proposal from Mangrove Coast Investment Limited to acquire all outstanding ordinary shares not beneficially owned by Mangrove for $1.005 in cash per ordinary share, or $6.03 in cash per ADS. Each ADS represents six Class A ordinary shares. The proposal states that its prices represent premiums of 28.3% to the closing price on the last trading day and 25.1% to the volume-weighted average closing price during the last 30 trading days.
According to the proposal, Mangrove holds approximately 93.45% of the total voting power of X Financial’s issued and outstanding shares. Chairman and Chief Executive Officer Yue (Justin) Tang is affiliated with Mangrove and will recuse himself from Board deliberations or decisions on the proposal. The Board intends to form a special committee of independent directors and expects it to retain independent advisors. The Board has not yet evaluated the proposal or decided how to respond.
X Financial (NYSE: XYF) reported sharply weaker results for the quarter ended June 30, 2026, with total net revenue of RMB993.6 million, down 56.3% year-over-year and 15.5% sequentially, driven mainly by a steep drop in loan facilitation volumes.
Loan originations were RMB11.6 billion, down 70.2% year-over-year, and active borrowers fell 74.8% to 720,258. Despite this, the company remained profitable: net income was RMB47.0 million (down 91.1% year-over-year but up 23.8% quarter-over-quarter), while non-GAAP adjusted net income was RMB165.8 million, more than doubling sequentially.
Asset quality showed mixed trends. The 31–60 day delinquency rate improved quarter-over-quarter to 1.73% but rose from 1.16% a year earlier; the 91–180 day rate was 9.09%, down slightly from the prior quarter but well above 2.91% last year. Return on equity dropped to 2.4% from 27.9% a year ago. Liquidity remained solid with total cash (including restricted) of about RMB1.96 billion and an equity-to-assets ratio of 64.1%, though management highlighted that evolving PRC internet-lending regulation could materially and adversely affect future results.
X Financial director Zhang Longgen acquired 90,000 Class A ordinary shares, including shares represented by ADS, on 2026-08-01 through a conversion of a derivative security at $0.00 per share, bringing his direct holdings to 499,998 shares.
He also directly holds restricted stock units linked to 90,000 underlying Class A ordinary shares with a $0.00 exercise price, exercisable from 2027-08-01 and expiring on 2034-08-01.
X Financial director Xue Zheng converted a derivative security into 90,000 Class A ordinary shares (including ADS) on August 1, 2026, at an exercise price of $0.0000 per share. After the conversion, Xue Zheng directly owned 499,998 shares and held restricted stock units over 90,000 underlying shares, exercisable from August 1, 2027 and expiring August 1, 2034.
X Financial director Wan Zheng reported selling 180,000 Class A ordinary shares, including shares represented by ADS, in open-market transactions. The sales occurred on June 15, 2026 at prices of $5.18 and $5.29 per share. Following these trades, Zheng directly holds 90,000 Class A ordinary shares and a restricted stock unit award linked to 90,000 underlying Class A ordinary shares with a $0.00 exercise price and expiration on June 1, 2034.
X Financial is making a leadership change in its risk management team. Chief Risk Officer Yufan Jiang has resigned effective July 1, 2026 for personal reasons, and the company states his departure is not due to any disagreement with its operations, policies, or procedures.
On the same date, Kan Li will become Acting Chief Risk Officer while continuing as President and Director. Li has been President since May 2021, a Director since December 2021, and previously served as the company’s Chief Risk Officer from 2017 to 2023, providing continuity in oversight of loan risk and broader risk controls.
XYF (Form 144): A notice lists 30,000 ADSs associated with Tiger Brokers (NZ) Limited and shows monetary and date fields including $151,500.00 and an effective date of 06/15/2026. The excerpt also records two Director Equity Compensation Award entries of 15,000 ADSs dated 06/01/2025 and 06/01/2026 for board service.
X Financial director Wan Zheng reported a share conversion involving restricted stock units. On the reported date, a derivative security was converted into 90,000 Class A ordinary shares, including shares represented by ADS, at $0.00 per share, classified as a derivative conversion.
Following this transaction, Wan Zheng directly owned 180,000 Class A ordinary shares, including shares represented by ADS. In addition, a restricted stock unit position remained outstanding, linked to 90,000 underlying Class A ordinary shares with an expiration date in 2034.
X Financial reported much weaker results for the first quarter of 2026 as it sharply tightened lending. Total net revenue fell to RMB1,176.1 million, down 39.3% year-over-year, while net income dropped 91.7% to RMB37.9 million.
The company facilitated and originated RMB14.6 billion of loans, 58.4% lower than a year earlier, and active borrowers fell 60.6% to about 956,520 as it focused on higher-quality origination. Asset quality mixed: the 31–60 day delinquency rate improved sequentially to 2.61%, but the 91–180 day rate worsened to 9.95%.
Profitability compressed, with operating margin at 12.0% and net profit margin at 3.2%. Non-GAAP adjusted net income was RMB81.2 million. Despite the downturn, the balance sheet remained solid, with total cash (including restricted) of about RMB2.37 billion and an equity-to-assets ratio near 57.1% as of March 31, 2026.