X Financial (NYSE: XYF) CEO Tang Yue discloses extensive Form 3 share holdings

Rhea-AI Filing Summary

X Financial director and CEO Tang Yue (Justin) filed a Form 3 that lists his existing equity interests in the company. The filing shows direct holdings of Class A ordinary shares, including shares represented by ADS, and restricted stock units tied to Class A shares with a zero exercise price.

The document also details substantial indirect positions. One block includes 1,165,278 Class A ordinary shares in the form of 194,213 ADSs and 97,600,000 Class B ordinary shares held by Mangrove Coast Investment Limited, which is controlled by Mangrove Coast Trust where Yue Tang is the settlor and he and his family are beneficiaries. Another block comprises 4,068,241 Class A ordinary shares held by Purple Mountain Holding Ltd., an entity ultimately controlled by Yue Tang, who holds voting and dispositive power over those shares.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Tang Yue (Justin)

(Last) (First) (Middle)

NO. 168 HAIDE THIRD AVENUE

NANSHAN DISTRICT

(Street)

SHENZHEN 518067

(City) (State) (Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
X Financial [ NYSE: XYF ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)	X	Other (specify below)
	CEO		Chairman

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A ordinary shares, including shares represented by ADS	12,101,423	D
Class A ordinary shares, including shares represented by ADS	1,165,278	I	Refer to Footnote(1)
Class B ordinary shares	97,600,000	I	Refer to Footnote(1)
Class A ordinary shares, including shares represented by ADS	4,068,241	I	Refer to Footnote(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted stock unit ("RSU")	01/10/2027	01/10/2034	Class A ordinary shares, including shares represented by ADS	49,998	$0.00	D
RSU	01/10/2028	01/10/2034	Class A ordinary shares, including shares represented by ADS	50,004	$0.00	D

Explanation of Responses:

1. Represents 1,165,278 Class A ordinary shares in form of 194,213 ADSs and 97,600,000 Class B ordinary shares held by Mangrove Coast Investment Limited, a British Virgin Islands company controlled by Mangrove Coast Trust. The registered address of Mangrove Coast Investment Limited is Geneva Place, Waterfront Drive, P.O. Box 3469, Road Town, Tortola, British Virgin Islands. Mangrove Coast Trust is a trust established under the laws of Bahamas and managed by RHONE TRUSTEES (BAHAMAS) LTD. as the trustee. 1,165,278 Class A ordinary shares and 97,600,000 Class B indirectly held by Mangrove Coast Trust of which Yue Tang is the settlor of the trust and Yue Tang and his family members are the trust's beneficiaries.

2. Represents 2,519,527 Class A ordinary shares and 1,548,714 Class A ordinary shares in the form of 258,119 ADSs held by Purple Mountain Holding Ltd. The registered address of Purple Mountain Holding Ltd. is at Ellen Skelton Building, 3076 Sir Francis Darke Highway, Road Reef, P.O. Box 765, Road Town, Tortola VG 1110, British Virgin Islands. 4,068,241 Class A ordinary shares directly held by Purple Mountain Holding Ltd. which is ultimately controlled by Yue Tang and he holds the voting and dispositive power over the ordinary shares held by such entity.

	/s/ Yue Tang	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Tang Yue’s Form 3 filing show for X Financial (XYF)?

The Form 3 shows Tang Yue’s existing ownership in X Financial, not new trades. It lists direct Class A share holdings, restricted stock units, and large indirect stakes held through Mangrove Coast Investment Limited and Purple Mountain Holding Ltd., which he ultimately controls or is associated with.

How many Class A shares does Tang Yue hold directly in X Financial (XYF)?

The filing lists direct ownership of 12,101,423 Class A ordinary shares, including shares represented by ADS. These are separate from his indirect holdings through entities and from the underlying shares tied to restricted stock units disclosed in the same Form 3.

What indirect stakes in X Financial (XYF) are held via Mangrove Coast entities?

Mangrove Coast Investment Limited holds 1,165,278 Class A ordinary shares in the form of 194,213 ADSs and 97,600,000 Class B ordinary shares. It is controlled by Mangrove Coast Trust, for which Yue Tang is the settlor and he and his family members are beneficiaries.

What role does Purple Mountain Holding Ltd. play in Tang Yue’s XYF ownership?

Purple Mountain Holding Ltd. holds 4,068,241 Class A ordinary shares of X Financial, including shares in ADS form. The entity is ultimately controlled by Yue Tang, and he holds the voting and dispositive power over the ordinary shares owned by Purple Mountain Holding Ltd.

What restricted stock units (RSUs) are reported for Tang Yue at X Financial?

Two RSU positions are reported, each with a zero exercise price and expiration on January 10, 2034. They are tied to 49,998 and 50,004 underlying Class A ordinary shares, including shares represented by ADS, and represent additional potential equity beyond his existing share holdings.

Does this X Financial (XYF) Form 3 indicate recent buying or selling by Tang Yue?

No, the Form 3 is an initial ownership report showing what Tang Yue already holds. The transactions are coded as holdings with unknown direction and do not reflect new open‑market purchases or sales of X Financial securities in this disclosure.