Director at X Financial (NYSE: XYF) discloses 60,000 RSUs in Form 3

Rhea-AI Filing Summary

X Financial director Cheng Shaoyong filed an initial statement of beneficial ownership showing holdings of restricted stock units. The filing reports 60,000 RSUs that can convert into Class A ordinary shares, including shares represented by ADS. These RSUs have a zero exercise price, become exercisable on December 1, 2026, and expire on December 1, 2033. All 60,000 underlying shares are held as a direct position and represent equity-based compensation rather than an open-market trade.

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^*

Cheng Shaoyong

(Last) (First) (Middle)

NO.168 HAIDE THIRD AVENUE

NANSHAN DISTRICT

(Street)

SHENZHEN 518067

(City) (State) (Zip)

UNITED STATES

(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		10% Owner
	Officer (give title below)		Other (specify below)

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)

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")	12/01/2026	12/01/2033	Class A ordinary shares, including shares represented by ADS	60,000	$0.00	D

Explanation of Responses:

	/s/ Shaoyong Cheng	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 Cheng Shaoyong report in X Financial (XYF) Form 3?

Cheng Shaoyong reports holding 60,000 restricted stock units in X Financial. These RSUs are directly owned and represent the initial disclosed equity position as a director, rather than a recent market purchase or sale.

How many shares are tied to Cheng Shaoyong’s RSUs in XYF?

The filing shows 60,000 RSUs, each tied to Class A ordinary shares, including shares represented by ADS. In total, the RSUs represent 60,000 underlying shares if and when they are settled in equity.

When do Cheng Shaoyong’s X Financial RSUs become exercisable?

The RSUs become exercisable on December 1, 2026. This means the equity award is scheduled to vest or settle starting on that date, subject to the terms of X Financial’s compensation and equity incentive arrangements.

What is the exercise price and expiration of the XYF RSUs?

The reported exercise price for the restricted stock units is zero, which is typical for RSUs. The RSUs carry an expiration date of December 1, 2033, providing a long-term equity incentive window for the reporting director.

Are Cheng Shaoyong’s XYF RSUs held directly or indirectly?

The Form 3 indicates the RSUs are held as a direct ownership position. There is no reference to trusts, family entities, or other indirect structures, so the equity award is attributed directly to the reporting person.