X Financial stake update: Dragon Destiny reports 4.66% ownership

X Financial (NYSE:XYF) filed a Schedule 13G/A (Amendment No. 1) on 29 June 2025 updating the share ownership of Dragon Destiny Limited and its sole shareholder, Chung Kiu Cheung.

Rhea-AI Filing Summary

X Financial (NYSE:XYF) filed a Schedule 13G/A (Amendment No. 1) on 29 June 2025 updating the share ownership of Dragon Destiny Limited and its sole shareholder, Chung Kiu Cheung.

The reporting persons beneficially own 11,812,500 Class A ordinary shares, equal to 4.66% of the company’s 253,256,363 total ordinary shares (assuming full conversion of Class B shares). They hold sole voting and dispositive power; no shared power or group affiliation is disclosed.

Because the stake is now below the 5% threshold, the amendment is largely informational and does not indicate any intent to influence control. No new transactions, financing arrangements, or strategic initiatives are mentioned in the filing.

Insights

Corporate Governance Analyst

TL;DR: Dragon Destiny’s 4.66% XYF stake is passive; minimal governance impact.

The amendment reconfirms Dragon Destiny Limited and ultimate owner Chung Kiu Cheung control 11.8 million Class A shares with sole voting and dispositive power. Falling below the 5% threshold eases reporting duties and lessens presumed influence on board decisions. No purchase data or strategic commentary were provided, limiting market-moving insight. Overall investor impact is neutral.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares of XYF does Dragon Destiny Limited currently own?

The Schedule 13G/A reports Dragon Destiny Limited owns 11,812,500 Class A ordinary shares of X Financial.

What percentage of XYF’s outstanding shares does this represent?

The reported holdings represent 4.66% of X Financial’s 253,256,363 ordinary shares outstanding as of March 31 2025.

Does Dragon Destiny Limited share voting power over XYF shares?

No. The filing states Dragon Destiny Limited has sole voting and dispositive power over all 11,812,500 shares.

Why was a Schedule 13G/A filed for XYF on June 29 2025?

An amendment was required to update Dragon Destiny Limited’s ownership, which now stands below the 5% threshold at 4.66%.

Who ultimately controls the 11.8 million shares of XYF?

The shares are held by Dragon Destiny Limited, a British Virgin Islands company wholly owned by Chung Kiu Cheung.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/23/2025 - 06:30 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

X Financial

(Name of Issuer)

Each ADS represents six Class A ordinary shares, par value US$0.0001 per share Class A ordinary shares, par value US$0.0001 per share

(Title of Class of Securities)

98372W103

(CUSIP Number)

06/11/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98372W103

1

Names of Reporting Persons

Dragon Destiny Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,812,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,812,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,812,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.66 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) Represents 11,812,500Class A ordinary shares held by Dragon Destiny Limited, a British Virgin Islands company wholly owned by Chung Kiu Cheung. (2) Calculated based on 253,256,363 ordinary shares issued and outstanding as of March 31, 2025, being the sum of (i) 155,656,363 Class A ordinary shares and (ii) 97,600,000 Class B ordinary shares, assuming conversion of all Class B ordinary shares into Class A ordinary share on a one-for-one basis.

SCHEDULE 13G

CUSIP No. 98372W103

1

Names of Reporting Persons

Chung Kiu Cheung

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,812,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,812,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,812,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.66 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Represents 11,812,500Class A ordinary shares held by Dragon Destiny Limited, a British Virgin Islands company wholly owned by Chung Kiu Cheung. (2) Calculated based on 253,256,363 ordinary shares issued and outstanding as of March 31, 2025, being the sum of (i) 155,656,363 Class A ordinary shares and (ii) 97,600,000 Class B ordinary shares, assuming conversion of all Class B ordinary shares into Class A ordinary share on a one-for-one basis.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: X Financial
(b)	Address of issuer's principal executive offices: 7-8F,BLOCK A,AEROSPACE SCIENCE&TECH PLZ, NO. 168 HAIDE THIRD AVENUE, NANSHAN DIST, SHENZHEN, F4, 518067
Item 2.
(a)	Name of person filing: Dragon Destiny Limited Chung Kiu Cheung (collectively, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: Dragon Destiny Limited 33/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong Chung Kiu Cheung 33/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong
(c)	Citizenship: Dragon Destiny Limited: British Virgin Islands Chung Kiu Cheung: Hong Kong
(d)	Title of class of securities: Each ADS represents six Class A ordinary shares, par value US$0.0001 per share Class A ordinary shares, par value US$0.0001 per share
(e)	CUSIP No.: 98372W103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Dragon Destiny Limited: 11,812,500 Chung Kiu Cheung: 11,812,500
(b)	Percent of class: Dragon Destiny Limited: 4.66% Chung Kiu Cheung: 4.66%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Dragon Destiny Limited: 11,812,500 Chung Kiu Cheung: 11,812,500
	(ii) Shared power to vote or to direct the vote: Dragon Destiny Limited: 0 Chung Kiu Cheung: 0
	(iii) Sole power to dispose or to direct the disposition of: Dragon Destiny Limited: 11,812,500 Chung Kiu Cheung: 11,812,500
	(iv) Shared power to dispose or to direct the disposition of: Dragon Destiny Limited: 0 Chung Kiu Cheung: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dragon Destiny Limited

Signature:	/s/ Chung Kiu Cheung
Name/Title:	Chung Kiu Cheung/ Director
Date:	06/23/2025

Chung Kiu Cheung

Signature:	/s/ Chung Kiu Cheung
Name/Title:	Chung Kiu Cheung
Date:	06/23/2025