If You Invested in 9F Inc. (JFU)

9F Inc. (NASDAQ: JFU) is a technology-focused company that has evolved from a digital financial account platform in China into a broader digital technology and financial services provider. Over time, it has described itself as a digital technology service provider aiming to empower institutional partners with advanced financial technologies, a blockchain-based digital securities brokerage platform and service technology company, and a digital financial account platform integrating and personalizing financial services in China with an expanding overseas footprint.

According to its public disclosures, 9F Inc. has operated across several major lines of business. Historically, the company built a digital financial account platform that integrated loan products, online wealth management products and payment facilitation under a single account for users in China. It has reported providing loan facilitation services, post-origination services and other revenues related to online lending, wealth management and payment facilitation, and has worked with institutional funding partners to support loan origination.

In later communications, 9F Inc. emphasized a transition toward technology enablement services and digital brokerage. It has described itself as an internet technology company focusing on fintech services, online wealth management technology services serving mid- and high-net-worth clients, online stock investment services in Hong Kong, and consumer financing technology services in Southeast Asian countries. The company has highlighted its use of internet technologies to serve a large registered user base and to support collaboration with financial institution partners.

A key strategic step disclosed by the company was its plan to accelerate transformation into a blockchain-based digital securities brokerage platform. 9F Inc. reported that its brokerage operation is headquartered in Hong Kong and that it serves global markets with a particular focus on stocks traded on the U.S. and Hong Kong stock exchanges. It has stated that it leverages blockchain and artificial intelligence technologies in its brokerage and digital asset-related services.

9F Inc. has also disclosed that it holds multiple regulatory licenses in Hong Kong under the Securities and Futures Ordinance, including Type 1 (dealing in securities), Type 4 (advising on securities), Type 5 (advising on corporate finance or future contract, as described in its releases) and Type 9 (asset management) licenses. The company has indicated that these licenses support brokerage, IPO underwriting and distribution, securities investment advisory, futures, public and private equity funds and asset management services related to the U.S. and Hong Kong stock markets. In addition, it has reported holding insurance brokerage and other financial service licenses in Mainland China and certain Southeast Asian markets.

In its earlier phase as a digital financial account platform in China, 9F Inc. described its business as providing loan products, online wealth management products and payment facilitation, all integrated under a single digital financial account. It has reported significant loan origination volumes, a large number of registered users and active borrowers, and revenues derived from loan facilitation services, post-origination services and other related activities. The company has also discussed regulatory developments in China affecting online lending and private lending interest rate caps, and noted that it contemplated adjustments such as divesting certain loan products not funded by licensed institutional partners and focusing more on technology enablement for financial institutions.

As part of regulatory and strategic changes, 9F Inc. has disclosed that a subsidiary in Mainland China, Jiufu Puhui, ceased online lending information intermediary services in Mainland China in 2020, with outstanding loans transferred to third parties while it continued to provide technical support for debt collection and post-origination customer services. Another subsidiary, Jiufu Shuke, was described as shifting its business focus to financial technologies enablement services for financial institutions.

In its Hong Kong brokerage and related businesses, 9F Inc. has stated that it offers brokerage, IPO underwriting and distribution, securities investment advisory, futures, public and private equity funds and asset management services, and that it aims to provide global securities investment and digital asset management services. The company has also referred to an insurance brokerage license in Hong Kong and multiple financing service licenses in Southeast Asia, and has indicated plans, at the time of those disclosures, to apply for additional brokerage and digital asset management licenses in jurisdictions such as Singapore and the United States.

More recent filings describe 9F Inc. as a digital technology service provider aiming to empower institutional partners with advanced financial technologies. The company reports revenue streams from technical services, wealth management revenues and sales income revenues, and notes that it is adapting to regulatory requirements affecting internet loan facilitation businesses of commercial banks. It has indicated that these regulatory changes are expected to reduce certain technology-based businesses and require enhanced operational efficiency, cost reductions and pursuit of new business opportunities.

9F Inc. continues to file reports as a foreign private issuer with the U.S. Securities and Exchange Commission and its American depositary shares trade on Nasdaq under the symbol JFU. The company has disclosed that all information in its press releases and filings is provided as of the date of those documents and is subject to change without notice.

Business segments and services

Across its disclosures, 9F Inc. has described several categories of activities:

• Loan-related services, including loan facilitation and post-origination services associated with online lending and direct lending programs.
• Technology enablement and technical services for institutional partners and financial institutions, with revenues reported as technical services revenues.
• Wealth management and insurance-related services, with revenues reported as wealth management revenues and references to insurance business demand.
• Sales income from product offerings, with the company noting adjustments to its product offering structure to enhance business efficiency and margin.
• Digital securities brokerage and asset management through licensed entities in Hong Kong, including brokerage, advisory, futures and asset management activities.

Regulatory and market context (as disclosed by the company)

9F Inc. has discussed the impact of regulatory changes in China on its online lending-related activities, including decisions affecting the upper limit of interest rates on private loans and regulatory notices on internet loan facilitation by commercial banks. It has also reported that COVID-19 and related economic conditions affected loan origination volumes, borrower repayment ability and institutional funding partner behavior. In response, the company has described measures such as adjusting its business model, controlling new borrower numbers, modifying credit limits, and emphasizing technology enablement and overseas operations.

Capital markets and listing information

9F Inc. files annual reports on Form 20-F and current reports on Form 6-K with the SEC as a foreign private issuer. It has reported receiving Nasdaq notifications in connection with minimum bid price requirements and late filing of its annual report on Form 20-F for a given fiscal year, and has outlined the grace periods and compliance plans available under Nasdaq rules. The company has also announced a change in the ratio of its American depositary shares to its Class A ordinary shares, describing the effect as a reverse ADS split, while noting that the underlying Class A ordinary shares would not be issued or cancelled as a result of that change.

In a more recent filing, 9F Inc. reported unaudited financial results for the first half of 2025, including total net revenues, net income, adjusted net income, cash and cash equivalents, term deposits and restricted cash, and provided explanations for changes in its revenue components and operating expenses. It also described unrealized gains from investments in listed stocks and ETFs made for cash management purposes, and explained that such gains are based on mark-to-market valuations and may fluctuate.

Accounting and internal control disclosures

9F Inc. has disclosed changes in its independent registered public accounting firm, including the dismissal of one firm and the appointment of another for a subsequent fiscal year. In connection with that change, the company reported that prior audit reports contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. It also disclosed material weaknesses in internal control over financial reporting related to financial reporting and accounting personnel, documentation supporting accounting transactions and investment values, and policies and procedures for complex financial instruments.

Risk and forward-looking statements

In its press releases and filings, 9F Inc. includes cautionary language regarding forward-looking statements, noting that its business, financial condition and results of operations may be affected by regulatory changes, economic conditions, borrower behavior, funding partner decisions and other factors. It emphasizes that historical performance is not indicative of future results and that information in its disclosures is subject to change.