SHENZHEN, China, May 26, 2021 /PRNewswire/ -- X Financial (NYSE:
XYF) (the "Company" or "we"), a leading technology-driven personal
finance company in China, today
announced that Shenzhen Xiaoying Technology Co., Ltd. ("Shenzhen
Xiaoying"), a VIE of the Company, has received a letter from the
Local Financial Regulatory Bureau of Shenzhen Municipality on
May 12, 2021, stating the approval of
the business qualification of Shenzhen Xiaoying Microcredit Co.,
Ltd. ("Xiaoying Microcredit") which is an entity to be established
for the purpose of operating
microcredit business.
In the next few months, Xiaoying Microcredit will go through its
business registration formalities with the Market and Quality
Supervision Department of Shenzhen Municipality according to the
relevant regulations. Xiaoying Microcredit will officially commence
operation after obtaining its business license.
The business scope of Xiaoying Microcredit includes
specialization in microcredit business, online microcredit business
as approved by relevant governmental departments (prohibition
of fundraising from the public), intermediary services including,
among others, financing consultation and financial advisor services
relating to the loan business.
Shenzhen Xiaoying is the first company of its kind to
successfully transform from a P2P business and obtain the national
online microcredit business operating license. Obtaining such a
license marks a big milestone forward for the Company's journey
towards licensed operation and regulatory compliance.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading online
personal finance company in China.
The Company is committed to connecting borrowers on its platform
with its institutional funding partners. With its proprietary big
data-driven technology, the Company has established strategic
partnerships with financial institutions across multiple areas of
its business operations, enabling it to facilitate loans to prime borrowers under a
robust risk assessment and control system.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE X Financial