X Financial obtains national license to operate online microcredit

Shenzhen, china, May 26, 2021 / PRNewswire / – X Financial (NYSE: XYF) (the “Company” or “we”), a leading technology-driven personal finance company China, today announced that Shenzhen Xiaoying Technology Co., Ltd. (“Shenzhen Xiaoying”), a VIE of the company, received a letter from the local Financial Regulatory Bureau of Shenzhen Municipality on May 12, 2021, declaring the approval of the commercial qualification of Shenzhen Xiaoying Microcredit Co., Ltd. (“Xiaoying Microcredit”) which is an entity to be created for the purposes of operating microcredit business.

In the coming months, Xiaoying Microcredit will complete its registration formalities with the Market and Quality Control Department of Shenzhen Municipality in accordance with applicable regulations. Xiaoying Microcredit will officially come into operation after obtaining its business license.

Xiaoying Microcredit’s business scope includes specialization in microcredit business, online microcredit business approved by government services (ban on fundraising from the public), intermediation services including, inter alia, financing and financial advisory services related to credit activity.

Shenzhen Xiaoying is the first of its kind to successfully transition from a P2P business and obtain the National Online Microcredit Business License. Obtaining such a license marks an important step in 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 China. The Company undertakes to connect borrowers on its platform with its institutional financial partners. Using its proprietary Big Data-driven technology, the Company has established strategic partnerships with financial institutions in several areas of its business operations, enabling it to facilitate loans to senior borrowers under a strong risk assessment and control system.

For more information, please visit: http://ir.xiaoyinggroup.com.

Safe Harbor Declaration

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 United States Private Securities Litigation Reform Act of 1995. These statements may be identified by terminology such as “will”, “anticipate”, “anticipate”, “Future”, “intends”, “plans”, “believes”, “estimates”, “potential”, “continue”, “in progress”, “goals”, “advice” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the US 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. All statements that are not historical facts, including statements about the beliefs and expectations of the company, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially. those of forward-looking statements. These factors and risks include, but are not limited to: the objectives and strategies of the company; its future business development, financial condition and results of operations; the expected growth of the credit sector, and loans in the market in particular, China; market demand and acceptance of the products and services in its market; its ability to attract and retain borrowers and investors in its market; its relations with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to 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 by applicable law.

For more information please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: [email protected]

Christensen

In China
Mr. Eric yuan
Phone: + 86-10-5900-1548
E-mail: [email protected]

In U.S
M / s. Linda bergkamp
Phone: + 1-480-614-3004
E-mail: [email protected]

SOURCE X Financial

Related links

www.xiaoyinggroup.com


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