SHENZHEN, China, Nov. 10, 2020 /PRNewswire/ -- X Financial (NYSE:
XYF) (the "Company" or "we"), a leading technology-driven personal
finance company in China, today
announced that it will change the ratio of its American depositary
shares ("ADSs") representing its Class A ordinary shares from one
(1) ADS representing two (2) Class A ordinary shares to one (1) ADS
representing six (6) Class A ordinary shares.
From the perspective of an ADS holder, the ADS ratio change will
have the same effect as a one-for-three reverse ADS split. There
will be no change to the Company's Class A ordinary shares. The
effect of the ratio change on the ADS trading price on the New York
Stock Exchange is expected to take place at the open of trading on
November 19, 2020 (U.S. Eastern
Time). On expected effective date, ADS holders of the Company will
be required to surrender their old ADSs to the Company's depositary
bank, The Bank of New York Mellon as Depositary (the "Depositary"),
for cancellation of every three (3) existing ADSs for one (1) new
ADS. Only whole ADSs will be distributed. The Depositary will
attempt to sell any fractional ADSs and distribute the cash
proceeds to ADR holders.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although the Company can give
no assurance that the ADS price after the change in the ADS ratio
will be equal to or greater than three times the ADS price before
the change.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading
technology-driven personal finance company in China focused on meeting the huge demand for
credit from individuals and small-to-medium-sized enterprise
owners. The Company's proprietary big data-driven risk control
system, WinSAFE, builds risk profiles of prospective borrowers
using a variety data-driven credit assessment methodology to
accurately evaluate a borrower's value, payment capability, payment
attitude and overall creditworthiness. X Financial has established
a strategic partnership with ZhongAn Online P&C Insurance Co.,
Ltd. in multiple areas of its business operations to directly
complement its cutting-edge risk management and credit assessment
capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides
credit insurance on X Financial's investment products which
significantly enhances investor confidence and allows the Company
to attract a diversified and low-cost funding base from
individuals, enterprises and financial institutions to support its
growth. X Financial leverages financial technology to provide
convenient, efficient, and secure investment services to a wide
range of high-quality borrowers and mass affluent investors which
complements traditional financial institutions and helps to promote
the development of inclusive finance in China.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Safe Harbor Statements
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 investor and media inquiries, please contact:
X Financial
Mr. Frank Fuya
Zheng
Email: 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