SHENZHEN, China, May 6, 2022
/PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a
leading online personal finance company in China, today announced updates on its status
under the Holding Foreign Companies Accountable Act (the
"HFCAA").
The Company is aware of the fact that it was identified by the
United States Securities and Exchange Commission (the "SEC") under
the HFCAA on May 4, 2022. The Company
understands that this identification under the HFCAA and its
implementation rules issued thereunder indicates that the SEC
determines the Company used a registered public accounting firm
whose working paper cannot be inspected or investigated by the
Public Company Accounting Oversight Board of the United States (the "PCAOB") to issue the
audit opinion for its financial statements for the fiscal year
ended December 31, 2021.
In accordance with the HFCAA, the SEC shall prohibit a company's
shares or American depositary shares from being traded on a U.S.
stock exchange or in the over-the-counter trading market in
the United States if the company
has been identified by the SEC for three consecutive years due to
the PCAOB's inability to inspect the registered public accounting
firm's working paper related to such company.
The Company has been actively exploring possible solutions to
protect the interest of its stakeholders. The Company will continue
to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its
listing status on the New York Stock Exchange.
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 and provide loans to prime borrowers
under a 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