UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2025
Commission File Number: 001-38269
FinVolution Group
Building G1, No. 999 Dangui Road
Pudong New District, Shanghai 201203
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ___X____ Form 40-F _________
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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FinVolution Group |
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By: |
/s/ Jiayuan Xu |
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Name: |
Jiayuan Xu |
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Title: |
Chief Financial Officer |
Date: March 18, 2025
Exhibit Index
Exhibit 99.1—Press Release—FinVolution Group Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Exhibit 99.2—Press Release—FinVolution Group Announces Dividend Increase to US$0.277 per American Depositary Share, Up 17% Year-Over-Year
Exhibit 99.3—Press Release—FinVolution Group Announces New Share Repurchase Program Up To US$150 million
Exhibit 99.1
FinVolution
Group Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
-Full
Year 2024 Transaction Volume reached RMB206.2 billion, up 6.1% year-over-year-
-Full
Year 2024 International Transaction Volume exceeded RMB10.1 billion, up 27.8% year-over-year-
-Full
Year International Revenues reached RMB2.5 billion, up 18.5% year-over-year and representing 19.4% of total net revenues-
SHANGHAI,
March 17, 2025 /PRNewswire/ – FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading
fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the fourth quarter and
fiscal year ended December 31, 2024.
| | |
For the Three Months
Ended/As of | | |
YoY Change | | |
For the Full Year Ended / As of December 31, | | |
YoY Change | |
| | |
December 31, 2023 | | |
December 31, 2024 | | |
| | |
2023 | | |
2024 | | |
| |
| Total Transaction Volume (RMB in billions)1 | |
| 52.4 | | |
| 56.9 | | |
8.6 | % | |
| 194.3 | | |
| 206.2 | | |
6.1 | % |
| Transaction Volume (China’s Mainland)2 | |
| 50.1 | | |
| 54.0 | | |
7.8 | % | |
| 186.4 | | |
| 196.1 | | |
5.2 | % |
| Transaction Volume (International)3 | |
| 2.3 | | |
| 2.9 | | |
26.1 | % | |
| 7.9 | | |
| 10.1 | | |
27.8 | % |
| Total Outstanding Loan Balance (RMB in billions) | |
| 67.4 | | |
| 71.5 | | |
6.1 | % | |
| 67.4 | | |
| 71.5 | | |
6.1 | % |
| Outstanding Loan Balance (China’s Mainland)4 | |
| 66.1 | | |
| 69.8 | | |
5.6 | % | |
| 66.1 | | |
| 69.8 | | |
5.6 | % |
| Outstanding Loan Balance (International)5 | |
| 1.3 | | |
| 1.7 | | |
30.8 | % | |
| 1.3 | | |
| 1.7 | | |
30.8 | % |
Fourth
Quarter 2024 China Market Operational Highlights
| ● | Cumulative
registered users6 reached 172.6 million as of December 31, 2024, an increase of
10.9% compared with December 31, 2023. |
| ● | Cumulative
borrowers7 reached 26.8 million as of December 31, 2024, an increase of 6.3% compared
with December 31, 2023. |
| ● | Number
of unique borrowers8 for the fourth quarter of 2024 was 2.1 million, an increase
of 0.3% compared with the same period of 2023. |
| ● | Transaction
volume2 reached RMB54.0 billion for the fourth quarter of 2024, an increase of
7.8% compared with the same period of 2023. |
| ● | Transaction
volume facilitated for repeat individual borrowers9 for the fourth quarter of
2024 was RMB46.7 billion, an increase of 9.1% compared with the same period of 2023. |
| ● | Outstanding
loan balance4 reached RMB69.8 billion as of December 31, 2024, an increase of
5.6% compared with December 31, 2023. |
| ● | Average
loan size10 was RMB11,466 for the fourth quarter of 2024, compared with RMB9,044
for the same period of 2023. |
| ● | Average
loan tenure11 was 8.0 months for the fourth quarter of 2024, compared with 8.2
months for the same period of 2023. |
| ● | 90
day+ delinquency ratio12 was 2.13% as of December 31, 2024. |
Fourth
Quarter 2024 International Market Operational Highlights
| ● | Cumulative
registered users13 reached 35.7 million as of December 31, 2024, an increase of
45.1% compared with December 31, 2023. |
| ● | Cumulative
borrowers14 for the international market reached 7.0 million as of December 31,
2024, an increase of 45.8% compared with December 31, 2023. |
| ● | Number
of unique borrowers15 for the fourth quarter of 2024 was 1.6 million, an increase
of 87.9% compared with the same period of 2023. |
| ● | Number
of new borrowers16 for the fourth quarter of 2024 was 0.7 million, an increase
of 118.4% compared with the same period of 2023. |
| ● | Transaction
volume3 reached RMB2.9 billion for the fourth quarter of 2024, an increase of
26.1% compared with the same period of 2023. |
| ● | Outstanding
loan balance5 reached RMB1.7 billion as of December 31, 2024, an increase of 30.8%
compared with December 31, 2023. |
| ● | International
business revenue was RMB739.3 million (US$101.3 million) for the fourth quarter of 2024,
an increase of 22.8% compared with the same period of 2023, representing 21.4% of total revenue
for the fourth quarter of 2024. |
Fourth
Quarter 2024 Financial Highlights
| ● | Net
revenue was RMB3,456.7 million (US$473.6 million) for the fourth quarter of 2024, compared
with RMB3,223.6 million for the same period of 2023. |
| ● | Net
profit was RMB680.8 million (US$93.3 million) for the fourth quarter of 2024, compared with
RMB528.8 million for the same period of 2023. |
| ● | Non-GAAP
adjusted operating income17, which excludes share-based compensation expenses
before tax, was RMB822.0 million (US$112.6 million) for the fourth quarter of 2024, compared
with RMB547.0 million for the same period of 2023. |
| ● | Diluted
net profit per American depositary share (“ADS”) was RMB2.61 (US$0.36) and diluted
net profit per share was RMB0.52 (US$0.07) for the fourth quarter of 2024, compared with
RMB1.92 and RMB0.38 for the same period of 2023, respectively. |
| ● | Non-GAAP
diluted net profit per ADS was RMB2.74 (US$0.38) and non-GAAP diluted net profit per share
was RMB0.55 (US$0.08) for the fourth quarter of 2024, compared with RMB2.04 and RMB0.41 for
the same period of 2023, respectively. Each ADS of the Company represents five Class A ordinary
shares of the Company. |
_________________________
1
Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s
platforms during the period presented.
2
Represents our transaction volume facilitated in China’s Mainland during the period presented. During the fourth quarter,
RMB19.9 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.
3
Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented.
4
Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland
market excluding loans delinquent for more than 180 days from such date. As of December 31, 2024, RMB26.6 billion were facilitated under
the capital-light model, for which the Company does not bear principal risk.
5
Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets
excluding loans delinquent for more than 30 days from such date.
6
On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as
of December 31, 2024.
7
On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform
as of December 31, 2024.
8
Represents the total number of borrowers in China’s Mainland who have successfully borrowed on the Company’s platform
during the period presented.
9
Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction
on the Company’s platform during the period presented.
10
Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.
11
Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.
12
“90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under
the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans,
excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated
outside China’s Mainland are not included in the calculation.
13
On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market,
as of December 31, 2024.
14
On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as
of December 31, 2024.
15
Represents the total number of borrowers outside China’s Mainland who have successfully borrowed on the Company platforms
during the period presented.
16
Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s
platforms during the period presented.
17
Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP
adjusted operating income.
18
Change in Presentation of Consolidated Statements of Cash Flows During the fourth quarter of 2024, the Company elected to change
its presentation of the cash flows associated with funds held for customers from operating activities to present them as financing activities
and funds paid on behalf of customers from operating activities to present them as investing activities within its Consolidated Statements
of Cash Flows. Prior periods’ balances have been adjusted to conform to the current period presentation.
Mr.
Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, “Through strong execution of our Local Excellence,
Global Outlook strategy, we successfully navigated 2024’s challenges and continued to deliver progressive growth in the China market
while driving rapid growth in the international markets. Cumulatively, we served 33.8 million borrowers with an increase of 3.9 million
new borrowers across all our markets.”
“With
solid progress across numerous operational metrics, our total transaction volume grew to RMB206.2 billion while total outstanding loan
balance grew to RMB 71.5 billion for the full year, both metrics up by 6.1% year-over-year, respectively. These healthy results validate
our deep commitment to our diversification into the international markets, underscoring, the effectiveness of our Local Excellence, Global
Outlook strategy,” concluded Mr. Li.
Mr.
Jiayuan Xu, Chief Financial Officer of FinVolution, continued, “For the first time, transaction volume in the international markets
exceeded RMB10.1 billion for the full year while outstanding loan balance reached RMB1.7 billion, up 27.8% and 30.8% year-over-year respectively.
Contributions from international revenue in the fourth quarter grew further to RMB739.3 million, up 22.8% year-over-year and accounting
for 21.4% of total revenue. These positive developments reaffirm the value and effectiveness of our international diversification. Driven
by strong and consistent business growth, our net revenues for the fourth quarter reached RMB3,456.7 million, up 7.2% year-over-year”.
“As
part of our unwavering commitment to delivering value to shareholders through business growth and capital return, we deployed approximately
US$160.4 million in 2024. This compromised, US$90.2 million for share repurchases and US$70.2 million for dividend distributions, representing
a total payout ratio of approximately 49.1%. Since 2018, we have consistently returned value to our shareholders through our capital
return program, including both share repurchases and dividend distributions, demonstrating our dedication to sustainable shareholder
value creation,” concluded Mr. Xu.
Fourth
Quarter 2024 Financial Results
Net
revenue for the fourth quarter of 2024 was RMB3,456.7 million (US$473.6 million), compared with RMB3,223.6 million for the same period
of 2023. This increase was primarily due to the increase in loan facilitation service fees and other revenue.
Loan
facilitation service fees were RMB1,344.8 million (US$184.2 million) for the fourth quarter of 2024, compared with RMB1,107.4 million
for the same period of 2023. The increase was primarily due to the increase in the transaction volume.
Post-facilitation
service fees were RMB460.5 million (US$63.1 million) for the fourth quarter of 2024, compared with RMB495.4 million for the same
period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees in the China market.
Guarantee
income was RMB1,205.5 million (US$165.2 million) for the fourth quarter of 2024, compared with RMB1,267.5 million for the same period
of 2023. This decrease was primarily due to the increased proportion of capital light business in China’s market, as well as the
rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee
income systematically over the term of the loans subject to quality assurance commitment.
Net
interest income was RMB217.9 million (US$29.9 million) for the fourth quarter of 2024, compared with RMB227.4 million for the same
period of 2023.This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in
the international markets, offset by the increase of outstanding loan balance in the China market.
Other
revenue was RMB228.0 million (US$31.2 million) for the fourth quarter of 2024, compared with RMB125.8 million for the same period
of 2023. This increase was primarily due to the increase in the contributions from other revenue streams.
Origination,
servicing expenses and other costs of revenue were RMB664.0 million (US$91.0 million) for the fourth quarter of 2024, compared with
RMB563.1 million for the same period of 2023. This increase was primarily due to the increase in facilitation costs and loan collection
expenses as a result of higher outstanding loan balances.
Sales
and marketing expenses were RMB531.5 million (US$72.8 million) for the fourth quarter of 2024, compared with RMB491.4 million for
the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and
the international markets.
Research
and development expenses were RMB126.3 million (US$17.3 million) for the fourth quarter of 2024, compared with RMB127.6 million for
the same period of 2023.
General
and administrative expenses were RMB112.6 million (US$15.4 million) for the fourth quarter of 2024, compared with RMB115.2 million
for the same period of 2023. This decrease was primarily due to the improvements in operating efficiency.
Provision
for accounts receivable and contract assets was RMB95.1 million (US$13.0 million) for the fourth quarter of 2024, compared with RMB36.4
million for the same period of 2023. The increase was primarily due to higher transaction loan volume in the international markets.
Provision
for loans receivable was RMB64.3 million (US$8.8 million) for the fourth quarter of 2024, compared with RMB107.6 million for the
same period of 2023. This decrease was primarily due to the decrease in the loan volume and the outstanding loan balances of on-balance
sheet loans in the international markets.
Credit
losses for quality assurance commitment were RMB1,075.0 million (US$147.3 million) for the fourth quarter of 2024, compared with
RMB1,269.5 million for the same period of 2023. The decrease was primarily due to the decrease in the proportion of risk bearing loans
and the improvement in credit risk performance.
Operating
profit was RMB787.9 million (US$107.9 million) for the fourth quarter of 2024, compared with RMB512.8 million for the same period
of 2023.
Non-GAAP
adjusted operating income, which excludes share-based compensation expenses before tax, was RMB822.0 million (US$112.6 million) for
the fourth quarter of 2024, compared with RMB547.0 million for the same period of 2023.
Other
income was RMB25.9 million (US$3.6 million) for the fourth quarter of 2024, compared with RMB67.6 million for the same period of
2023. The decrease was mainly due to the decrease in government subsidies.
Income
tax expense was RMB133.1 million (US$18.2 million) for the fourth quarter of 2024, compared with RMB51.6 million for the same period
of 2023. This increase was mainly due to the increase in pre-tax profit and the change in effective tax rate.
Net
profit was RMB680.8 million (US$93.3 million) for the fourth quarter of 2024, compared with RMB528.8 million for the same period
of 2023.
Net
profit attributable to ordinary shareholders of the Company was RMB680.7 million (US$93.3 million) for the fourth quarter of 2024,
compared with RMB524.6 million for the same period of 2023.
Diluted
net profit per ADS was RMB2.61 (US$0.36) and diluted net profit per share was RMB0.52 (US$0.07) for the fourth quarter of
2024, compared with RMB1.92 and RMB0.38 for the same period of 2023 respectively.
Non-GAAP
diluted net profit per ADS was RMB2.74 (US$0.38) and non-GAAP diluted net profit per share was RMB0.55 (US$0.08) for the fourth
quarter of 2024, compared with RMB2.04 and RMB0.41 for the same period of 2023 respectively. Each ADS represents five Class A ordinary
shares of the Company.
As
of December 31, 2024, the Company had cash and cash equivalents of RMB4,672.8 million (US$640.2 million) and short-term investments,
mainly in wealth management products and term deposits, of RMB2,832.4 million (US$388.0 million).
The
following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products
facilitated through the Company’s platform in China’s Mainland as of December 31, 2024. Loans facilitated under the capital-light
model, for which the Company does not bear principal risk, are excluded from the chart.
Fiscal
Year 2024 Financial Results
Net
revenue for 2024 was RMB13,065.8 million (US$1,790.0 million), compared with RMB12,547.4 million in 2023.
Loan
facilitation service fees were RMB4,694.4 million (US$643.1 million) for 2024, compared with RMB4,520.5 million in 2023. The increase
was primarily due to the increase in transaction volume.
Post-facilitation
service fees were RMB1,740.2 million (US$238.4 million) for 2024, compared with RMB1,969.7 million in 2023. This decrease was primarily
due to the rolling impact of deferred transaction fees in the China market.
Guarantee
income was RMB5,085.3 million (US$696.7 million) for 2024, compared with RMB4,479.0 million in 2023. This increase was primarily
due to the increased outstanding loan balance of off-balance sheet loans in the international markets, as well as the rolling impact
of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically
over the term of the loans subject to quality assurance commitment.
Net
interest income was RMB853.8 million (US$117.0 million) for 2024, compared with RMB1,049.4 million in 2023.This decrease was primarily
due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets.
Other
revenue was RMB692.1 million (US$94.8 million) for 2024, compared with RMB528.9 million in 2023. This increase was primarily due
to the increase in the contributions from other revenue streams.
Origination,
servicing expenses and other costs of revenue were RMB2,381.8 million (US$326.3 million) for 2024, compared with RMB2,111.5 million
in 2023. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding
loan balances.
Sales
and marketing expenses were RMB2,014.3 million (US$276.0 million) for 2024, compared with RMB1,887.4 million in 2023, as a result
of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.
Research
and development expenses were RMB496.7 million (US$68.1 million) for 2024, compared with RMB511.0 million in 2023. This decrease
was primarily due to our improvements in technology development efficiency.
General
and administrative expenses were RMB413.5 million (US$56.7 million) for 2024, compared with RMB390.0 million in 2023. This increase
was primarily due to the increased benefits we provided to our employees.
Provision
for accounts receivable and contract assets was RMB317.0 million (US$43.4 million) for 2024, compared with RMB253.9 million in 2023.
This increase was primarily due to the decrease in provisions from other third-party platforms in 2023.
Provision
for loans receivable was RMB320.0 million (US$43.8 million) for 2024, compared with RMB586.8 million in 2023. This decrease was primarily
due to the decreases in the transaction volume and the outstanding loan balances of on-balance sheet loans in the international markets.
Credit
losses for quality assurance commitment were RMB4,587.3 million (US$628.5 million) for 2024, compared with RMB4,422.8 million in
2023. The increase was primarily due to the increased outstanding loan balances of off-balance sheet loans in the international markets
and offset by the decrease in the proportion of risk bearing loans in China.
Operating
profit was RMB2,535.1 million (US$347.3 million) for 2024, compared with RMB2,383.9 million in 2023.
Non-GAAP
adjusted operating income, which excludes share-based compensation expenses before tax, was RMB2,679.2 million (US$367.0 million)
for 2024, compared with RMB2,500.3 million in 2023.
Other
income was RMB310.1 million (US$42.5 million) for 2024, compared with RMB394.7 million in 2023. The decrease was mainly due to the
decrease in government subsidies.
Income
tax expense was RMB457.4 million (US$62.7 million) for 2024, compared with RMB395.1 million in 2023. This increase was mainly due
to the increase in pre-tax profit and the change in effective tax rate.
Net
profit was RMB2,387.8 million (US$327.1 million) for 2024, compared with RMB2,383.5 million in 2023.
Net
profit attributable to ordinary shareholders of the Company was RMB2,383.1 million (US$326.5 million) for 2024, compared with RMB2,340.8
million in 2023.
Shares
Repurchase Update
For
the full year of 2024, the Company deployed a total of US$90.2 million to repurchase its own Class A ordinary shares in the form of ADSs
in the market. As of December 31, 2024, in combination with the Company’s historical and existing share repurchase programs, the
Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately
US$370.0 million since 2018.
Business
Outlook
While
the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist
in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro
conditions across our Pan-Asian markets and remain prudent in our business operations. The Company expects its full-year 2025 total revenue
guidance to be in the range of approximately RMB14.4 billion to RMB15.0 billion, representing year-over-year growth of approximately
10.0% to 15.0%.
The
above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations
on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’
demands, all of which are subject to change.
Board
Composition Update
The
board of directors of the Company has approved that Mr. Simon Tak Leung Ho, who has served as a director of the Company since November
2020, will transition to the role of an independent director. Mr. Ho currently
serves as the chief financial officer for GoTo Group, Indonesia. Prior to joining GoTo Group, Mr. Ho served as chief financial officer
for Maya Group, Philippines from April 2023 to July 2024, chief
financial officer of Tianxia Technology from August 2021 to September 2022 and chief financial officer for
FinVolution Group from September 2016 to November 2020. Mr. Ho also served in various positions at Citigroup Global Markets Asia Limited
from 2008 to 2016 including managing director and head of Asian financials research. Mr. Ho received his bachelor’s degree in engineering
from Northwestern University, Illinois. Mr. Ho is also a Chartered Financial Analyst.
Conference
Call
The
Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on March 17, 2025 (8:30 AM Beijing/Hong
Kong Time on March 18, 2025).
Dial-in
details for the earnings conference call are as follows:
| United
States (toll free): |
+1-888-346-8982 |
| Canada
(toll free): |
+1-855-669-9657 |
| International: |
+1-412-902-4272 |
| Hong
Kong, China (toll free): |
800-905-945 |
| Hong
Kong, China: |
+852-3018-4992 |
| Mainland,
China: |
400-120-1203 |
Participants
should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”
Additionally,
a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.
A
replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 24, 2025, by
dialing the following telephone numbers:
| United
States (toll free): |
+1-877-344-7529 |
| Canada
(toll free): |
+1-855-669-9658 |
| International: |
+1-412-317-0088 |
| Replay
Access Code: |
2187762 |
About
FinVolution Group
FinVolution
Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the
young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance
industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment,
fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies,
features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2024, the Company
had 208.3 million cumulative registered users across China, Indonesia and the Philippines.
For
more information, please visit https://ir.finvgroup.com
Use
of Non-GAAP Financial Measures
We
use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution
Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating
results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying
trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that
non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance
and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational
decision-making.
Non-GAAP
adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and
non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash
flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating
activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages
investors and others to review our financial information in its entirety and not rely on a single financial measure.
For
more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results”
set forth at the end of this press release.
Exchange
Rate Information
This
announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader.
Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the rate in effect as of
December 31, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.
Safe
Harbor Statement
This
press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “target,”
“confident” and similar statements. Such statements are based upon management’s current expectations and current market
and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce
new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating
to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards
necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued
listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings
with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,
and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events
or otherwise, except as required under applicable law.
For
investor and media inquiries, please contact:
In
China:
FinVolution
Group
Head
of Capital Markets
Jimmy
Tan, IRC
Tel:
+86 (21) 8030-3200 Ext. 8601
E-mail:
ir@xinye.com
Piacente
Financial Communications
Jenny
Cai
Tel:
+86 (10) 6508-0677
E-mail:
finv@tpg-ir.com
In
the United States:
Piacente
Financial Communications
Brandi
Piacente
Tel:
+1-212-481-2050
E-mail:
finv@tpg-ir.com
FinVolution
Group
UNAUDITED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All
amounts in thousands, except share data, or otherwise noted)
| | |
As of December 31, | | |
As of December 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Assets | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 4,969,319 | | |
| 4,672,772 | | |
| 640,167 | |
| Restricted cash | |
| 1,800,071 | | |
| 2,074,300 | | |
| 284,178 | |
| Short-term investments | |
| 2,960,821 | | |
| 2,832,382 | | |
| 388,035 | |
| Investments | |
| 1,135,133 | | |
| 1,173,003 | | |
| 160,701 | |
| Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB529,392 and RMB426,949 as of December 31, 2023 and December 31, 2024, respectively | |
| 1,755,615 | | |
| 1,639,591 | | |
| 224,623 | |
| Intangible assets | |
| 98,692 | | |
| 137,298 | | |
| 18,810 | |
| Property, equipment and software, net | |
| 140,933 | | |
| 623,792 | | |
| 85,459 | |
| Loans receivable, net of credit loss allowance for loans receivable of RMB214,550 and RMB226,467 as of December 31, 2023 and December 31, 2024, respectively | |
| 1,127,388 | | |
| 4,157,621 | | |
| 569,592 | |
| Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB310,394 and RMB290,267 as of December 31, 2023 and December 31, 2024, respectively | |
| 2,208,538 | | |
| 2,405,880 | | |
| 329,604 | |
| Deferred tax assets | |
| 1,624,325 | | |
| 2,513,865 | | |
| 344,398 | |
| Right of use assets | |
| 38,110 | | |
| 36,826 | | |
| 5,045 | |
| Prepaid expenses and other assets | |
| 3,384,317 | | |
| 1,289,380 | | |
| 176,644 | |
| Goodwill | |
| 50,411 | | |
| 50,411 | | |
| 6,906 | |
| Total assets | |
| 21,293,673 | | |
| 23,607,121 | | |
| 3,234,162 | |
| Liabilities and Shareholders’ Equity | |
| | | |
| | | |
| | |
| Deferred guarantee income | |
| 1,882,036 | | |
| 1,515,950 | | |
| 207,684 | |
| Liability from quality assurance commitment | |
| 3,306,132 | | |
| 2,964,116 | | |
| 406,082 | |
| Payroll and welfare payable | |
| 261,528 | | |
| 290,389 | | |
| 39,783 | |
| Taxes payable | |
| 207,477 | | |
| 705,928 | | |
| 96,712 | |
| Short-term borrowings | |
| 5,756 | | |
| 5,594 | | |
| 766 | |
| Funds payable to investors of consolidated trusts | |
| 436,352 | | |
| 796,122 | | |
| 109,068 | |
| Contract liability | |
| 5,109 | | |
| 10,185 | | |
| 1,395 | |
| Deferred tax liabilities | |
| 340,608 | | |
| 491,213 | | |
| 67,296 | |
| Accrued expenses and other liabilities | |
| 941,899 | | |
| 1,245,184 | | |
| 170,590 | |
| Leasing liabilities | |
| 35,878 | | |
| 28,765 | | |
| 3,941 | |
| Total liabilities | |
| 7,422,775 | | |
| 8,053,446 | | |
| 1,103,317 | |
| Commitments and contingencies | |
| | | |
| | | |
| | |
| FinVolution Group Shareholders’ equity | |
| | | |
| | | |
| | |
| Ordinary shares | |
| 103 | | |
| 103 | | |
| 14 | |
| Additional paid-in capital | |
| 5,748,734 | | |
| 5,815,437 | | |
| 796,712 | |
| Treasury stock | |
| (1,199,683 | ) | |
| (1,765,542 | ) | |
| (241,878 | ) |
| Statutory reserves | |
| 762,472 | | |
| 852,723 | | |
| 116,823 | |
| Accumulated other comprehensive income | |
| 80,006 | | |
| 92,626 | | |
| 12,689 | |
| Retained Earnings | |
| 8,357,153 | | |
| 10,208,717 | | |
| 1,398,588 | |
| Total FinVolution Group shareholders’ equity | |
| 13,748,785 | | |
| 15,204,064 | | |
| 2,082,948 | |
| Non-controlling interest | |
| 122,113 | | |
| 349,611 | | |
| 47,897 | |
| Total shareholders’ equity | |
| 13,870,898 | | |
| 15,553,675 | | |
| 2,130,845 | |
| Total liabilities and shareholders’ equity | |
| 21,293,673 | | |
| 23,607,121 | | |
| 3,234,162 | |
FinVolution
Group
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All
amounts in thousands, except share data, or otherwise noted)
| | |
For the Three Months Ended December 31, | | |
For the Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Operating revenue: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loan facilitation service fees | |
| 1,107,434 | | |
| 1,344,799 | | |
| 184,237 | | |
| 4,520,504 | | |
| 4,694,380 | | |
| 643,127 | |
| Post-facilitation service fees | |
| 495,431 | | |
| 460,465 | | |
| 63,083 | | |
| 1,969,705 | | |
| 1,740,241 | | |
| 238,412 | |
| Guarantee income | |
| 1,267,515 | | |
| 1,205,502 | | |
| 165,153 | | |
| 4,478,995 | | |
| 5,085,296 | | |
| 696,683 | |
| Net interest income | |
| 227,426 | | |
| 217,927 | | |
| 29,856 | | |
| 1,049,379 | | |
| 853,779 | | |
| 116,967 | |
| Other Revenue | |
| 125,791 | | |
| 227,999 | | |
| 31,236 | | |
| 528,862 | | |
| 692,128 | | |
| 94,821 | |
| Net revenue | |
| 3,223,597 | | |
| 3,456,692 | | |
| 473,565 | | |
| 12,547,445 | | |
| 13,065,824 | | |
| 1,790,010 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Origination, servicing expenses and other cost of revenue | |
| (563,142 | ) | |
| (663,982 | ) | |
| (90,965 | ) | |
| (2,111,515 | ) | |
| (2,381,839 | ) | |
| (326,311 | ) |
| Sales and marketing expenses | |
| (491,381 | ) | |
| (531,530 | ) | |
| (72,819 | ) | |
| (1,887,442 | ) | |
| (2,014,254 | ) | |
| (275,952 | ) |
| Research and development expenses | |
| (127,605 | ) | |
| (126,257 | ) | |
| (17,297 | ) | |
| (510,986 | ) | |
| (496,740 | ) | |
| (68,053 | ) |
| General and administrative expenses | |
| (115,209 | ) | |
| (112,570 | ) | |
| (15,422 | ) | |
| (390,022 | ) | |
| (413,548 | ) | |
| (56,656 | ) |
| Provision for accounts receivable and contract assets | |
| (36,413 | ) | |
| (95,132 | ) | |
| (13,033 | ) | |
| (253,948 | ) | |
| (317,049 | ) | |
| (43,436 | ) |
| Provision for loans receivable | |
| (107,562 | ) | |
| (64,346 | ) | |
| (8,815 | ) | |
| (586,843 | ) | |
| (320,013 | ) | |
| (43,842 | ) |
| Credit losses for quality assurance commitment | |
| (1,269,514 | ) | |
| (1,074,955 | ) | |
| (147,268 | ) | |
| (4,422,802 | ) | |
| (4,587,254 | ) | |
| (628,451 | ) |
| Total operating expenses | |
| (2,710,826 | ) | |
| (2,668,772 | ) | |
| (365,619 | ) | |
| (10,163,558 | ) | |
| (10,530,697 | ) | |
| (1,442,701 | ) |
| Operating profit | |
| 512,771 | | |
| 787,920 | | |
| 107,946 | | |
| 2,383,887 | | |
| 2,535,127 | | |
| 347,309 | |
| Other income, net | |
| 67,633 | | |
| 25,945 | | |
| 3,554 | | |
| 394,698 | | |
| 310,123 | | |
| 42,487 | |
| Profit before income tax expense | |
| 580,404 | | |
| 813,865 | | |
| 111,500 | | |
| 2,778,585 | | |
| 2,845,250 | | |
| 389,796 | |
| Income tax expenses | |
| (51,572 | ) | |
| (133,110 | ) | |
| (18,236 | ) | |
| (395,100 | ) | |
| (457,405 | ) | |
| (62,664 | ) |
| Net profit | |
| 528,832 | | |
| 680,755 | | |
| 93,264 | | |
| 2,383,485 | | |
| 2,387,845 | | |
| 327,132 | |
| Less: Net profit/(loss) attributable to non-controlling interest shareholders | |
| 4,273 | | |
| 50 | | |
| 7 | | |
| 42,650 | | |
| 4,699 | | |
| 644 | |
| Net profit attributable to FinVolution Group | |
| 524,559 | | |
| 680,705 | | |
| 93,257 | | |
| 2,340,835 | | |
| 2,383,146 | | |
| 326,488 | |
| Foreign currency translation adjustment, net of nil tax | |
| 8,855 | | |
| 249,597 | | |
| 34,195 | | |
| 27,769 | | |
| 234,012 | | |
| 32,060 | |
Total
comprehensive income attributable to FinVolution Group | |
| 533,414 | | |
| 930,302 | | |
| 127,452 | | |
| 2,368,604 | | |
| 2,617,158 | | |
| 358,548 | |
Weighted
average number of ordinary shares used in computing net income per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,342,940,746 | | |
| 1,266,235,809 | | |
| 1,266,235,809 | | |
| 1,374,713,018 | | |
| 1,287,853,207 | | |
| 1,287,853,207 | |
| Diluted | |
| 1,367,430,282 | | |
| 1,303,393,465 | | |
| 1,303,393,465 | | |
| 1,402,947,561 | | |
| 1,320,229,492 | | |
| 1,320,229,492 | |
Net
profit per share attributable to FinVolution Group’s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.39 | | |
| 0.54 | | |
| 0.07 | | |
| 1.70 | | |
| 1.85 | | |
| 0.25 | |
| Diluted | |
| 0.38 | | |
| 0.52 | | |
| 0.07 | | |
| 1.67 | | |
| 1.81 | | |
| 0.25 | |
Net
profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equal five ordinary shares) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1.95 | | |
| 2.69 | | |
| 0.37 | | |
| 8.51 | | |
| 9.25 | | |
| 1.27 | |
| Diluted | |
| 1.92 | | |
| 2.61 | | |
| 0.36 | | |
| 8.34 | | |
| 9.03 | | |
| 1.24 | |
FinVolution
Group
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS18
(All
amounts in thousands, except share data, or otherwise noted)
| | |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| Net cash provided by operating activities | |
| 45,284 | | |
| 299,509 | | |
| 41,033 | | |
| 1,360,872 | | |
| 2,893,160 | | |
| 396,361 | |
| Net cash provided by/(used in) investing activities | |
| (104,246 | ) | |
| (745,555 | ) | |
| (102,141 | ) | |
| 1,411,992 | | |
| (2,295,816 | ) | |
| (314,526 | ) |
| Net cash provided by/(used in) financing activities | |
| (1,030,417 | ) | |
| 255,302 | | |
| 34,976 | | |
| (2,505,002 | ) | |
| (622,715 | ) | |
| (85,312 | ) |
| Effect of exchange rate changes on cash and cash equivalents | |
| (4,975 | ) | |
| 5,406 | | |
| 741 | | |
| 22,441 | | |
| 3,053 | | |
| 419 | |
| Net increase/ (decrease) in cash, cash equivalent and restricted cash | |
| (1,094,354 | ) | |
| (185,338 | ) | |
| (25,391 | ) | |
| 290,303 | | |
| (22,318 | ) | |
| (3,058 | ) |
| Cash, cash equivalent and restricted cash at beginning of period | |
| 7,863,744 | | |
| 6,932,410 | | |
| 949,736 | | |
| 6,479,087 | | |
| 6,769,390 | | |
| 927,403 | |
| Cash, cash equivalent and restricted cash at end of period | |
| 6,769,390 | | |
| 6,747,072 | | |
| 924,345 | | |
| 6,769,390 | | |
| 6,747,072 | | |
| 924,345 | |
FinVolution
Group
UNAUDITED
Reconciliation of GAAP and Non-GAAP Results
(All
amounts in thousands, except share data, or otherwise noted)
| | |
For the Three Months Ended December 31, | | |
For the Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Net Revenues | |
| 3,223,597 | | |
| 3,456,692 | | |
| 473,565 | | |
| 12,547,445 | | |
| 13,065,824 | | |
| 1,790,010 | |
| Less: total operating expenses | |
| (2,710,826 | ) | |
| (2,668,772 | ) | |
| (365,619 | ) | |
| (10,163,558 | ) | |
| (10,530,697 | ) | |
| (1,442,701 | ) |
| Operating Income | |
| 512,771 | | |
| 787,920 | | |
| 107,946 | | |
| 2,383,887 | | |
| 2,535,127 | | |
| 347,309 | |
| Add: share-based compensation expenses | |
| 34,215 | | |
| 34,064 | | |
| 4,667 | | |
| 116,407 | | |
| 144,052 | | |
| 19,735 | |
| Non-GAAP adjusted operating income | |
| 546,986 | | |
| 821,984 | | |
| 112,613 | | |
| 2,500,294 | | |
| 2,679,179 | | |
| 367,044 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating Margin | |
| 15.9 | % | |
| 22.8 | % | |
| 22.8 | % | |
| 19.0 | % | |
| 19.4 | % | |
| 19.4 | % |
| Non-GAAP operating margin | |
| 17.0 | % | |
| 23.8 | % | |
| 23.8 | % | |
| 19.9 | % | |
| 20.5 | % | |
| 20.5 | % |
| Non-GAAP adjusted operating income | |
| 546,986 | | |
| 821,984 | | |
| 112,613 | | |
| 2,500,294 | | |
| 2,679,179 | | |
| 367,044 | |
| Add: other income, net | |
| 67,633 | | |
| 25,945 | | |
| 3,554 | | |
| 394,698 | | |
| 310,123 | | |
| 42,487 | |
| Less: income tax expenses | |
| (51,572 | ) | |
| (133,110 | ) | |
| (18,236 | ) | |
| (395,100 | ) | |
| (457,405 | ) | |
| (62,664 | ) |
| Non-GAAP net profit | |
| 563,047 | | |
| 714,819 | | |
| 97,931 | | |
| 2,499,892 | | |
| 2,531,897 | | |
| 346,867 | |
| Less: Net profit/(loss) attributable to non-controlling interest shareholders | |
| 4,273 | | |
| 50 | | |
| 7 | | |
| 42,650 | | |
| 4,699 | | |
| 644 | |
| Non-GAAP net profit attributable to FinVolution Group | |
| 558,774 | | |
| 714,769 | | |
| 97,924 | | |
| 2,457,242 | | |
| 2,527,198 | | |
| 346,223 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing net income per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,342,940,746 | | |
| 1,266,235,809 | | |
| 1,266,235,809 | | |
| 1,374,713,018 | | |
| 1,287,853,207 | | |
| 1,287,853,207 | |
| Diluted | |
| 1,367,430,282 | | |
| 1,303,393,465 | | |
| 1,303,393,465 | | |
| 1,402,947,561 | | |
| 1,320,229,492 | | |
| 1,320,229,492 | |
| Non-GAAP net profit per share attributable to FinVolution Group’s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.42 | | |
| 0.56 | | |
| 0.08 | | |
| 1.79 | | |
| 1.96 | | |
| 0.27 | |
| Diluted | |
| 0.41 | | |
| 0.55 | | |
| 0.08 | | |
| 1.75 | | |
| 1.91 | | |
| 0.26 | |
| Non-GAAP net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equal five ordinary shares) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 2.08 | | |
| 2.82 | | |
| 0.39 | | |
| 8.94 | | |
| 9.81 | | |
| 1.34 | |
| Diluted | |
| 2.04 | | |
| 2.74 | | |
| 0.38 | | |
| 8.76 | | |
| 9.57 | | |
| 1.31 | |
Exhibit 99.2
FinVolution
Group Announces Dividend Increase to US$0.277 per American Depositary Share, Up 17% Year-Over-Year
-Represents
Approximately 21.5% Payout Ratio of Net Income for FY 2024-
-Marks
seventh consecutive year of dividend declaration-
-Revised
Dividend Policy of between 20% to 30% of net income for 2025 onward-
SHANGHAI,
March 17, 2025 /PRNewswire/ -- FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech
platform in China, Indonesia and the Philippines, today announced that its board of directors (the “Board”) has approved
a cash dividend of US$0.277 per American Depositary Share, which represents a payout ratio of approximately 21.5% of the Company’s
net income for fiscal year 2024. The dividend is expected to be distributed on or around May 7, 2025 to shareholders of record as of
the close of business on April 16, 2025.
The
decision to distribute dividends, and the amount of any such dividend payments, is made at the Board’s discretion based on the
Company’s operations, earnings, cash flows, financial condition and other relevant factors.
The
Company’s annual cash dividend policy in effect through fiscal year 2024 states that the Company will declare and distribute a
recurring cash dividend of no less than 10% of the Company’s net income after tax in the previous fiscal year. The Company’s
average dividend payout ratio for fiscal years 2018 to 2023 was approximately 16% of the Company’s net income in the same period.
For fiscal year 2025 onward, the new policy states that the Company will declare and distribute a recurring cash dividend of between
20% to 30% of the Company’s net income after tax in the fiscal year. Distributions to shareholders for fiscal year 2024 will total
approximately US$160.4 million, consisting of US$90.2 million in share repurchases and US$70.2 million in dividends, representing total
payout ratio of approximately 49.1%.
Mr.
Shaofeng Gu, Chairman of the Board and Chief Innovation Officer of the Company, commented, “We are pleased to declare dividends
for the seventh consecutive year and implement an enhanced dividend policy for 2025, reaffirming our dedication to increasing shareholder
value. Since our IPO, we have consistently returned value to our shareholders through our capital return program.”
Mr.
Tiezheng Li, Vice Chairman of the Board and Chief Executive Officer of the Company commented, “Our Local Excellence, Global Outlook
Strategy has effectively strengthened our operations in both China and international markets, allowing us to achieve sustainable, high-quality
growth while sharing the profits with our shareholders.”
About
FinVolution Group
FinVolution
Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting
borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer
in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth
experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The
Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which
enables a superior user experience. As of December 31, 2024, the Company had 208.3 million cumulative registered users
across China, Indonesia and the Philippines.
For
more information, please visit https://ir.finvgroup.com
Safe
Harbor Statement
This
press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “target,”
“confident” and similar statements. Such statements are based upon management’s current expectations and current market
and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce
new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating
to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards
necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued
listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings
with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,
and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events
or otherwise, except as required under applicable law.
For
investor and media inquiries, please contact:
In
China:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com
Piacente
Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com
In
the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
Exhibit 99.3
FinVolution
Group Announces New Share Repurchase Program
Up
To US$150 million
SHANGHAI,
March 17, 2025 /PRNewswire/ -- FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech
platform in China, Indonesia and the Philippines, today announced that the board of directors of the Company (the “Board”)
has authorized a new share repurchase program (the “New Share Repurchase Program”) effective on March 20, 2025. Pursuant
to the New Share Repurchase Program, the Company may repurchase up to US$150.0 million worth of its shares (including ADSs) during the
period from March 20, 2025 to March 19, 2027.
Mr. Tiezheng
Li, Vice Chairman and Chief Executive Officer of FinVolution Group, said, “We remain dedicated to increasing shareholder value.
Since the initial launch of our first share repurchase program on March 21, 2018, through December 31, 2024, we have
cumulatively deployed approximately US$370.0 million to repurchase the Company’s ADSs. We believe that the current external environment,
coupled with our strong financial foundation, presents a compelling opportunity to deliver shareholder value. This New Share Repurchase
Program is also our fourth share repurchase program, reflecting our confidence in the Company’s ‘Local Excellence, Global
Outlook’ strategy, business operations and outlook.”
“Our
Board’s approval of the New Share Repurchase Program underscores the Company’s effective business strategies and impressive
growth trajectory,” said Mr. Shaofeng Gu, Chairman and Chief Innovation Officer of FinVolution Group. “We continue to
view FinVolution as an excellent investment at our current market valuation, and share buybacks serve as a useful capital management
tool in the current environment. With our thriving expansion in multiple international markets and a solid balance sheet, we believe
we are well-positioned to capitalize on this buying opportunity and deliver long-term sustainable growth for all our stakeholders.”
The
Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated
transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable
rules and regulations. The Board will review the share repurchase program periodically, and may authorize adjustment of its terms and
size.
About
FinVolution Group
FinVolution
Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the
young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance
industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment,
fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies,
features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2024, the Company
had 208.3 million cumulative registered users across China, Indonesia and the Philippines.
For more information, please visit https://ir.finvgroup.com
Safe
Harbor Statement
This
press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “target,”
“confident” and similar statements. Such statements are based upon management’s current expectations and current market
and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce
new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating
to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards
necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued
listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings
with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,
and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events
or otherwise, except as required under applicable law.
For
investor and media inquiries, please contact:
In
China:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com
Piacente
Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com
In
the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
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