SHENZHEN, China, May 28,
2020 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or
"we"), a leading technology-driven personal finance company in
China,, today announced that it
has received a letter from the New York Stock Exchange (the "NYSE")
dated April 28, 2020, notifying X
Financial that (i) it is below compliance standards due to the
trading price of X Financial's American depositary shares (the
"ADSs") and (ii) it will have six months from July 1, 2020 to cure the minimum share price
standard.
Pursuant to NYSE rule 802.01C, a company will be
considered to be below compliance standards if the average closing
price of a security as reported on the consolidated tape is less
than $1.00 over a consecutive 30
trading-day period. Once notified, the company must bring its share
price and average share price back above $1.00 by six months following receipt of the
notification. The company can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month. In the event that at the
expiration of the six-month cure period, both a $1.00 closing share price on the last trading day
of the cure period and a $1.00
average closing share price over the 30 trading-day period ending
on the last trading day of the cure period are not attained,
the NYSE will commence suspension and delisting
procedures.
To address this issue, X Financial intends to monitor the market
conditions of its listed securities and is still considering its
options.
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.
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. Kevin Zhang
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE X Financial