SHENZHEN, China, Dec. 3, 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 notification letter from the New
York Stock Exchange (the "NYSE") dated December 2, 2020, informing the Company that it
has regained compliance with the NYSE's continued listing criterion
of a minimum share price as set forth in Section 802.01C of the
NYSE Listed Company Manual.
As previously announced, the Company received a letter from the
NYSE dated April 28, 2020 notifying
the Company that it was below compliance standards due to the fact
that the average closing price of the Company's American depositary
shares (the "ADSs") was less than $1.00 for a consecutive 30 trading-day period. In
order to regain compliance with the minimum share price
requirement, the Company changed the ratio of the 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. The change of the ADS ratio became effective on
November 19, 2020.
On December 2, 2020, NYSE provided
confirmation to the Company that its average closing share price
for the consecutive 30-trading days ended November 30, 2020 was above the NYSE's minimum
requirement of $1.00 per share.
Accordingly, the Company is no longer considered below the
$1 continued listing criterion and
has regained compliance on this matter.
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