|Over a month ago|
X Financial receives NYSE letter of non-compliance » 06:1205/2805/28/20
X Financial announced…
X Financial announced that it has received a letter from the New York Stock Exchange dated April 28, notifying X Financial that (i) it is below compliance standards due to the trading price of X Financial's American depositary shares and (ii) it will have six months from July 1, 2020 to cure the minimum share price standard. X Financial said in a release, "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."
|Over a quarter ago|
X Financial falls -7.9% » 12:0009/1009/10/19
X Financial is down…
X Financial is down -7.9%, or -26c to $3.03.
X Financial falls -6.0% » 10:0009/1009/10/19
X Financial is down…
X Financial is down -6.0%, or -20c to $3.09.
X Financial reports Q2 EPS 31c, consensus 22c » 19:2508/1808/18/19
Reports Q3 revenue…
Reports Q3 revenue $$117.9M, consensus $114.12M. Justin Tang, the Founder, CEO and Chairman of the company, commented, "We are pleased to report a solid quarter where we made significant progress across a number of different aspects. [...] First, the industry regulatory environment remains challenging during the second quarter of this year. [...] Second, the high-quality loans on our platform and our strong reputation in the industry is helping us to attract more institutional investors. During the second quarter of 2019, funding from non-individual investors accounts for around 26.7% of the loans facilitated through our platform, a significant improvement from 10.4% in the first quarter of 2019. Demand from institutional investors for our high-quality assets remains strong and will gradually reduce our funding costs over time. Financial institutions have extended credit lines to us in an amount of approximately RMB26.4B for us to facilitate loan transactions on our platform which reflects the trust that financial institutions have in the quality of our assets and the strength of our risk management systems. Third, our delinquency rate improved on a sequential basis as we continue to invest in our risk management systems and the technology. With the macro economic environment softening, we are diversifying our customer acquisition channels through partnerships with e-commerce platforms and financial product marketplaces. Lastly, Xiaoying Wallet, our recently launched revolving credit product, grew rapidly during this quarter with transaction volumes jumping significantly to RMB971M from RMB200M in the last quarter and outstanding loan balance increasing to RMB578M as of June 30, 2019 from RMB177M as of March 31, 2019."