X Financial Announces US$48.7 Million Share Repurchase from Major Shareholder

Core Viewpoint - X Financial has announced a share repurchase agreement to buy back 6,349,206 American depositary shares (ADSs) at a price of US$7.67 per ADS, totaling approximately US$48.7 million, reflecting the company's confidence in its long-term growth potential and commitment to enhancing shareholder value [1][3]. Group 1: Share Repurchase Details - The company will repurchase 6,349,206 ADSs, equivalent to 38,095,236 Class A ordinary shares, for a total of approximately US$48.7 million [1]. - A new share repurchase plan has been approved, allowing the company to repurchase up to US$50 million worth of Class A ordinary shares until June 30, 2026 [2]. - After the current repurchase, approximately US$15.9 million will remain for future repurchases under the new plan [2]. Group 2: Financial Performance and Shareholder Returns - In 2024, the company returned approximately US$76.0 million to shareholders through dividends and share repurchases, including US$16.5 million in cash dividends and US$9.2 million in a tender offer [3]. - The total number of shares repurchased in 2024 was approximately 52.2 million Class A ordinary shares, representing 17.8% of the ordinary shares issued and outstanding as of December 31, 2023 [3]. Group 3: Management's Perspective - The Chief Financial Officer expressed confidence in the company's long-term growth potential and emphasized a balanced approach to capital management to prioritize growth opportunities and shareholder value creation [3]. - The company plans to fund the new repurchase plan from its existing cash balance, with repurchases to be made through various means depending on market conditions [2][3]. Group 4: Company Overview - X Financial is a leading online personal finance company in China, connecting borrowers with institutional funding partners through proprietary big data-driven technology [4].