Core Thesis - FinVolution Group (FINV) presents a compelling investment opportunity with a current share price of $4.93 and low trailing and forward P/E ratios of 3.32 and 3.67 respectively, indicating potential undervaluation [1][2] Business Model and Growth - FinVolution transitioned from P2P lending to an asset-light consumer credit facilitator in 2021, partnering with over 100 institutional funding partners, with 80% of revenues from China and 20% from rapidly growing international markets [2][3] - The company's core Chinese business has shown resilience, growing at a 10% CAGR since 2020, while international revenue is expanding at a 74% CAGR, with a target of 50% of total revenue by 2030 [2][3] Financial Performance - FinVolution has consistently posted revenue and operating income increases every quarter since its transition, averaging 17% revenue growth and 24% operating income growth from 2017 through 2024 [3][4] - The company has returned $830 million to shareholders since its IPO through dividends and buybacks, with a forward guidance expecting 10-15% revenue growth in 2025 [4] Investment Potential - Despite regulatory risks and macroeconomic sensitivity, FINV trades at a single-digit PE with strong growth and high return on equity (ROE), suggesting a fair value of $14.76, representing approximately 90% upside [5] - Key catalysts for growth include continued international expansion, further capital-light business shifts, sustained shareholder returns, and stabilization of regulatory frameworks [5]