X Financial Receives Go-Private Proposal for $1.005/Share

X Financial announced that its Board of Directors received a preliminary non-binding proposal from Mangrove Coast Investment Limited to acquire all outstanding ordinary shares not beneficially owned by Mangrove. The proposed acquisition price is US$1.005 in cash per ordinary share, or US$6.03 in cash per American Depositary Share (ADS). Mangrove, which is affiliated with X Financial's Chairman and CEO, Mr. Yue (Justin) Tang, currently holds approximately 93.45% of the company's total voting power. The Board intends to form a special committee of independent directors to evaluate the proposal.