X Financial

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.

X Financial announced a leadership change with Mr. Yufan Jiang resigning from his position as Chief Risk Officer, effective July 1, 2026, due to personal reasons. The company stated his resignation was not a result of any disagreement with operations or policies. Mr. Kan Li, who currently serves as President and Director, will be appointed as Acting Chief Risk Officer, effective July 1, 2026. Mr. Li has prior experience as the company's Chief Risk Officer from November 2017 to November 2023.

X Financial reported a significant decline in its first quarter 2026 unaudited financial results, with total net revenue decreasing 39.3% year-over-year to $170.5 million and net income plummeting 91.7% to $5.5 million. Loan facilitation and origination volumes also fell sharply by 58.4% year-over-year to RMB14.63 billion, reflecting the company's strategic tightening of credit standards amid a challenging operating environment. The company repurchased approximately 1.8 million ADSs for $8.2 million and provided Q2 2026 loan origination guidance of RMB11.5 billion to RMB12.5 billion.