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LexinFintech Holdings Ltd. (NASDAQ: LX) is a leading online consumer finance platform in China. The company focuses on serving the credit needs of educated young adults in the country through innovative loan products. LexinFintech leverages technology to offer a range of credit services including installment loans, direct sales financing, and consumer finance services. As of September 30, 2017, the platform had over 6.5 million customers with approved credit lines and over 20 million registered users, reflecting its significant reach and market penetration.
The company has shown impressive growth in recent years, with approximately 3.0 million active customers in 2016 and 3.3 million in the nine months ending September 30, 2017. This represents a 103% increase from 2015 and a 34% increase from the same period in 2016. LexinFintech continues to grow its customer base by offering convenient and innovative loan products tailored to the evolving needs of its clients at various life stages.
In recent achievements, the total loan origination for the second quarter of 2023 reached RMB63.9 billion, exceeding the company's guidance and marking a 30.1% year-over-year growth. The outstanding loan balance increased by 31.8% year-over-year, reaching RMB114 billion. LexinFintech's focus on holistic risk management and operational efficiency has driven this growth, ensuring that the company remains resilient amid uncertain economic conditions.
Financially, the company's operating revenue for the second quarter of 2023 was RMB3.1 billion, a 26.6% increase year-over-year. Net profit also saw significant growth, reaching RMB356 million, reflecting a 112% year-over-year increase. LexinFintech's e-commerce platform has also performed well, with a 31.6% sequential growth in Gross Merchandise Value (GMV) during the 618 shopping festival, showcasing the platform's strength and its comprehensive consumer ecosystem.
In addition to its core business, LexinFintech has recently implemented a semi-annual dividend policy, reflecting its strong financial position and commitment to returning value to shareholders. The company declared a dividend of US$0.058 per ordinary share for the six-month period ending June 30, 2023.
Looking forward, LexinFintech remains focused on enhancing its risk management capabilities, improving asset quality, and pursuing sustainable growth. The company reaffirms its annual GMV guidance of RMB245-255 billion for 2023, representing a 20-25% year-over-year growth. With a prudent business approach and strategic initiatives, LexinFintech is well-positioned to navigate economic uncertainties and deliver long-term value to its stakeholders.
LexinFintech Holdings Ltd. (NASDAQ: LX) has announced a strategic partnership with Huawei to explore opportunities in the Chinese consumer market. This collaboration will focus on membership services, joint marketing, fintech product development, and buy-now-pay-later services. Lexin aims to leverage its expertise in fintech, while Huawei will contribute its strengths in 5G technology and big data. The partnership is expected to enhance user experiences and broaden service offerings for Chinese consumers.
LexinFintech Holdings Ltd. (NASDAQ: LX) reported strong financial results for Q1 2021, achieving record highs in key metrics. Operating revenue increased to RMB2.94 billion, driven by an 8.9% rise in credit-oriented services income. Net income soared to RMB711 million, reversing a loss of RMB678 million in Q1 2020. Loan originations reached RMB53.8 billion, up 57.8% year-on-year. The company anticipates total loan originations for 2021 between RMB240 billion and RMB250 billion, reflecting confidence in continued growth.
LexinFintech Holdings Ltd. (NASDAQ: LX) will announce its unaudited financial results for Q1 2021 on June 1, 2021, before the U.S. market opens. The company's management will also host an earnings call at 7:00 AM U.S. Eastern time to discuss these results. Interested participants can register online for the call and will receive necessary information post-registration. Lexin provides a comprehensive consumer finance platform in China, integrating technology-driven services in financial technology, membership benefits, and ecommerce.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced the resignation of CFO Craig Yan Zeng, effective June 7, 2021, due to personal reasons. He will remain on the Board and serve as a senior consultant. Kris Qiao Qian, currently Chief Financing Cooperation Officer, will act as CFO until a permanent replacement is found. The company has also welcomed Beryl Haiyan He to its Finance Division to oversee internal controls. Zeng will remain to supervise the upcoming Q1 2021 earnings report.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced its financial results for Q4 and full year 2020, highlighting significant growth in loan originations and user engagement. The company reported Q4 total loan originations of RMB53.2 billion, up 24.2% year-over-year, with a full-year increase to RMB177 billion, representing a 40.3% growth. However, net income decreased by 1.6% in Q4 and 74.1% for the full year. The total operating revenue for Q4 was RMB3.0 billion, an increase of 3.2% year-over-year, while the gross profit for the full year fell by 27.3% to RMB3,633 million.
LexinFintech Holdings Ltd. (NASDAQ: LX) will release its unaudited financial results for Q4 and FY 2020 on March 18, 2021, after U.S. market close. A conference call will follow at 11:00 PM EST on the same day. Participants can register online to join the call and receive dial-in details. The company offers consumer finance solutions and operates platforms like Fenqile and Le Card, targeting young professionals in China. Lexin utilizes advanced technologies for risk management and loan facilitation, creating a comprehensive consumption ecosystem.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced strong growth in loan origination, achieving RMB 176.5 billion in 2020, a 40% increase from 2019. For fiscal year 2021, loan origination is projected between RMB 220 billion and RMB 230 billion. The company has improved asset quality, with first payment defaults below 1% for five months. Additionally, Lexin has eliminated individual investor loans on its Juzi Licai platform and shifted to a profit-sharing model for over 50% of new loans, enhancing compliance and positioning for future growth.
LexinFintech Holdings Ltd. (NASDAQ: LX) announces the appointment of Mr. Kris Qian Qiao to its board of directors. A long-standing member of Lexin's management team, Mr. Qiao has over 14 years of finance experience and aims to enhance the company's strategic direction. Concurrently, Mr. Keyi Chen and Mr. Xiaoguang Wu have resigned from their board roles for personal reasons, with Mr. Wu remaining as a director and chairperson of the nominating committee. Lexin continues to leverage technology for its consumer finance solutions in China's market.
LexinFintech Holdings Ltd. (LX) reported its Q3 2020 results, showcasing robust growth in loan originations despite declines in net income and gross profit. Total loan originations reached RMB48.3 billion, up 30.6% year-over-year, with an outstanding principal balance of RMB67.4 billion, also a 31.0% increase. Active users grew by 21.3% to 7.4 million, though new users decreased by 32.9%. Revenue declined slightly to RMB3.2 billion, while net income fell by 52.4% to RMB345 million. The company reaffirmed its loan origination guidance for FY 2020 between RMB170 billion and RMB180 billion.
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