Welcome to our dedicated page for LexinFintech Holdings Ltd. American Depositary Shares news (Ticker: LX), a resource for investors and traders seeking the latest updates and insights on LexinFintech Holdings Ltd. American Depositary Shares stock.
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) announced it will release its third-quarter 2020 unaudited financial results before U.S. market opens on November 24, 2020. An earnings conference call is scheduled for 6:00 AM EST on the same day. Participants can join the call by registering online. Lexin is a leading online consumption and consumer finance platform in China, offering various services such as financial technology and a point redemption system through its platforms Fenqile and Le Card.
LexinFintech Holdings Ltd. (NASDAQ: LX) is expanding its services beyond consumer finance to meet the demand of young consumers in China. During Hong Kong Fintech Week, CEO Jay Xiao announced the launch of the Le Hua Card, facilitating usage across various consumption scenarios. The transaction volume for the card surged by 400% year-on-year in Q2 2020, contributing significantly to loan originations. The company's full-year loan originations are projected to reach RMB 170-180 billion. Lexin also introduced Le Card, a digital membership service designed to enhance user engagement with many well-known brands.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced that the recently released Discussion Draft for Online Microcredit Business by Chinese regulators will have limited impact on its operations. With online microcredit accounting for less than 1% of its loan financing as of October 31, 2020, the company expects to continue its current business model without significant changes. Executives expressed confidence in the resilience of their operations amid regulatory changes, while promising to monitor potential risks closely.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced senior management's intention to purchase up to $20 million of the Company’s American depositary shares over the next six months. Chairman Jay Wenjie Xiao indicated expectations to maintain loan origination guidance despite regulatory uncertainties. Lexin reported improved credit performance, with the FPD7 rate decreasing to 1.81% and the M1 collection rate rising to 92.36%. The risk-free model generated RMB 419 million in revenues, reflecting a 109% year-on-year increase. The Lehua card saw a 400% transaction increase, serving over 4 million vendors.
LexinFintech Holdings Ltd. (NASDAQ: LX) announced a business update call scheduled for September 16, 2020, at 5:00 AM U.S. Eastern time. The call aims to provide insights into the company's performance and strategies for the new generation consumer finance market in China. Interested participants must register online to receive dial-in information, including a Conference ID number of 3777794. A replay will be available until September 23, 2020. Lexin offers a range of financial services through its ecommerce platform, Fenqile, and utilizes technologies like AI and big data.
LexinFintech Holdings Ltd. (NASDAQ: LX) has appointed Ms. Annabelle Yu Long to its board of directors, effective August 18, 2020, following the resignation of Mr. Min Xiao. Ms. Long, who is well-versed in consumer finance and technology, will also join the audit committee, succeeding Mr. Xiaoguang Wu. Lexin's CEO, Jay Wenjie Xiao, expressed enthusiasm about Ms. Long's appointment, highlighting her diverse expertise. Lexin is a leading online finance platform in China, catering to new generation consumers.
LexinFintech Holdings Ltd. (LX) reported strong growth in Q2 2020, with total loan originations reaching RMB41.1 billion, a 57.8% year-over-year increase. Outstanding principal loans rose by 52.4% to RMB61.9 billion, while active users grew by 65.8% to 6.8 million. However, financial performance showed mixed results: total operating revenue increased to RMB3.0 billion, yet net income dropped by 33.3% to RMB419 million. The company anticipates Q3 loan originations to exceed RMB48 billion and maintains its full-year guidance of RMB170 billion to RMB180 billion.
LexinFintech Holdings Ltd. (NASDAQ: LX) will report its unaudited financial results for the second quarter ending June 30, 2020, on August 18, 2020, before U.S. market opens. A conference call is scheduled for the same day at 7:00 AM ET (7:00 PM Beijing/Hong Kong). Participants are encouraged to register online to receive dial-in information. Lexin provides consumer finance and e-commerce services for educated young professionals in China, utilizing advanced technologies for risk management and loan facilitation.
LexinFintech Holdings Ltd. (NASDAQ: LX) reported strong growth in its Q1 2020 financial results, with total loan originations reaching RMB34.1 billion, a 69.5% increase year-over-year. Active users grew significantly to 6.4 million, a 99.1% rise. However, the company faced challenges, with a net loss of RMB678 million, contrasting with a net income of RMB424 million in Q1 2019. Despite a decrease in gross profit by 76.7% to RMB167 million, the company is optimistic about future performance amid improving business conditions.
FAQ
What is the current stock price of LexinFintech Holdings Ltd. American Depositary Shares (LX)?
What is the market cap of LexinFintech Holdings Ltd. American Depositary Shares (LX)?
What is LexinFintech Holdings Ltd.?
How many active customers does LexinFintech have?
What are LexinFintech's recent financial achievements?
What is LexinFintech’s semi-annual dividend policy?
What is LexinFintech's growth target for 2023?
How does LexinFintech leverage technology?
What platforms does LexinFintech operate on?
How has LexinFintech’s e-commerce platform performed recently?
What is the focus of LexinFintech’s risk management?
How can I access LexinFintech's earnings calls?
