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Qifu Technology Inc. (symbol: QFIN) is a leading Credit-Tech platform based in China. The company specializes in making credit services more accessible and personalized for both consumers and small-to-medium enterprises (SMEs). Through its advanced Credit-Tech services, Qifu Technology provides a suite of technology solutions to financial institutions, including borrower acquisition, preliminary credit assessment, fund matching, and post-facilitation services.
One of the company's core objectives is to assist financial institutions in identifying the diverse needs of consumers and SMEs. Using multi-channel strategies, Qifu helps financial institutions effectively access prospective borrowers who are creditworthy. Their technology solutions enhance credit assessment capabilities, manage credit risks, and optimize collection strategies to improve efficiency.
Qifu Technology has notable achievements and ongoing projects that demonstrate its commitment to innovation and growth in the Credit-Tech industry. The company has a solid financial foundation, supported by strategic partnerships with financial institutions. These collaborations enable Qifu to integrate its innovative technology solutions seamlessly, bringing significant benefits to all stakeholders involved.
The company is also active in the U.S. stock market, where it lists its American Depositary Shares (ADSs). Qifu Technology recently announced that the board of directors has set May 24, 2024, as the record date for its Class A ordinary shares. Shareholders of record as of this date are entitled to attend and vote at the Annual General Meeting (AGM).
For more detailed and updated information, including financial reports and strategic plans, visit the company’s official investor relations page.
Qifu Technology (NASDAQ: QFIN) has provided updates on its share repurchase initiatives. The company has nearly completed its 2024 Share Repurchase Plan, having purchased 15,110,617 ADSs for US$349.99 million at an average price of US$23.14 per ADS. These shares will be cancelled according to applicable regulations.
Additionally, the Board has approved a new 2025 Share Repurchase Plan authorizing the repurchase of up to US$450 million worth of ADSs or Class A ordinary shares over 12 months starting January 1, 2025. The company has established a trading plan under Rule 10b5-1 to facilitate repurchases during the quarterly blackout period beginning January 2, 2025.
Qifu Technology (NASDAQ: QFIN) reported Q3 2024 financial results and announced a new US$450 million share repurchase plan for 2025. Key highlights include:
Total net revenue reached RMB4,370.2 million (US$622.7 million), with non-GAAP net income of RMB1,825.1 million (US$260.1 million). The company achieved a non-GAAP operating margin of 53.0% and non-GAAP net income margin of 41.8%. Total loan facilitation volume was RMB82,436 million, with 55.1% under capital-light model. The 90-day+ delinquency rate was 2.72%, and repeat borrower contribution reached 93.8%.
Qifu Technology (NASDAQ: QFIN; HKEx: 3660), a leading Credit-Tech platform in China, has scheduled its third quarter 2024 unaudited financial results announcement for November 19, 2024, after U.S. markets close. The management team will host an earnings conference call at 7:30 PM U.S. Eastern Time on the same day (8:30 AM Beijing Time on November 20, 2024). Participants must pre-register online to join the conference call, and a live and archived webcast will be available on the company's investor relations website.
Qifu Technology (NASDAQ: QFIN; HKEx: 3660) has issued a response to a short seller report by Grizzly Research, stating that the report contains inaccurate information and misleading conclusions. The company refutes several key claims:
1. The financial data from SAMR filings cited in the report is incorrect. Qifu Technology provides accurate revenue and profit figures for 2022 and 2023.
2. Claims about the company's regional headquarters in Shanghai are false. Qifu Technology explains its joint venture and subsequent acquisition of equity interest.
3. Allegations of financial manipulation involving Shanghai Qibutianxia are unsubstantiated. The company clarifies its corporate structure and relationship with Shanghai Qibutianxia.
4. The report's analysis of delinquency rates and provisions is based on misunderstandings. Qifu Technology provides detailed explanations of its provision ratios and risk management approach.
Qifu Technology (NASDAQ: QFIN), a leading Credit-Tech platform in China, announced its unaudited financial results for Q2 2024, board changes, and a raised semi-annual dividend.
Business Highlights: The platform connected 247.6M consumers with credit needs (+12.2% YoY) and 160 financial institutional partners. Loan volume reached RMB95.4B (-23.2% YoY). Capital-light model loans accounted for 64.9% of total volume.
Financial Highlights: Total net revenue was RMB4.16B (+6.3% YoY) with a net income of RMB1.38B (+25.9% YoY). Non-GAAP income from operations was RMB2.02B with a 48.6% margin. Net income per ADS was RMB8.92.
Board Changes: Hongyi Zhou resigned as chairman. Fan Zhao appointed as the new chairman, and Xiangge Liu joined as an independent director.
Future Outlook: The company plans to continue disciplined risk management and optimize user acquisition strategies.
Qifu Technology (NASDAQ: QFIN; HKEx: 3660), a leading Credit-Tech platform in China, has announced it will report its unaudited financial results for the second quarter ended June 30, 2024, after U.S. markets close on August 13, 2024. The company's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on the same day (8:30 AM Beijing Time on August 14, 2024).
Participants must pre-register online to join the conference call. Upon registration, they will receive dial-in numbers and a unique access PIN. A live and archived webcast of the call will be available on the Investor Relations section of Qifu Technology's website at ir.qifu.tech.
On June 27, 2024, Qifu Technology announced the results of its annual general meeting. Shareholders approved the re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the company's auditor. This appointment will last until the next annual general meeting, with the Board authorized to determine the auditor's remuneration for the fiscal year ending December 31, 2024.
Qifu Technology announced its unaudited financial results for Q1 2024. As of March 31, 2024, the company connected 159 financial partners and 241.4 million consumers, up 12.5% YoY. Cumulative borrowers increased to 31.2 million, up 12.6% YoY. Loan volume decreased by 9.3% to RMB99,237 million. Revenue rose to RMB4,153.2 million, a 15.4% increase. Net income grew to RMB1,160.1 million, up from RMB929.8 million last year. Operating margin improved to 32.8%, and net income per ADS increased to RMB7.30. The company launched a new share repurchase plan worth US$350 million. Despite economic headwinds, Qifu expects Q2 2024 net income between RMB1.17 billion and RMB1.23 billion.
Qifu Technology, Inc. will hold its annual general meeting on June 27, 2024, to re-appoint Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditor and fix their remuneration. Shareholders are required to vote based on the record date on May 24, 2024, with detailed instructions provided for both Class A Ordinary Shares and American Depositary Shares (ADSs).
Qifu Technology, Inc. will release its unaudited financial results for the first quarter of 2024 on May 20, 2024. The company, a prominent Credit-Tech platform in China, will host an earnings conference call on the same day. Interested participants must preregister online to join the call.
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