X Financial (XYF) shares surged 3.39% in after-market on Tuesday, June 15, 2021, and close the day at $8.55 per share.  XYF’s stock gained 0.61% to close Tuesday’s session at $8.27. XYF shares have risen 182.68% over the last 12 months, and they have moved up 26.84% in the past week. Over the past three months, the stock has gained 138.33%, while over the past six months, it has added 236.18%.

Let’s see is there any news or development about XYF?

Recent financial results

On June 15, 2021, X Financial announced its unaudited financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• X Financial reported net revenue of 3 million(US$138.3 million) in Q1 2021, compared to RMB529.0 million in Q1 2020.
• Total cost and expenses were $655 million in Q1 2021 compared to $659 million in Q1 2020.
• For Q1 2021, operating income was RMB251.2 million(US$38.3 million), compared to an operating loss of 0 million in the same period of 2020.
• For the reported quarter, Net income attributable to X Financial shareholders was 8 million(US$29.4 million), compared with a net loss attributable to X Financial shareholders of RMB196.3 million in the same period of 2020.
• Net income per basic and diluted American depositary share (“ADS”) in the first quarter of 2021 was RMB3.54 (US$0.54) and RMB3.48 (US$0.53), compared with net loss per basic and diluted ADS of RMB3.66 and RMB3.66 in the same period of 2020.
• As of March 31, 2021, cash and cash equivalents was 8 million(US$122.1 million), compared with RMB746.4 million as of December 31, 2020.

Online Microcredit Business Operating License

On May 26, 2021, X Financial announced that Shenzhen Xiaoying Technology Co., Ltd. (“Shenzhen Xiaoying”), a VIE of the Company, has received a letter from the Local Financial Regulatory Bureau of Shenzhen Municipality on May 12, 2021, stating the approval of the business qualification of Shenzhen Xiaoying Microcredit Co., Ltd. (“Xiaoying Microcredit”) which is an entity to be established to operate microcredit business.

New appointment

On May 24, 2021, X Financial appointed Mr. Shaoyong (Simon) Cheng as the Vice Chairman of the Board of Directors and has resigned as President of the Company with effect from May 24, 2021, and that Mr. Kan (Kent) Li has been appointed as President of the Company with effect from May 24, 2021.

Mr. Shaoyong (Simon) joined X financial in 2015 and has served as the company director since December 2017. Mr. Cheng served as company President starting from October 2017. Mr. Cheng served as our Chief Risk Officer from 2015 to 2017.

Conclusion

Yesterday XYF announced its financial results for Q1 2021 which are much improved and hence XYF performed well on Tuesday. XYF can continue its momentum on Wednesday as well.