X Financial (NYSE:XYF) blew out the competition mid-morning Tuesday, in anticipation of its next quarterly financial figures, due out Wednesday.
The China-based X is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate loans to prime borrowers under a robust risk assessment and control system.
Last month, X announced that Shenzhen Xiaoying Technology Co., Ltd., a VIE of the Company, received a letter from the Local Financial Regulatory Bureau of Shenzhen Municipality, stating the approval of the business qualification of Shenzhen Xiaoying Microcredit Co., Ltd., which is an entity to be established for the purpose of operating microcredit business.
In the next few months, Xiaoying Microcredit will go through its business registration formalities with the Market and Quality Supervision Department of Shenzhen Municipality according to the relevant regulations. Xiaoying Microcredit will officially commence operation after obtaining its business license.
The business scope of Xiaoying Microcredit includes specialization in microcredit business, online microcredit business as approved by relevant governmental departments (prohibition of fundraising from the public), intermediary services including, among others, financing consultation and financial advisor services relating to the loan business.
XYF shares hiked $1.84, or 22.24%, to $10.06