X Financial Announces Pricing of Initial Public Offering

On September 18, 2018, X Financial announced the pricing of its initial public offering of 11,000,000 American Depositary Shares (ADSs) at an offering price of $9.50 per ADS for a total offering size of approximately $104.5 million (approximately $120.2 million if the underwriters fully exercise their over-allotment option to purchase 1,650,000 additional ADSs). The shares began trading on the New York Stock Exchange on September 19 under the ticker symbol "XYF." Wilson Sonsini Goodrich & Rosati is representing the underwriters in the offering.

Deutsche Bank Securities, Morgan Stanley & Co. International, China Everbright Securities (HK), China Merchants Securities (HK), and AMTD Global Markets Limited are acting as underwriters in this offering.

X Financial is a leading technology-driven personal finance company in China that is focused on serving China's underserved prime borrowers and mass affluent investors. As of June 30, 2018, it has an outstanding loan balance of RMB22.3 billion, and an investment balance by individual investors of RMB18.1 billion on its Xiaoying Wealth Management platform.

The WSGR team representing the underwriters in the offering includes:

Corporate:
Dan Ouyang
Weiheng Chen
Steven V. Bernard
Ke Li
Qin Zou
Yuhang Li

Tax:
Myra Sutanto Shen

For more information, please see X Financial's press release.