Technology

Coalition of Nearly 50 Organizations Launches ‘Tear the Paper Ceiling’ Campaign to Raise Awareness Around the 70+ Million Workers in the U.S. Skilled Through Alternative Routes (STARs)

Published

2 years ago

September 21, 2022

Nonprofits the Ad Council and Opportunity@Work lead landmark partnership of employers, talent developers and nonprofits on behalf of the majority of U.S. workers without a bachelor’s degree

NEW YORK, Sept. 21, 2022 /PRNewswire/ — Today, nonprofit organizations the Ad Council and Opportunity@Work, alongside nearly 50 national organizations and companies, launched Tear the Paper Ceiling. Announced at an event co-hosted with LinkedIn, the national public service advertising (PSA) campaign calls on businesses and decision makers to remove the barriers blocking 50% of workers in the U.S. from accessing upward mobility. The PSAs encourage employers and workers alike to join the movement to tear the “paper ceiling” – the invisible barrier that comes at every turn for workers without a bachelor’s degree.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9087451-ad-council-tear-the-paper-ceiling/

The multiyear campaign aims to change the narrative around the value and potential of workers who are Skilled Through Alternative Routes (STARs), rather than through a bachelor’s degree. There are more than 70 million STARs in the U.S. who have developed valuable skills through community college, workforce training, bootcamps, certificate programs, military service or on-the-job learning. Currently, the lack of alumni networks, biased algorithms, degree screens, false stereotypes and misperceptions contribute to the paper ceiling, which creates barriers to upward economic mobility for STARs.

The Tear the Paper Ceiling PSAs – developed by world-renowned creative agency Ogilvy – feature the voices and stories of real STARs in various industries and career stages to raise awareness of the skills and capabilities of workers without bachelor’s degrees. One featured STAR is Justin Hutchinson, who planned to enroll in college but went straight to work when his father became ill. He developed his people skills working at a smoothie shop, which he ultimately leveraged to secure a role leading business development for a marketing firm. Another STAR is LaShana Lewis, who had an aptitude for computers but no college degree. She forged her own career path — from driving buses, to becoming a systems engineer, to founding her own consulting business, where she now serves as CEO.

According to insights from Opportunity@Work, Justin and LaShana are among the 4 million STARs already in high-wage roles, while 32 million more STARs have the skills for significantly higher-wage work (72% higher wages on average) based on their current roles. Since the turn of the century, STARs have lost access to 7.4 million higher-wage jobs. Despite that loss of access, research has found that there are still STARs still performing in those upwardly mobile roles, which makes it clear that loss isn’t due to STARs’ capabilities – it’s changes in hiring practices that are now screening them out. The paper ceiling has also suppressed STARs’ earnings for decades: over the last 40 years, the wage gap between STARs and workers with bachelor’s degrees has doubled. Adjusted for inflation, STARs now actually earn less on average than they did in 1976.

“College is a wonderful bridge to opportunity for millions, but it should never be a drawbridge excluding anyone who doesn’t cross it from thriving careers. Millions of STARs have demonstrated the skills to succeed in millions of today’s in-demand jobs and the adaptability to fill the jobs of tomorrow. Our partners in launching this campaign recognize the essential contributions STARs already make to our economy and believe tapping into STARs’ talent will be vital for our companies and communities to prosper in the years ahead,” said Opportunity@Work CEO Byron Auguste. “Tearing the paper ceiling is about bringing in talent based on skills, not degrees; performance, not pedigree; and inclusion, not exclusion. This collaborative campaign is a critical next step in our mission to create a U.S. labor market where if you can do the job, you can get the job.”

The integrated campaign will appear nationwide across all advertising formats: TV, radio, digital, social media, out-of-home and print. Per the Ad Council’s model, the PSAs will run in placements donated by the media – including Comcast NBCUniversal, Google/YouTube, LinkedIn, Meta, Reddit, and TikTok, among others. Volunteer media agency dentsu will also secure additional donated media support to extend the reach of the campaign.

At TearThePaperCeiling.org , the campaign provides resources for employers to expand their own STARs hiring, and invites STARs to share their own stories. Visitors to the site can also access a suite of tools that includes the “Tear the Paper Ceiling Hiring Playbook for Employers” to help businesses get started with skills-based hiring practices in their organization.

Tear the Paper Ceiling is supported by nearly 50 national organizations ranging from employers to philanthropies and workforce development organizations. Together, this coalition will broaden the impact and reach of the multiyear campaign, and includes:

AccentureByte BackCara PlusChevronCognizant FoundationCollege BoardClimb HireComcast NBCUniversalEducation Design LabGap FoundationBill & Melinda Gates FoundationGeneral AssemblyGeneration USAGoodwillGoogleGrads of LifeGuildHire Heroes USAIBMIDEOJames Irvine FoundationJFFJobcaseLightcastLinkedInMcKinsey & CompanyMerit AmericaMultiverseNational Fund for Workforce SolutionsNational Skills CoalitionNew ProfitNorthern Virginia Community CollegeNPowerPer ScholasSkillUp CoalitionSocial FinanceSHRM (Society for Human Resource Management)SkyHiveStrada Education NetworkSTRIVETech ImpactWalmartWestern Governors UniversityWorkdayWorkingNationYear Up

“Across America today, millions of workers are unfairly shut out from job opportunities because of misperceptions about their skills and preparedness,” said Ad Council President and CEO Lisa Sherman. “Through the Tear the Paper Ceiling campaign, we will change the narrative to celebrate and affirm the skills that STARs can bring to the workforce. Together with our powerful coalition of partners, our efforts will help more STARs access equitable job opportunities and inspire employers to discover untapped talent.”

Tearing the paper ceiling and developing new strategies to recruit, hire, and support STARs will also play a crucial role in supporting employers’ Diversity, Equity, Inclusion, and Belonging (DEIB) efforts. Biases against STARs – which include erroneously identifying them as low-skill – have for years had a negative impact on diversity in the workforce, as 61% of Black workers, 55% of Hispanic workers and 66% of rural workers of all races are STARs. By removing degree screens and intentionally including STARs during the hiring process, employers can take steps toward building a more inclusive workforce while also addressing talent gaps.

“The fact that 70 million workers in the country are not valued adequately by employers today is a massive challenge, but also one that creates profound opportunity to build a better system,” said Devika Bulchandani, Global CEO of Ogilvy. “Ogilvy is thrilled to play a role in helping STARs rip through the paper ceiling, so they can reach their full potential and have a fair chance at economic mobility. This campaign is an example of creativity at its best — helping impact peoples’ lives for the better and strengthen the fabric of our society.”

“I am proud to have my story told in Tear the Paper Ceiling. I’ve always prided myself on being a lifelong learner and early in my career had hoped that my performance would speak for itself. But unfortunately, without a college degree, I was overlooked too many times to count,” said STARs Advisory Council Chair LaShana Lewis. “Since becoming successful in tech and as a CEO, I’ve been told I’m one-in-a-million – but I’m actually one of millions. By identifying people like me as STARs, and recognizing the skills we have as opposed to the degrees we don’t, we’re changing the way we view talent in this country. I truly hope that with this campaign, millions more STARs will feel seen like I have and join the movement.”

Today’s news follows June’s announcement from Opportunity@Work and the Ad Council about the campaign and initial coalition partners. Since June, the Tear the Paper Ceiling coalition has grown significantly – with plans for further expansion during the next few years. Organizations, employers, STARs and other individuals can join the movement by visiting TearThePaperCeiling.org to share their stories, sign a pledge to support STARs and learn more about skills-based hiring practices.

Additional Quotes from Tear the Paper Ceiling Members:
Accenture: “At Accenture, our skill-based approach to hiring helps us reach previously untapped talent pools that reflect the rich diversity of our clients and communities. Through the Apprenticeship Program, our learn-and-earn model connects people without four-year degrees to new career pathways in tech, and we share our success with other companies in the Apprenticeship Network. We’re excited to further our impact on creating a more inclusive workforce and fuel our national competitiveness with the Tear the Paper Ceiling campaign.”
– Kate Clifford, Chief Human Resources Officer of North America, Accenture

Chevron: “Our partnerships and investments in workforce development and career training will advance and strengthen communities. Chevron is committed to ‘tearing the paper ceiling’ through multiple diversity initiatives, including a commitment to inclusive hiring. Chevron brings industry-wide focus to D&I by leveraging scale and strategic partnerships to drive greater impact. Through our collaboration with Opportunity@Work, we seek to inspire companies to embrace alternative hiring routes for workers who are Skilled Through Alternative Routes (*STARs*). The Paper Ceiling Campaign seeks to eliminate hiring barriers by shifting the focus to on-the-job learning, or work experience, as an alternative route to build valuable skills. A workforce armed with the skills necessary to succeed in the jobs of tomorrow is important not only to the success of our business, but also to America’s ability to compete in the global marketplace.”
– Rhonda Morris, Vice President, and Chief Human Resource Officer, Chevron

College Board: “There is so much untapped talent in this country – including many remarkable young people who don’t have four-year degrees. Through BigFuture, we are privileged to dialogue with millions of high school students every year about pathways to success in the workforce. We are proud to collaborate with Opportunity@Work and others so that all students can build a big future, even if they don’t earn a four-year degree.”
– David Coleman, CEO, College Board

Comcast NBCUniversal: “All Americans should have the opportunity to fully participate and excel in our dynamic economy. We’re proud to partner with Opportunity@Work so that more skilled workers can access competitive wage-earning jobs through alternative pathways.”
– Dalila Wilson-Scott, EVP and Chief Diversity Officer, Comcast Corporation

Google: “Google believes everyone deserves the opportunity to reach their full economic potential, without limitation based on education level. Through our Google Career Certificates program, we’re providing accessible workforce training for well-paying jobs. And we’ve created an Employer Consortium of over 150 companies—including Google—that helps program graduates connect with these jobs. We’re proud to support Opportunity@Work and to further our shared goal of creating a more inclusive economy.”
– Lisa Gevelber, Founder, Grow with Google

Guild: “Workers today are seeking greater opportunity and career mobility from their employers. Right now, far too many are held back from reaching their full potential because of systems and barriers that prevent them from advancing. At Guild, we are focused on meeting workers where they are in their educational and career journeys, and helping talent rise wherever it’s found. The Paper Ceiling campaign is critical in doing just that for STARs, and we are proud to be a part of this movement.”
– Rachel Romer, CEO & Co-Founder, Guild

IBM: “Outdated and narrow views of credentials are causing otherwise innovative companies to miss out on hiring top talent like STARs. In partnership with Opportunity@Work and the Ad Council, there is an opportunity to create an inclusive future of work. At IBM, we have adopted a skills-first approach through free education programs like IBM SkillsBuild and by removing the four-year degree requirement for 50% of our U.S. job listings. We’re excited to build on this success through our partnership, and we encourage other companies to join us.”
– Jonathan Adashek, Chief Communications Officer and Senior Vice President, Marketing and Communications, IBM

Jobcase: We built Jobcase to empower workers. We won’t truly achieve this mission, unless the Paper Ceiling that our friends at Opportunity@Work have spotlighted is ripped open. Supporting STARs success isn’t just aligned with Jobcase’s philosophy, it is literally a definition of our business, services, and mission. We are proud to join forces to accelerate change because when STAR workers are truly empowered, everyone benefits. This is not just the right thing to do, it is an imperatively critical thing to do if our country is to remain the economic leader and the beacon for economic opportunity that we all aspire to be.
– Fred Goff, CEO and Founder, Jobcase

LinkedIn: “For far too long, the way people got hired was based solely on the job they had, the degree they earned, or the people they knew. That’s starting to change – and we see it happening on LinkedIn. Employers are realizing that by shifting focus to the actual skills a worker brings to the table, they can solve some of their biggest business challenges and unlock opportunities for millions of overlooked, qualified candidates. In today’s turbulent economic times, the need for new ways of thinking has never been more urgent. LinkedIn is proud to stand with Opportunity @ Work to play a role in tearing down the ‘paper ceiling,’ so that we can create a more equitable and inclusive workforce for all.”
– Aneesh Raman, Vice President, Head of Opportunity Project, LinkedIn

McKinsey & Company: “Filling most in-demand jobs today – and tomorrow – will require a fundamentally different approach to finding the potential in talent, rather than screening resumes for a particular pedigree. What employers really need is knowledge, skills, and capacity to learn. We are making significant investments at McKinsey to ensure that our own talent culture is both distinctive and inclusive. To create opportunities for a broader range of talent, we are reaching out to new sources, like coding bootcamps and apprenticeship programs, and adapting our process to include game-based assessments and interview guides that rely less on business jargon and case prep. We are also proud to help tear the ‘Paper Ceiling’ by building data-driven tools that will help employers of all kinds make potential the priority and rethink what it means to be a skilled worker.”
– Katy George, Senior Partner Chief People Officer, McKinsey & Company

Strada Education Network: “Even at this moment in which there is an extraordinary gap in the labor market between demand and supply, employers too often miss out on talented job candidates due to rigid degree requirements, while also unwittingly constraining opportunity for millions of individuals. Education after high school represents a vital pathway to a prosperous future. Yet we also believe that employers should value the skills people bring to the table regardless of where they acquired them. We’re proud to support the Opportunity@Work STAR campaign, which has the potential to create opportunities for millions of talented STARs across America.”
– Stephen Moret, President and CEO, Strada Education Network

Walmart: “Creating paths of opportunity for everyone depends on a skills-based approach to hiring and advancing workers. Opportunity@ Work and the Ad Council’s Tear the Paper Ceiling campaign highlights the enormous unrealized potential for workers, employers and our economy that will come from reorienting our workforce systems toward skills rather than the way skills have been acquired. We are excited to build on our work with Opportunity@Work and others since we began our Retail Opportunity initiative in 2015 to drive change in the workforce system through our business and philanthropy.”
– Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer, Walmart, and President of the Walmart Foundation

Workday: “At Workday, we believe that skills are a central currency in the changing world of work and a pathway to a more equitable economic future for all. Be it through the way we think about talent, the way we innovate, or via our policy advocacy efforts, we are committed to creating opportunities for all and helping workers get skilled through alternative routes. We are honored to support Opportunity @ Work and their Tear the Paper Ceiling campaign.”
– Carrie Varoquiers, Chief Philanthropy Officer, Workday

About Opportunity@Work
Opportunity@Work is a 501(c)3 nonprofit organization whose mission is to enable at least 1 million working adults in America to translate their learning into earning – generating a $20 billion boost in annual earnings. Opportunity@Work engages with corporate, philanthropic, and workforce partners to directly address the barriers that STARs face, recognize STARs talent and remove bachelor’s degree screens. Learn more at www.opportunity@work.org.

About the Ad Council
The Ad Council is where creativity and causes converge. The nonprofit organization brings together the most creative minds in advertising, media, technology and marketing to address many of the nation’s most important causes. The Ad Council has created many of the most iconic campaigns in advertising history. Friends Don’t Let Friends Drive Drunk. Smokey Bear. Love Has No Labels. The Ad Council’s innovative social good campaigns raise awareness, inspire action and save lives. To learn more, visit AdCouncil.org, follow the Ad Council’s communities on Facebook and Twitter, and view the creative on YouTube.

About Ogilvy
Ogilvy inspires brands and people to impact the world. We have been creating iconic, culture-changing, value-driving ideas for clients since David Ogilvy founded the company in 1948. We continue building on that rich legacy through our borderless creativity—operating, innovating, and creating at the intersection of talent and capabilities. Our experts in Public Relations, Consulting, Advertising, Health, and Experience work fluidly across 131 offices in 93 countries to bring forth world-class creative solutions for our clients. Ogilvy is a WPP company. For more information, visit Ogilvy.com, and follow us on LinkedIn, Twitter, Instagram, and Facebook.

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Technology

This Week in Consumer News: 15 Stories You Need to See

Published

9 minutes ago

November 22, 2024

A roundup of the most newsworthy consumer and retail announcements from PR Newswire this week, including a glimpse at the 2025 USPS stamp collection, a saucy announcement from McDonalds’s and tomato-based “Pizza Wine” from Pizza Hut.

NEW YORK, Nov. 22, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help consumer/retail journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

U.S. Postal Service Provides Sneak Peek at 2025 Stamps
“This early glimpse into our 2025 stamp program demonstrates our commitment to providing a diverse range of subjects and designs for both philatelists and stamp enthusiasts,” said Lisa Bobb-Semple, Stamp Services director for USPS.McDonald’s Gets Saucy This Holiday Season to Celebrate the Return of the McRib® Sandwich
Introducing: A Whole Lotta McRib Sauce, a half-gallon jug of the iconic McRib sauce – perfect for holiday parties, festive recipes or the ultimate stocking stuffer for McRib lovers.KIT KAT® Brand Debuts First-Ever Seasonal Shape: KIT KAT ® Santas
Available for a limited time only, this new KIT KAT® treat is a festive addition to the brand’s product lineup that is adorned with imprinted boots, a jolly smile and an even crispier wafer-to-chocolate ratio than a traditional KIT KAT® bar.Lovesac Introduces Sactionals Reclining Seat: The World’s Most Innovative Power Recliner
Sactionals owners can now create a couch with as many Reclining Seats as they want – further solidifying the promise that every seat within Sactionals is the best seat in the house.Pizza Hut Launches “Pizza Wine” – A Tomato Wine as Bold as Your Favorite Slice
Pizza Hut unveils their innovative take on the pizza and wine duo to help guests show up as the holiday hero to any party with the Triple Treat Box in one hand and “pizza wine” in the other.CASETiFY Expands Into Travel
CASETiFY is bringing a bold new perspective to the premium travel category with the launch of its most durable, fully customizable, made-to-order luggage collection.Meijer Aims to Provide Four Million Meals to Neighbors in Need this Thanksgiving
From Nov. 24-30, Meijer will donate the equivalent of one meal to Simply Give food pantry partners when a customer’s purchase includes any Meijer brand, Frederik’s by Meijer, True Goodness by Meijer or Purple Cow food item.OpenTable Serves Up 2025 Dining Predictions
“We’re seeing a new age of dining out that is more adventurous than years past, evidenced by diners embracing midweek dining, dining solo or with large groups, or upping the ante with a dining experience,” said Debby Soo, CEO of OpenTable.Zenni Optical and NBA Star Jrue Holiday Team Up to Launch Exclusive Eyewear Collection
Known for his on-court precision and off-court elegance, Jrue brings a fresh and modern approach to eyewear, curating a selection of frames that are practical and fashion-forward.For the 5th Consecutive Year, Hellmann’s Mayonnaise Returns to the Big Game
On February 9, 2025, the MVP condiment brand will show fans how it brings out the best in game day dishes in a :30 spot.Stanley Black & Decker Releases its 2024 “Hosting for the Holidays” Interactive Product Guide to Make Every Room Holiday Ready
The newly released guide allows visitors to virtually walk from room to room, experiencing ways to deck the halls, spread holiday cheer, and spruce up the home in time for the holiday season.Wolverine and Jarritos Unite to Celebrate Heritage and Flavor with Limited-Edition Trade Wedge Boot
Built on the popular silhouette of Wolverine’s Trade Wedge, these limited-edition boots retain all the qualities of this beloved style while infusing the vibrant Jarritos signature lime and mandarin color palette.Nutella® is Partnering with Hallmark Channel to Share the Love this Holiday Season
The beloved hazelnut spread will be featured in the new original Hallmark Channel movie, Deck the Walls, giving families a delicious new recipe to bake together.ALDI Opens First-Ever Charcuterie Chalet Immersive Experience, Bringing Together 90+ Cheeses, Charcuterie & Wines for a Holiday Wonderland
Inside the Charcuterie Chalet, cozy, ski lodge vibes will be met with wall-to-wall charcuterie where guests can feast their eyes – and stomachs – on a curated selection of food and beverage offerings that they can easily recreate at home without busting the holiday budget.Hidden Valley Ranch Unveils Flavor-Packed Holiday Cards
No more stashing holiday cards in your junk drawer or throwing them out in the trash – the NEW “Hidden” Hidden Valley Ranch Holiday Card Collection is meant to be savored once they come off the fridge. Each card in this 8-pack collection comes with a hidden serving of zesty, creamy ranch dressing for recipients to enjoy.

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Technology

This Week in Finance News: 12 Stories You Need to See

Published

9 minutes ago

November 22, 2024

A roundup of the most newsworthy financial press releases from PR Newswire this week, including updates in cross-border payments and retirement spending, as well as The Economist’s look ahead at 2025.

NEW YORK, Nov. 22, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

Chainlink joins Banco Inter, Microsoft and 7Comm consortium to support trade finance use case in phase 2 of Drex pilot
The solution leverages blockchain technology and oracles to automate supply chain management and improve trade finance processes. The goal of the pilot is to demonstrate the automated settlement of agricultural commodity transactions across borders, across platforms, and via different currencies.PayPal PYUSD To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom
These forthcoming integrations will help drive financial inclusion by providing more widespread access to digital financial solutions across Asia-Pacific and Africa. In addition, PayPal will be able to conduct cross-border settlement transactions without being restricted by traditional banking hours.The Great American Group Launches as New Independent Business Following Formation of Partnership between Oaktree and B. Riley
The Great American Group will leverage a 30-year track record to provide industry-leading valuation, appraisal, asset disposition and real estate services.Nordic Capital to acquire Anaqua, a leading global Intellectual Property Management solutions provider
Anaqua’s differentiated solution integrates best-practice workflows, data analytics, foreign filings, and patent and trademark renewal payments into a single, mission critical software platform. This platform offers a unique end-to-end value proposition to streamline operations, inform strategy and empower decision-making around customers’ valuable IP portfolios.The Economist launches The World Ahead 2025-forecasting a year of uncertainty and instability with Trump upending global trade, economics and geopolitics
Commenting on this year’s edition of The World Ahead, editor Tom Standage said, “Donald Trump’s decisive victory and imminent return to the White House will, more than anything else, shape the coming year, with implications in many areas of policy, not just for America, but for the world. What will this mean for global security, the clean-energy transition, international trade and governments’ efforts to cut deficits?”Bethpage Federal Credit Union is Becoming FourLeaf
Bethpage Federal Credit Union, the largest credit union in the Northeast Region, and the 15th largest in the nation with over 480,000 members and $13.4 billion in total assets, is rebranding to become FourLeaf Federal Credit Union. The new name, FourLeaf, represents the credit union’s commitment to growth, prosperity and abundance for its members and the communities it has served for the past 83 years.South Korea’s Hanwha Life to acquire majority stake in U.S.-based Velocity Clearing, allowing both companies to target global markets
Hanwha Life has agreed to acquire a 75% stake in the parent of Velocity Clearing, a U.S.-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake. With this acquisition, Hanwha Life will secure a foothold in the U.S. financial sector, expanding access to excellent opportunities to maximize the return on investment.Spending Retirement Savings is Keeping Americans Up at Night
Nearly half of America’s retirees (46%) say spending their savings creates anxiety and is having an emotional toll on them and nearly a third (32%) are spending money faster than they expected, according to the most recent chapter of the Alliance for Lifetime Income’s 2024 Protected Retirement Income and Planning (PRIP) Study.Kong Secures $175 Million New Financing at $2B Valuation to Power the API World
Kong will use the new funds to accelerate its global GTM expansion, enhance product innovation with AI-infused capabilities across AI Gateway, Konnect, Insomnia and all its leading API runtimes such as Kong Gateway and Kong Mesh, while investing in the growth of its customer experience teams.Digital News Platform MONIIFY to Deliver Business and Finance Content for Millennials and Gen-Z in Emerging Markets
Founded by serial entrepreneur Naguib Sawiris, MONIIFY aims to empower the next generation of entrepreneurs and investors to make smarter money moves by providing insights and analysis on high-potential regions and sectors, including tech, AI, cryptocurrency, and energy.Benzinga Announces Winners for the 2024 Global Fintech Awards
The prestigious event, held at Convene Brookfield Place in New York City, celebrated innovation, excellence, and outstanding achievements across over 25 categories, recognizing companies and individuals who are shaping the future of financial technology.Altrata Report Finds Billionaires’ Wealth Surged by 9%, Reaching a Record of $12.1 Trillion
North America saw the fastest growth in billionaire numbers of any region in 2023. It now accounts for 33.4% of the global billionaire population.

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Technology

X Financial to Hold Annual General Meeting on December 20, 2024

Published

9 minutes ago

November 22, 2024

SHENZHEN, China, Nov. 22, 2024 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced it will hold its 2024 annual general meeting of shareholders at 7/F – 8/F, Block A, Aerospace Science and Technology Plaza, No. 168 Haide Third Avenue, Nanshan District, Shenzhen 518067, China on December 20, 2024, at 10:00 a.m. local time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders of record and beneficial owners of the Company’s Class A ordinary shares and Class B ordinary shares to discuss Company affairs with management.

The Board has fixed the close of business on December 9, 2024 as the record date (the “Record Date”) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the annual general meeting in person.

The Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the “SEC”) on April 29, 2024. The annual report can be accessed on the Company’s investor relations website at https://ir.xiaoyinggroup.com as well as the SEC’s website at https://www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company by emailing X Financial Investor Relations at ir@xiaoying.com.

About X Financial

X Financial (NYSE: XYF) (the “Company”) 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 and provide loans to prime borrowers under a risk assessment and control system.

For more information, please visit: https://ir.xiaoyinggroup.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com

Christensen IR

In China
Mr. Rene Vanguestaine
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/x-financial-to-hold-annual-general-meeting-on-december-20-2024-302313858.html

SOURCE X Financial