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X Financial Announces Results of Tender Offer

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SHENZHEN, China, July 15, 2024 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, announced today the results of its previously announced tender offer (the “Tender Offer”) to purchase up to 2 million American Depositary Shares (the “ADSs”) of the Company, each representing six Class A ordinary shares, par value $0.0001 per share, at a price of $4.52 per ADS, less any applicable withholding taxes, less a cancellation fee of $0.05 per ADS accepted for purchase in the Tender Offer that will be paid to The Bank of New York Mellon, the Company’s ADS depositary (the “ADSs Depositary”), and without interest. The Tender Offer expired at 5:00 P.M., New York City time, on July 12, 2024.

Based on the results, a total of 2,026,640 ADSs were validly tendered and not withdrawn. The Company announced that the aggregate amount of ADSs that the Company intends to purchase is increased from the previously announced 2,000,000 to 2,026,640 to accept for purchase all ADSs validly tendered and not validly withdrawn. Except as described in this press release, the terms and conditions of the Tender Offers set forth in the Offer to Purchase remain unchanged.

“We are happy to execute this ADS buyback and provide liquidity to securityholders who were seeking an exit, at a premium to the prevailing market price, and at the same time provide remaining securityholders who did not want to participate an opportunity to increase their relative percentage ownership in X Financial at no additional cost to them,” commented Mr. Frank Fuya Zheng, CFO of X Financial. “We are dedicated to navigating the evolving economic landscape while ensuring the sustainable success of our business and returning value to our shareholders, and we plan to employ different methods, such dividends and shares buyback, as and when profitability and smooth operations allow. We are confident in our position as a public company and will drive long-term returns for our shareholders,” concluded Mr. Zheng.

Following completion of the Tender Offer, the Company expects to have 186,872,295 Class A ordinary shares (including Class A ordinary shares represented by ADSs) outstanding.

The information agent and depositary for the Tender Offer is Broadridge Corporate Issuer Solutions, LLC (“Broadridge”). Broadridge will promptly pay for all of the ADSs accepted for purchase in accordance with the terms and conditions of the Tender Offer. For all questions relating to the Tender Offer, please contact: Broadridge Corporate Issuer Solutions, LLC, Telephone (855) 793-5068 (toll-free), email shareholder@Broadridge.com.

About X Financial

X Financial (NYSE: XYF) 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 originate loans to prime borrowers under a risk assessment and control system.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements about the Tender Offer, including the value of the ADSs to be offered to purchase in the tender offer and whether the Tender Offer is actually consummated. Forward-looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, “expect”, “intend”, “continue”, “outlook”, “may”, “will”, “should”, look forward” “could”, or “might”, and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to, the factors described in the forward-looking statement disclosure and “Risk Factors” section of our most recent Annual Report on Form 20-K. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by 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

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SOURCE X Financial

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HYPERGROWTH CX SOFTWARE PROVIDER ANNOUNCES NEW HIRES TO FUEL UK GROWTH AND US EXPANSION

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43 mins ago

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September 24, 2024

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CloudInteract announces new senior hires to support UK growth and US expansion, as it sets sights on supporting an industry predicted to grow to over USD 22 billion by 2030

LONDON, Sept. 24, 2024 /PRNewswire/ — CloudInteract, a rapidly growing, UK-based provider of customer experience (CX) platforms, announces new senior hires to support its UK growth plans and expansion into the US market.

Founded by customer workplace communications experts, Nick Seagrave and Simon Leyland, CloudInteract launched in 2023, providing customers, including education provider, Pearson, life sciences enterprises, and online consumer services providers, such as Swoop with innovative CX software, as well as supporting industry partners, including Amazon Web Services.

Through the delivery of AI-driven platforms and omnichannel systems, CloudInteract empowers companies to scale and continuously adapt to their evolving customer service needs.

Simon Leyland, CEO and co-founder of CloudInteract, explains, “CloudInteract was born out of Nick’s and my mission to reimagine customer experience, by making contact centre interactions better for both customers and users alike. We understand that in a world full of technology providers, the difference lies in how technology transforms real-world experiences.”

To support its UK growth plans and expansion of its US presence, CloudInteract has onboarded new talent to its 50% female senior leadership team. The company recently welcomed Marketing Director, Louise Mahrra, Head of Business, North America, Nancy Van Delist and UK Head of Business Development, Julian Degg.

They will work alongside Change Director, Eliza Taylor and co-founders, Chief Technology Officer, Nick Seagrave and CEO Simon Leyland.

“As CloudInteract expands its operations and brings in new talent to support strategic growth in an industry predicted to mature to over USD 22 billion by 2030, we are firmly fixated on helping businesses unlock the full potential of their customer experience platforms by turning every interaction into a competitive advantage.”

“By doubling down on our investment in people, partnerships, and platforms, we’re positioning CloudInteract as the go-to partner for businesses that want to unlock the power of AI, data, and communication to transform their customer interactions,” concluded Simon.

About CloudInteract: https://www.cloudinteract.io/ 

CloudInteract builds customer experience platforms to unlock the potential of data to improve customer interactions. Our solutions leverage AI, automation, and integration to create smarter, seamless customer experiences that are built to last.

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Tata Elxsi Delivers World’s First RDK-B Integration on Qualcomm 5G Fixed Wireless Access Platform

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43 mins ago

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September 24, 2024

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SAN DIEGO and BENGALURU, India, Sept. 24, 2024 /PRNewswire/ — Tata Elxsi, a global leader in design and technology services, today announced the successful integration of the RDK-B software stack with the Qualcomm® 5G FWA Gen 3 Platform. This first-of-its-kind integration opens a new pathway for operators to deliver fast, reliable, and scalable high-speed FWA solutions. Integration of the RDK-B middleware includes key features, such as Wi-Fi 6 connectivity, packet statistics, and advanced security options, ensuring the platform is versatile and can be deployed in both indoor and outdoor environments. Operators can now deliver value-added services, like Quality of Service (QoS), band steering, parental control, and VPN, enhancing the overall broadband experience. 

Gautam Sheoran – VP and GM, Wireless Broadband and Communications at Qualcomm Technologies, Inc., stated: 

“We are proud to collaborate closely with Tata Elxsi, who has leveraged their considerable expertise to port the RDK-B stack to our 5G FWA Gen 3 Platform, featuring the Snapdragon® X75 Modem-RF System. This critical step empowers operators to accelerate time-to-market, deliver high performance FWA solutions, and reduce development efforts, as they deploy powerful new FWA CPE solutions. We look forward, through continued collaboration with Tata Elxsi, to expanding our engagement with the broader RDK community, giving operators more choices and flexibility in deploying state-of-the-art solutions.”

Priya S Kumar – Head, Media and Communications at Tata Elxsi, stated:

“This integration broadens the RDK ecosystem and silicon diversity, which has traditionally centered on wired technologies like DOCSIS and Fiber-to-the-Home (FTTH). By incorporating RDK-B into the cellular-managed WAN space, Tata Elxsi is excited to collaborate in positioning the Snapdragon X75 platform as a future-ready solution for high-performance broadband applications. Tata Elxsi’s continuous commitment to the RDK ecosystem enables SoCs, OEMs and operators to rapidly innovate and scale, addressing the demands of next-generation broadband technologies.”

Looking ahead, Tata Elxsi will upgrade the platform to include next-generation features such as Wi-Fi 7. This upgrade will further enhance FWA devices, offering operators more flexible, scalable, and cost-effective solutions, setting the stage for the next generation of wireless innovation. 

About Tata Elxsi

Tata Elxsi is among the world’s leading design and technology services providers across industries, including Automotive, Broadcast, Communications, Healthcare and Transportation.

We are helping customers reimagine their products and services through design thinking and applying digital technologies, such as IoT (Internet of Things), Cloud, Mobility, Virtual Reality and Artificial Intelligence. For more information, visit www.tataelxsi.com

Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Snapdragon is a trademark or registered trademark of Qualcomm Incorporated.

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View original content:https://www.prnewswire.co.uk/news-releases/tata-elxsi-delivers-worlds-first-rdk-b-integration-on-qualcomm-5g-fixed-wireless-access-platform-302256787.html

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Huawei Calls to Expand Partnerships to Drive Global Digital Inclusion through TECH4ALL

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43 mins ago

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September 24, 2024

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SHANGHAI, Sept. 24, 2024 /PRNewswire/ — At the TECH4ALL Digital Inclusion Forum hosted at Huawei Connect 2024, Huawei called for more partners to join its TECH4LL initiative to drive global digital inclusion.

Launched in 2019 and aligned with the UN SDGs, TECH4ALL is Huawei’s long-term action plan for enabling an inclusive and sustainable digital world, focusing on the education, environment, health, and development domains.

At the forum, attendees explored TECH4ALL inclusion projects and digital inclusion advances in China outlined in the 2024 China Digital Inclusion Report produced by China Academy of Information and Communications Technology (CAICT).

“Promoting digital inclusion can not only effectively deal with problems that may exist in the development and application of digital technology, but also improve the realization of our overall goals,” said Xin Yongfei, Director of the CAICT Institute for Policy and Economics.

Discussions focused on how technology can help bring down barriers to information accessibility, equal opportunities, and a high quality of life. A key theme at the forum concerned the importance of cross-sector partnerships in maximizing the efficacy of inclusion projects such as those Huawei’s runs under TECH4ALL.

“Huawei is a committed to supporting China’s digital inclusion strategy,” said Jeffrey Zhou, President of ICT Marketing at Huawei. “We work with governments, enterprises, scientific research institutions, universities, and NGOs to implement projects that provide a useful reference for the world to seize the opportunities of digital transformation and share the inclusive benefits of digitalization.”    

Partners from both the deaf and vision-impaired communities looked at the role of technology in enabling digital inclusion. Huawei shared how it considers the needs of people with disabilities, the elderly, and children from the beginning of product design. As well as Bluetooth connectivity for hearing aids, Huawei smartphones, provide 15 accessibility features that are used by around 10 million people each month. These include technologies that can identify and send alerts for job recommendations tailored for people with disabilities.

“As a visually impaired device user and Huawei partner, I think it’s crucial to share the message that technology can give everyone an equal opportunity to participate in society, use public resources, and help eliminate the digital divide,” said Yin Nan, Chairman of Tianjin Hongqiao District Blind Association.

With partners the China Association of the Deaf and E-Times Digital Technology, Huawei TECH4ALL has also developed the Trouble-Free Hearing app. Based on Huawei Cloud AI, the app provides speech-to-text and text-to-speech translation and a real-time online sign language hub for use in potentially complex situations such as healthcare, legal consultations, and at service windows.

The forum also explored education inclusion through the TECH4ALL China DigiSchool project, which aims to provide online resources and teacher training for the delivery of STEAM curriculum. To date, 4,800 teachers and students have benefited in 29 schools.

Huawei also runs a range of education and training initiatives across the globe, including the Open School project with UNESCO, Instant Schools Network with Vodafone Foundation, and Skills and Wheels projects with global and local partners. Skills on Wheels, for example, brings free digital skills training to remote communities via truck-mounted mobile classrooms, reaching 93,000 people in 18 countries so far.

TECH4ALL education projects have reached more than 400,000 people across the globe, with technology and partnerships the key to success of each project.

About Huawei TECH4ALL

TECH4ALL is Huawei’s long-term digital inclusion initiative. Enabled by innovative technologies and partnerships, TECH4ALL aims to promote inclusion and sustainability in the digital world.

For more information, visit the Huawei TECH4ALL website: https://www.huawei.com/en/tech4all 

Follow us on X:
https://twitter.com/HUAWEI_TECH4ALL 

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SOURCE Huawei

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