More Users of International UnionPay-Powered E-Wallets Can Now Make Weixin QR Payments in China’s Mainland

SHANGHAI, Dec. 19, 2024 /PRNewswire/ — On December 17, UnionPay International announced its new collaboration with Weixin Pay, which enables users of international UnionPay-powered wallets to scan Weixin Pay payment codes in China’s mainland. Eight wallets are now able to offer this feature, namely BoC Pay from Bank of China (Hong Kong), Octopus, PayMe by HSBC, and Tap & Go in Hong Kong SAR; Bangkok Bank Mobile Banking and K PLUS from KASIKORNBANK in Thailand; Naver Pay in South Korea; and ICBC Mobile Banking (ICBC Pay) in Malaysia. International visitors will thus have access to more mobile payment options during their time in China’s mainland.

With this partnership, once users link their physical UnionPay cards or activate digital UnionPay cards in the participating wallets, they will be able to pay by scanning Weixin Pay payment codes in China’s mainland, with their home currencies automatically converted to the RMB. In the future, Weixin QR payments will also be enabled for more UnionPay-powered wallets from Macao SAR, other Southeast Asia countries, the South Pacific, and more regions.

Since the launch of Project Excellence 2024 in March, UnionPay has actively played its pivotal role as a card scheme to promote open collaboration with industry partners and make payments easier for inbound visitors to China’s Mainland. Starting June, UnionPay App users were able to scan the various merchant-presented Weixin Pay codes and make payments. This new enablement with international wallets marks the latest milestone in the UnionPay – Weixin Pay collaboration to enhance payment interoperability.

This partnership reflects UnionPay’s efforts to jointly drive connectivity with various players in the payment industry and accelerate the development of a sustainable business model. It provides international visitors to China’s mainland with more options and a better payment journey, further contributing to China’s high-standard opening up. Back in 2018, UnionPay worked with Weixin Pay and WeChat Pay HK, an HKD-denominated e-wallet, to offer the cross-border payment solution, which supports cross-border consumption for Hong Kong residents at more than tens of millions of merchants in China’s mainland.

In recent years, as UnionPay continues to improve its localized offerings, an increasing number of residents outside China’s mainland now enjoy the convenient services brought by UnionPay’s payment products. Outside China’s mainland, over 250 million UnionPay cards have been issued in 83 countries and regions, and more than 200 UnionPay-powered wallets have been launched in 36 countries and regions. These products can be used on UnionPay’s acceptance network worldwide.

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SOURCE UnionPay International

SHENZHEN, China, Dec. 19, 2024 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced that it has entered into a repurchase agreement with a major shareholder on December 16, 2024, pursuant to which the Company will repurchase 6,349,206 American depositary shares (“ADSs”), representing 38,095,236 Class A ordinary shares of the Company, at a price of US$7.67 per ADS with a total repurchase price of approximately US$48.7 million (the “Repurchase”).

In order to complete the Repurchase, the Company’s board of directors (the “Board”) approved a new share repurchase plan under which the Company may repurchase up to US$50 million worth of its Class A ordinary shares, including the Class A ordinary shares represented by ADSs, effective until June 30, 2026. Upon completion of the Repurchase, the Company’s two previous share repurchase programs will complete, and approximately US$15.9 million will remain for future potential repurchases under the new US$50 million share repurchase plan.

Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, commented, “We are pleased with this share repurchase agreement as it reflects our confidence in our long-term growth potential and our commitment to enhancing shareholder value. This repurchase also underscores our robust financial position. We are committed to a thoughtful and balanced approach to capital management to ensure that we continue to prioritize both growth opportunities and shareholder value creation.”

“In 2024, we returned a total of approximately US$76.0 million in value to our shareholders through dividends and share repurchases, including US$16.5 million in cash dividends, US$9.2 million in the tender offer, US$48.7 million in the recent repurchase mentioned above, and US$1.6 million in other repurchases. The total number of shares repurchased in 2024, including both ADSs and Class A ordinary shares, was equivalent to approximately 52.2 million Class A ordinary shares, or 17.8% of our ordinary shares issued and outstanding as of December 31, 2023. Going forward, we remain committed to delivering profitable growth and returning value to our shareholders through ongoing dividends and share repurchases.”

Under the new share repurchase plan, the repurchase may be made from time to time through various means, including open market transactions, privately negotiated transactions, and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The manner, timing and amount of any share repurchases will be determined by the Company’s management in its discretion based on its evaluation of various factors. The Company expects to fund the new repurchase plan out of its existing cash balance.

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 originate loans to prime borrowers under a risk assessment and control system.

For more information, please visit: http://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 followings: 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

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SOURCE X Financial

Loffler Companies, one of the nation’s largest privately owned business technology and managed services companies today announced that, for the sixteenth year in a row, it was recognized as an Elite Dealer for addressing clients’ unique technology needs and adapting to the evolving market landscape.

MINNEAPOLIS, Dec. 19, 2024 /PRNewswire-PRWeb/ — ENX Magazine and ENX The Week’s prestigious award honors the best and brightest in the imaging technology dealer community. In 2024, significant changes have emerged with new MFP manufacturers and partnerships between longtime industry OEMs.

This year’s honorees were selected based on growth initiatives, innovative marketing, outstanding customer service, community contributions, progressive workplace cultures, and adaptability. Despite ongoing dealer consolidation, dealers are finding new revenue opportunities and achieving pre-pandemic sales and profitability levels during this period of sustained growth.

“Our clients’ support is the cornerstone of our success,” said James Loffler, President of Loffler Companies. “We are committed to listening, adapting, and innovating every day to not only meet but exceed our clients’ expectations. Our goal is to help them succeed. We take immense pride in these relationships and are constantly seeking innovative ways to provide the best technology solutions in the industry.”

In addition to this Elite Dealer recognition, this year Loffler Companies also was named a Star Tribune Top workplace for the fourteenth year in a row. Loffler Companies also has been nationally recognized for the past eight years by CRN magazine as an Elite 150 Managed IT Services Provider.

Loffler Companies provides the most comprehensive business technology solutions in the country, with experts who bring it all together to build secure, optimized technology environments. Loffler’s offerings include IT managed and security services, business security systems, disaster recovery/business continuity, multifunctional copiers and printers, print management services, software and workflow technology consulting, unified communications, and on-site management of print and mail centers.

As one of the top Canon and Konica Minolta dealers in the U.S., Loffler Companies also works with leading partners such as Nutanix, Arctic Wolf, Microsoft, Mitel, 8×8, Xerox, HP, Lexmark, and FP Mailing Solutions. These wide-ranging products and services exist for one purpose: to help organizations succeed. Loffler’s specialized trainers, flexible billing and financing options at all price levels, and award-winning service and support benefits all clients.

Founded by Jim Loffler in 1986, and now led by James Loffler, Loffler Companies is nationally recognized as a leader in business technology and managed services. Loffler is among the top office solutions dealers in the US for service and support, with more than 500 employees working every day to exceed the expectations of their clients, partners and the community. For more information about Loffler Companies, call 952-925-6800 or email information@loffler.com or visit us online at loffler.com.

Media Contact

Kenzie Roberts, Loffler, 9522305633, kenzie.roberts@loffler.com, www.loffler.com

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SOURCE Loffler