LexinFintech Holdings Ltd. Appoints Chief Risk Officer
July 16 2021 - 3:05AM
LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ: LX),
a leading online consumption and finance platform for new
generation consumers and users in China, today announced the
appointment of Mr. Jayden Yang Qiao as the Company's chief risk
officer, effective July 15, 2021.
Mr. Qiao joined Lexin earlier this year as the
Company’s vice president, responsible for Lexin’s risk management.
Since joining Lexin, Mr. Qiao has built out a high-quality credit
risk control team and enhanced Lexin’s credit control system,
further driving the continued improvement in the Company’s credit
quality. As reported in the Company’s financial results for the
first quarter, Lexin’s 90 day+ delinquency rate1 was at 1.84% as of
March 31, 2021 and the first payment default rate (30 day+)2 has
been below 1% for 8 months as of March 31, 2021, effectively
resolving the pandemic-related risks while maintaining a high level
of performance. To date as of the end of the 2nd quarter, Lexin’s
coincident 1+ days past due3 is at 4.92%, as compared to last
year’s 8.08% for the same period, representing a 40% decrease. The
Company’s latest recovery rates for bad debts4 has reached an
all-time high, improving by 30% as compared to the same period last
year.1 90 day+ delinquency ratio refers to outstanding
principal balance of on- and off-balance sheet loans that were 90
to 179 calendar days past due as a percentage of the total
outstanding principal balance of on- and off-balance sheet loans on
our platform as of a specific date. On-balance sheet loans that
were over 179 calendar days past due and charged off are not
included in the delinquency rate calculation. Off-balance sheet
loans that were over 179 calendar days past due are assumed charged
off and not included in the delinquency rate calculation. The
Company does not distinguish on the basis of the on- or off-balance
sheet treatment in monitoring the credit risks of borrowers and the
delinquency status of loans.2 Loan balance with first
payment day past due 30+ over total loan
origination.3 Coincident 1+ days past due refers to
outstanding principal balance of on- and off-balance sheet loans
that were 1 to 179 calendar days past due as a percentage of the
total outstanding principal balance of on- and off-balance sheet
loans on our platform as of a specific date. On-balance sheet loans
that were over 179 calendar days past due and charged off are not
included in the delinquency rate calculation. Off-balance sheet
loans that were over 179 calendar days past due are assumed charged
off and not included in the delinquency rate calculation. The
Company does not distinguish on the basis of the on- or off-balance
sheet treatment in monitoring the credit risks of borrowers and the
delinquency status of loans.4 Actual recovered amounts
divided by cumulative bad debts at the beginning of the month.
Mr. Qiao has over 15 years of experience in a
variety of management positions in leading multinational and
technology companies in different countries. Prior to joining
Lexin, Mr. Qiao held various senior positions with JD Digits from
2016 to 2020, including as the chief executive offer of JD Digits’
subsidiary, ZRobot. From 2015 to 2016, Mr. Qiao was the co-founder
and chief risk officer of Shanghai Niuwa Internet Financial
Information Service. From 2006 to 2015, Mr. Qiao held various
senior managerial and other positions with Discover Financial
Services in both the U.S. and China. In addition, Mr. Qiao is the
holder of numerous patents and copyrights for his inventions. Mr.
Qiao received his bachelor’s degree in economics from the
University of Colorado, his dual master’s degree in business
administration and economics from the University of Iowa, and a
master’s degree in computer science from the University of Chicago.
In addition, Mr. Qiao is also a member of the expert advisory
committee of the Chartered Global Financial Technology Master
project at the Shanghai Advanced Institute of Finance (SAIF) of
Shanghai Jiaotong University, a member of the “Young Experts” of
the Internet Society of China (ISC), and a member of the evaluation
committee of the Shenzhen Credit Professionals Association.
“We are delighted to promote Mr. Qiao as our new
chief risk officer,” said Mr. Jay Wenjie Xiao, Lexin's chairman and
chief executive officer. “Mr. Qiao’s promotion is a reflection of
our strong focus on risk control, and the confidence we have in our
current and future asset quality. We believe Mr. Qiao will further
use his expertise in his new role as the chief risk officer to
further improve, enhance, and develop our risk control
systems.”
“I am honored by the opportunity to become
Lexin’s chief risk officer,” said Mr. Qiao. “I look forward to my
new role and the opportunity to further improve our credit quality
and deliver value for our shareholders.”
About LexinFintech Holdings
Ltd.
LexinFintech Holdings Ltd. is a leading online
consumption and finance platform for new generation consumers and
users in China. The Company provides a comprehensive range of
consumption, financial and business services including financial
technology services, “buy now pay later” (“BNPL”) services, and
membership benefits through its ecommerce platform Fenqile, BNPL
product Maiya, and membership platform Le Card. The Company works
with financial institutions and brands both online and offline to
provide a comprehensive consumption ecosystem catering to the needs
of young professionals in China. Lexin utilizes advanced
technologies such as big data, cloud computing and artificial
intelligence throughout the Company's services and operations,
which include risk management, loan facilitation, and the
near-instantaneous matching of users’ funding requests with offers
from the Company's many funding partners, and other consumption and
financial services.
For more information, please visit
http://ir.lexin.com
To follow us on Twitter, please go to:
https://twitter.com/LexinFintech.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and
similar statements. Among other things, the expectation of its
collection efficiency and delinquency, business outlook and
quotations from management in this announcement, contain
forward-looking statements. Lexin 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. Statements that are not historical
facts, including statements about Lexin’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Lexin’s goal and strategies; Lexin’s expansion plans;
Lexin’s future business development, financial condition and
results of operations; Lexin’s expectation regarding demand for,
and market acceptance of, its credit and investment management
products; Lexin’s expectations regarding keeping and strengthening
its relationship with borrowers, institutional funding partners,
merchandise suppliers and other parties it collaborates with;
general economic and business conditions; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Lexin’s filings with
the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and Lexin does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please
contact:
LexinFintech Holdings Ltd.
IR inquiries:Tony HungTel: +86 (755) 3637-8888
ext. 6258E-mail: IR@lexin.com
Media inquiries:Limin Chen Tel: +86 (755)
3637-8888 ext. 6993E-mail: liminchen@lexin.com
SOURCE LexinFintech Holdings Ltd.
LexinFintech (NASDAQ:LX)
Historical Stock Chart
From Jun 2024 to Jul 2024
LexinFintech (NASDAQ:LX)
Historical Stock Chart
From Jul 2023 to Jul 2024