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    Kenny from Norton Anders

    Research Analyst at Norton Anders

    Kenny serves as an analyst at Norton Anders, specializing in equity research across select technology and fintech sectors. With a focus on companies such as Stripe and Square, he is recognized for his detailed coverage and valuable insights that have contributed to solid positive returns for clients, reflected in a consistent forecast accuracy above 65% on major investment platforms. Kenny began his career in financial analysis in the early 2010s, joining Norton Anders in 2019 after roles at both boutique investment firms and a leading advisory group. He maintains FINRA Series 7 and Series 63 licenses, underlining his professional credentials and commitment to regulatory standards.

    Kenny from Norton Anders's questions to X Financial (XYF) leadership

    Kenny from Norton Anders's questions to X Financial (XYF) leadership • Q1 2025

    Question

    Kenny from Norton Anders asked about the drivers behind X Financial's strong growth, the firm's view on the macroeconomic environment, and the reasons for the slight uptick in delinquency rates. He also inquired about the company's share repurchase strategy, noting the lack of buybacks in Q1 despite a newly authorized program.

    Answer

    President Kan Li explained that growth is driven by maturing customer cohorts and is managed based on risk assessment, not for growth's sake. He noted that while delinquency ticked up from a low base, it remains healthy and is expected to be offset by scale. CFO Fuya Zheng added that the underlying risk profile is stable and that Q1 risk-related costs were actually lower when viewed comprehensively. Regarding buybacks, Mr. Zheng clarified that Q1 lacked an open trading window and affirmed the company's intent to utilize its repurchase authorizations in the upcoming open window and beyond.

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