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Ramzi Balagtas

Research Analyst at NTS Trading

Ramzi Balagtas is Co-Founder at NTS Trading, where he specializes in financial analysis and market research with a focus on the Asian emerging markets. He has led coverage on a range of companies including X Financial, consistently delivering insights for institutional clients. Balagtas began his analyst career with Runjian Co., Ltd. before establishing NTS Trading, leveraging his bilingual expertise in English and Mandarin to deliver cross-border advisory. Holding advanced industry credentials, he is recognized for his comprehensive approach and analytical rigor in the trading industry.

Ramzi Balagtas's questions to X Financial (XYF) leadership

Question · Q3 2025

Ramzi Balagtas inquired whether X Financial's funding partners have altered commitments or terms due to credit quality concerns and asked what would prompt management to pursue a more aggressive share buyback program, such as an accelerated share purchase.

Answer

Chief Financial Strategy Officer Noah Kauffman confirmed X Financial's stable funding and liquidity, with RMB 1.5 billion in cash and a diverse network of compliant institutional partners. He noted a general rise in funding rates from 2024 to 2025 but quarter-over-quarter stability, anticipating normalization with regulatory clarity. CFO Frank Fuya Zheng explained their continuous buyback efforts throughout 2025, emphasizing its role in shareholder value, but suggested a potential shift to relying more on dividends next year, maintaining the current $0.28 semi-annual payout.

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