Davis Polk advised X Financial on its SEC-registered initial public offering of 11,000,000 American Depositary Shares for an aggregate price to the public of $104.5 million. X Financial has granted the underwriters an option to purchase up to 1,650,000 additional ADSs. Each ADS represents two Class A ordinary shares of X Financial. The ADSs are listed on the NYSE under the symbol “XYF.” 

X Financial is a leading technology-driven personal finance company in China focused on serving China’s underserved prime borrowers and mass affluent investors. X Financial’s platform, empowered by its risk management capabilities and technology, efficiently matches borrowers’ loan requests with investors’ investment demands and executes loan and investment transactions to provide borrowers with prompt funding, enabling X Financial to satisfy the financing needs of borrowers and meet the investment demands of investors.

The Davis Polk corporate team included partner Li He and registered foreign lawyers Ran Li, Xiaotong (Lisa) Yuan, Yiyu (Sam) Huang and Fei (Grace) Kong. Counsel Alon Gurfinkel and associates Veronica Orecharova and Omer Harel provided tax advice. Counsel Sarah E. Kim and associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.