SHENZHEN, China, July 16, 2021 (GLOBE NEWSWIRE) – LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading online consumer and finance platform for consumers and next-generation users in China, today announced the appointment of Mr. Jayden Yang Qiao as Chief Risk Officer of the Company, 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 a high quality credit risk control team and improved Lexin’s credit control system, thereby promoting continuous improvement in the Company’s credit quality. As reported in the company’s first quarter financial results, Lexin’s 90-day and above default rate1 was 1.84% as of March 31, 2021 and the first default rate (30 days +)2 has been below 1% for 8 months as of March 31, 2021, effectively resolving the risks associated with the pandemic while maintaining a high level of performance. To date at the end of 2sd quarter, the 1+ coincident days of Lexin overdue3 stood at 4.92%, compared to 8.08% last year for the same period, which represents a decrease of 40%. The Company’s latest bad debt collection rates4 reached an all-time high, improving 30% from the same period last year.
1 The 90-Day and Over Default Ratio refers to the principal outstanding balance of on-balance sheet and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total principal outstanding balance of on-balance sheet and off-balance sheet loans. on our platform dated a specific date. Loans on the balance sheet that were more than 179 calendar days past due and written off are not included in the calculation of the default rate. Off-balance sheet loans past due for more than 179 calendar days are assumed to be written off and are not included in the calculation of the default rate. The Company does not differentiate on the basis of on-balance sheet or off-balance sheet treatment in monitoring borrower credit risk and loan delinquency status.
2 Loan balance with the first day of overdue payment of 30+ of the total loan amount.
3 Coincident 1+ days suffering means the outstanding principal balance of on-balance-sheet and off-balance sheet loans that have been 1 to 179 calendar days past due as a percentage of the total principal outstanding balance of on-balance sheet and off-balance sheet loans on our platform on a specific date. Loans on the balance sheet that were more than 179 calendar days past due and written off are not included in the calculation of the default rate. Off-balance sheet loans past due for more than 179 calendar days are assumed to be written off and are not included in the calculation of the default rate. The Company does not differentiate on the basis of on-balance sheet or off-balance sheet treatment in monitoring borrower credit risk and loan delinquency status.
4 Actual amounts collected divided by bad debts accumulated at the beginning of the month.
Mr. Qiao has over 15 years of experience in a variety of managerial positions in leading multinational and technology companies in different countries. Prior to joining Lexin, Mr. Qiao held various leadership roles at JD Digits from 2016 to 2020, including as Managing Director of JD Digits’ subsidiary, ZRobot. From 2015 to 2016, Mr. Qiao was co-founder and Chief Risk Officer of Shanghai Niuwa Internet Financial Information Service. From 2006 to 2015, Mr. Qiao held various executive and other positions at Discover Financial Services in the United States and China. In addition, Mr. Qiao holds numerous patents and copyrights for his inventions. Mr. Qiao holds a bachelor’s degree in economics from the University of Colorado, a double 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 Board of the Chartered Global Financial Technology Master Project of the Shanghai Advanced Institute of Finance (SAIF) of Shanghai Jiaotong University, a member of the Internet Society “Young Experts” . of China (ISC) and member of the evaluation committee of the Shenzhen Credit Professionals Association.
“We are delighted to promote Mr. Qiao as the new Chief Risk Officer,” said Mr. Jay Wenjie Xiao, President and CEO of Lexin. “Mr. Qiao’s promotion reflects our strong focus on risk control and our confidence in the quality of our current and future assets. We believe Mr. Qiao will make greater use of his expertise in his new role as Chief Risk Officer. to improve, strengthen and further develop our risk control systems.
“I am honored to have 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 create value for our shareholders.”
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer and finance platform for consumers and next-generation users in China. The Company provides a full range of consumer, financial and business services, including financial technology services, “buy now, pay later” (“BNPL”) services and member benefits through its platform. e-commerce. Fenqile, BNPL product Maiya, and membership platform The Card. The Company works with financial institutions and brands both online and offline to provide a comprehensive consumer ecosystem that meets the needs of young professionals in China. Lexin uses advanced technologies such as big data, cloud computing and artificial intelligence across the Company’s services and operations, which include risk management, loan facilitation and near matching. instant user funding requests with offers from the Company’s many financial partners, and other consumer and financial services.
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Safe Harbor Declaration
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” Future “,” intentions “,” plans “,” belief “,” estimates “,” confidence “and similar statements. Among other things, the expectations regarding its collection effectiveness and delinquency, the business outlook and the quotes 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 United States 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 objective and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectations regarding demand and market acceptance for its credit management and investment products; Lexin’s expectations regarding maintaining and strengthening its relationships with borrowers, institutional funding partners, commodity suppliers and other parties with which it works; general economic and commercial conditions; and the assumptions underlying or related to all of the above. Further information regarding these and other risks is included in documents filed by Lexin 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 assumes no obligation to update any forward-looking statement, except as required by applicable law.
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LexinFintech Holdings Ltd.
Phone. : +86 (755) 3637-8888 ext. 6258
Email: [email protected]
Phone. : +86 (755) 3637-8888 ext. 6993
Email: [email protected]
SOURCE LexinFintech Holdings Ltd.