Shares of Chinese online consumption and consumer finance platform LexinFintech Holdings Ltd. (LX) are rising more than 20% Monday morning on the news of it achieving its 2020 loan origination target.
LexinFintech said it reached 2020 loan originations of RMB176.5 billion, that meet the company's previously issued guidance.
"We have not only achieved our pre-pandemic loan origination guidance, but also reached a higher level in the quality of our growth and the structure of our revenues," said Mr. Jay Wenjie Xiao, Lexin's chairman and chief executive officer.
Looking forward to 2021, the company sees loan originations to be between RMB220 billion and RMB230 billion.
"Over 50% of all our new loans as of today are originated under the profit sharing model, and we fully expect this percentage to continue to grow as we continue our transition to a pure operating service model versus a risk-taking model," said Mr. Craig Yan Zeng, Lexin's chief financial officer.
LX, currently at $7.92, has been trading in the range of $6.04- $16.13 in the past one year.
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