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LexinFintech Holdings Ltd. (NASDAQ:LX), a prominent provider of personal financial services in China with a market capitalization of $1.82 billion and annual revenue of $1.95 billion, announced the retirement of its president, Mr. Jared Yi Wu, effective immediately. The company, which has demonstrated strong profitability over the last twelve months, disclosed this information in a recent filing with the Securities and Exchange Commission.
Mr. Wu, who has played a significant role in the company’s leadership, will continue his association with LexinFintech by serving on its board of directors and as a senior advisor. This move ensures that his experience and knowledge will remain accessible to the company.
LexinFintech, headquartered in Shenzhen, operates in the finance services sector, facilitating various personal financial offerings through technology. The announcement of Mr. Wu’s retirement comes without any indication of his successor, leaving the company’s future leadership plans undisclosed in the filing.
The transition appears to be smooth, with no immediate impact on the company’s operations suggested by the filing. LexinFintech’s business address and contact information remain unchanged, as per the document.
Investors and stakeholders of LexinFintech may continue to observe the company’s progress and leadership dynamics following this change in senior management. The information reported is based on the company’s official statement filed with the SEC.
In other recent news, LexinFintech Holdings reported strong financial results for the fourth quarter of 2024, with revenue reaching $3.7 billion, surpassing analyst expectations. The company achieved a non-GAAP net profit after tax of RMB 418 million, marking a 16.6% increase from the previous quarter and a 47.2% rise year-over-year. Citi analyst Judy Zhang responded to these results by raising the price target for LexinFintech shares to $14.20 from $4.40 and maintaining a Buy rating. LexinFintech’s net revenue after provision grew by 3.3% quarter-over-quarter and 12.4% year-over-year, attributed to lower provisions and reduced funding costs.
Despite the positive earnings report, LexinFintech’s stock experienced a decline in aftermarket trading. The company continues to invest heavily in AI and risk management technologies, aiming for flat to single-digit GMV growth in 2025. Citi has also raised its NPAT forecasts for LexinFintech for 2025 and 2026 by 9% and 40%, respectively, indicating confidence in the company’s future earnings potential. LexinFintech plans to increase its dividend payout to 25% of net income, reflecting its commitment to shareholder returns. These developments highlight LexinFintech’s focus on asset quality and profitability enhancement as key drivers of its future growth.
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