LexFintech Holdings (LX) stock price history rightfell 5.7% on Wednesday in early trading after the Chinese fintech company’s board approved the company’s purchase of up to US$20M of most of its shares with the American Depositary. shares in 12 months from Nov. 17.
As of September 30, the company had purchased ~40M ADSs for ~US$44M under its US$50M share repurchase program.
In Q3, LexFintech’s (LX) total startups reached ~RMB 56.2B, up 0.7% from Q3 2021 and surpassing its initial expectation of RMB 53B.
“Some major financial, operational and risk factors were all nearing the end of the quarter this year,” said Chairman and CEO Jay Wenjie Xiao.
Q3 net operating income of RMB 2.69B (US$378.2M) was down 9.4% Y/Y.
Adjusted earnings per ADS common share were RMB 1.73 (US$0.24), down from RMB 3.09 a year earlier.
The 90+ day trend was 2.66% on Sept. 30, 2022 vs. 2.63% on June 30, 2022.
Conference call at 8:30 PM ET.
Ahead of the Q3 results, SA contributor The Value Pendulum noted the risks for the quarter.