Yue (Justin) Tang Proposes Buyout of X Financial

X Financial Chairman and CEO Yue (Justin) Tang proposed taking the company private through his affiliate, Mangrove Coast Investment Limited, offering $1.005 per ordinary share or $6.03 per ADS for shares he does not already own. The preliminary, non-binding proposal would be funded with affiliate equity and loans from financial institutions; if completed, X Financial’s ADSs would be delisted from the New York Stock Exchange. The proposal does not commit either party to a final transaction, and negotiations are expected to follow.