Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading fintech platform in China, today announced its unaudited
financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Operational and
Financial Highlights:
- Loan origination volume1 was
RMB13.5 billion (US$2.0 billion), representing an increase of
138.4% from the same period of 2021.
- Average borrowing amount per
borrowing was RMB8,939 (US$1,335), representing an increase of
49.4% from the same period of 2021.
- Repeat borrowing rate2 was 67.8%,
compared with repeat borrowing rate of 72.4% in the same period of
2021.
- Net revenue was RMB811.6 million
(US$121.2 million), representing an increase of 64.9% from the same
period of 2021.
- Income from operations was RMB344.5
million (US$51.4 million), representing an increase of 130.3% from
RMB149.6 million in the same period of 2021.
- Net income was RMB253.8 million
(US$37.9 million), representing an increase of 100.2% from RMB126.8
million in the same period of 2021.
Mr. Yan Dinggui, the Company’s Founder, Director
and Chief Executive Officer, commented: “In the second quarter, we
achieved another quarter of strong financial and operational
performance as we continue to invest into technology innovation and
operational efficiency. The most notable of the second quarter’s
financial results is that our net revenue grew by 64.9% while our
net income more than doubled year over year. Such strong
performance was driven by our ongoing efforts in enhancing our risk
management capabilities, optimizing our borrower base, and
expanding our partnership network of licensed institutions. Going
forward, we are confident that our highly automated platforms,
diverse funding sources, and global business will position us well
in capitalizing on emerging market opportunities.”
Second Quarter 2022 Financial
Results
Net revenue was RMB811.6
million (US$121.2 million), representing an increase of 64.9% from
the same period of 2021.
Revenue from loan facilitation services was
RMB742.6 million (US$110.9 million), representing an increase of
63.7% from the same period of 2021. The increase was primarily due
to the increased loan origination volume from the Company’s
institutional funding partners.
Other revenue was RMB69.0 million (US$10.3
million), compared with RMB38.5 million in the second quarter of
2021. The increase was mainly driven by revenue generated from
individual investor referral services, partially offset by the
ongoing restructuring of the Company's overseas business.
Origination and servicing
expense was RMB128.3 million (US$19.2 million),
representing an increase of 54.2% from the same period of 2021,
driven by the increase in the Company’s loan origination
volume.
Allowance for receivables and contract
assets was RMB7.0 million (US$1.0 million), representing a
decrease of 46.2% from the same period of 2021, primarily due to
the ongoing restructuring of the Company's overseas business.
Sales and marketing expense was
RMB235.0 million (US$35.1 million), representing an increase of
34.9% from the same period of 2021, primarily due to an increase in
borrower acquisition expenses in the second quarter of 2022.
General and administrative
expense was RMB42.6 million (US$6.4 million), representing
an increase of 21.0% from the same period of 2021, primarily driven
by an increase in expenditures in employee compensation and related
benefits.
Research and development
expense was RMB54.1 million (US$8.1 million), representing
an increase of 69.6% from the same period of 2021, primarily due to
higher employee compensation and benefit costs as well as increased
professional service fees.
Income from operations was
RMB344.5 million (US$51.4 million), representing an increase of
130.3% from RMB149.6 million in the same period of 2021.
Net income was RMB253.8 million
(US$37.9 million), representing an increase of 100.2% from RMB126.8
million in the same period of 2021.
Cash and cash equivalents were
RMB213.9 million (US$31.9 million) as of June 30, 2022, compared
with RMB170.3 million as of March 31, 2022.
The following table provides the delinquency
rates of all outstanding loans on the Company’s platform in
Mainland China as of the respective dates indicated.
|
|
Delinquent for |
As of |
|
1-30 days |
31-60 days |
61-90 days |
91 -180 days |
More than 180 days |
|
|
(%) |
December 31, 2018 |
|
1.35 |
2.53 |
2.37 |
5.46 |
9.45 |
December 31, 2019 |
|
1.27 |
2.20 |
1.68 |
4.79 |
8.39 |
December 31, 2020 |
|
1.47 |
0.88 |
0.70 |
1.66 |
1.81 |
December 31, 2021 |
|
1.31 |
0.90 |
0.72 |
1.78 |
2.12 |
March 31, 2022 |
|
0.78 |
0.74 |
0.53 |
1.61 |
2.69 |
June 30, 2022 |
|
0.89 |
0.50 |
0.44 |
1.00 |
2.61 |
The following chart and table display the
historical cumulative M3+ Delinquency Rate by Vintage for loan
products facilitated through the Company’s platform in Mainland
China.
|
Month on Book |
Vintage |
4th |
5th |
6th |
7th |
8th |
9th |
10th |
11th |
12th |
13th |
14th |
15th |
2018Q1 |
2.41 |
% |
4.38 |
% |
6.21 |
% |
8.05 |
% |
9.80 |
% |
11.35 |
% |
12.71 |
% |
13.80 |
% |
14.61 |
% |
15.10 |
% |
15.38 |
% |
15.44 |
% |
2018Q2 |
2.43 |
% |
4.43 |
% |
6.15 |
% |
7.87 |
% |
9.47 |
% |
11.02 |
% |
12.30 |
% |
13.50 |
% |
14.25 |
% |
14.70 |
% |
14.94 |
% |
15.00 |
% |
2018Q3 |
2.23 |
% |
3.89 |
% |
5.66 |
% |
7.30 |
% |
8.89 |
% |
10.64 |
% |
12.00 |
% |
12.86 |
% |
13.47 |
% |
13.87 |
% |
14.07 |
% |
14.13 |
% |
2018Q4 |
2.26 |
% |
4.53 |
% |
6.38 |
% |
8.25 |
% |
9.99 |
% |
11.40 |
% |
12.44 |
% |
13.22 |
% |
13.83 |
% |
14.25 |
% |
14.53 |
% |
14.64 |
% |
2019Q1 |
2.17 |
% |
3.86 |
% |
5.32 |
% |
6.84 |
% |
8.13 |
% |
9.21 |
% |
10.21 |
% |
11.07 |
% |
11.85 |
% |
12.45 |
% |
12.80 |
% |
12.87 |
% |
2019Q2 |
1.83 |
% |
3.40 |
% |
4.59 |
% |
5.85 |
% |
6.98 |
% |
8.21 |
% |
9.35 |
% |
10.33 |
% |
11.08 |
% |
11.54 |
% |
11.73 |
% |
11.74 |
% |
2019Q3 |
1.64 |
% |
3.41 |
% |
4.26 |
% |
5.42 |
% |
7.03 |
% |
8.60 |
% |
10.13 |
% |
10.94 |
% |
11.59 |
% |
11.92 |
% |
12.04 |
% |
12.01 |
% |
2019Q4 |
1.31 |
% |
3.08 |
% |
4.52 |
% |
6.27 |
% |
7.69 |
% |
8.69 |
% |
9.51 |
% |
9.99 |
% |
10.31 |
% |
10.49 |
% |
10.55 |
% |
10.54 |
% |
2020Q1 |
1.67 |
% |
3.43 |
% |
4.46 |
% |
5.36 |
% |
6.11 |
% |
6.67 |
% |
7.09 |
% |
7.38 |
% |
7.61 |
% |
7.76 |
% |
7.84 |
% |
7.85 |
% |
2020Q2 |
1.46 |
% |
2.37 |
% |
3.11 |
% |
3.68 |
% |
4.14 |
% |
4.52 |
% |
4.80 |
% |
5.08 |
% |
5.27 |
% |
5.42 |
% |
5.49 |
% |
5.51 |
% |
2020Q3 |
0.96 |
% |
1.70 |
% |
2.24 |
% |
2.77 |
% |
3.27 |
% |
3.73 |
% |
4.16 |
% |
4.47 |
% |
4.71 |
% |
4.87 |
% |
4.96 |
% |
4.98 |
% |
2020Q4 |
0.85 |
% |
1.74 |
% |
2.37 |
% |
3.00 |
% |
3.49 |
% |
3.89 |
% |
4.24 |
% |
4.50 |
% |
4.72 |
% |
4.87 |
% |
4.96 |
% |
4.99 |
% |
2021Q1 |
0.96 |
% |
1.83 |
% |
2.45 |
% |
3.04 |
% |
3.51 |
% |
3.95 |
% |
4.28 |
% |
4.56 |
% |
4.78 |
% |
4.93 |
% |
5.01 |
% |
5.03 |
% |
2021Q2 |
1.00 |
% |
1.90 |
% |
2.65 |
% |
3.30 |
% |
3.90 |
% |
4.35 |
% |
4.64 |
% |
4.89 |
% |
5.01 |
% |
— |
|
— |
|
— |
|
2021Q3 |
0.95 |
% |
1.86 |
% |
2.65 |
% |
3.31 |
% |
3.94 |
% |
4.33 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2021Q4 |
0.84 |
% |
1.78 |
% |
2.43 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Recent DevelopmentUS$10
Million Share Repurchase Plan
On June 13, 2022, the Company’s board of
directors authorized a share repurchase plan under which the
Company may repurchase its ordinary shares with an aggregate value
of US$10 million during the 12-month period beginning on June 13,
2022. As of June 30, 2022, the Company had repurchased
approximately 0.2 million American depositary shares for
approximately US$0.5 million under this share repurchase plan.
Conference Call
The Company will conduct a conference call to
discuss its financial results on Thursday, August 18, 2022 at 8:00
AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same
day).
To join the conference call, all participants
must use the following link to complete the online registration
process in advance. Upon registering, each participant will receive
access details for this event including the dial-in numbers, a PIN
number, and an e-mail with detailed instructions to join the
conference call.
Participant Online Registration:
https://register.vevent.com/register/BI2ad8bfdc33154a498bfd411d8238d464
A live and archived webcast of the conference
call will be available on the Company’s investors relations website
at http://ir.jiayin-fintech.com/.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform
in China committed to facilitating effective, transparent, secure
and fast connections between underserved individual borrowers and
financial institutions. The origin of the business of the Company
can be traced back to 2011. The Company operates a highly secure
and open platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs
advanced big data analytics and sophisticated algorithms to
accurately assess the risk profiles of potential borrowers. For
more information, please visit https://ir.jiayin-fintech.com/.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars (“US$”) at a specified rates
solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of
RMB6.6981 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of June 30, 2022. The Company makes no
representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor / Forward-Looking
Statements
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 can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates” and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to 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 the Company’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties and are based
on current expectations, assumptions, estimates and projections
about the Company and the industry. Potential risks and
uncertainties include, but are not limited to, those relating to
the Company’s ability to retain existing investors and borrowers
and attract new investors and borrowers in an effective and
cost-efficient way, the Company’s ability to increase the
investment volume and loan origination of loans volume facilitated
through its marketplace, effectiveness of the Company’s credit
assessment model and risk management system, PRC laws and
regulations relating to the online individual finance industry in
China, general economic conditions in China, and the Company’s
ability to meet the standards necessary to maintain listing of its
ADSs on the Nasdaq Stock Market or other stock exchange, including
its ability to cure any non-compliance with the continued listing
criteria of the Nasdaq Stock Market. All information provided in
this press release is as of the date hereof, and the Company
undertakes no obligation to update any forward-looking statements
to reflect subsequent occurring events or circumstances, or changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by the Company is included in the Company’s
filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F.
For more information, please
contact:
In China:
Jiayin Group
Mr. Shawn ZhangEmail: ir@jiayinfintech.cn
or
The Blueshirt Group
Ms. Ally WangEmail: ally@blueshirtgroup.com
In the U.S.:
Ms. Julia QianEmail:
julia@blueshirtgroup.com
JIAYIN GROUP INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share
and per share data)
|
|
As ofDecember 31, |
|
|
As ofJune 30, |
|
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
182,551 |
|
|
|
213,883 |
|
|
|
31,932 |
|
Restricted cash |
|
|
2,016 |
|
|
|
2,019 |
|
|
|
301 |
|
Amounts due from related parties |
|
|
37,017 |
|
|
|
37,659 |
|
|
|
5,622 |
|
Accounts receivable and contract assets, net |
|
|
502,431 |
|
|
|
1,115,824 |
|
|
|
166,588 |
|
Loan receivables, net |
|
|
329 |
|
|
|
1,884 |
|
|
|
281 |
|
Prepaid expenses and other current assets |
|
|
62,255 |
|
|
|
72,067 |
|
|
|
10,759 |
|
Deferred tax assets, net |
|
|
48,456 |
|
|
|
85,044 |
|
|
|
12,697 |
|
Property and equipment, net |
|
|
9,100 |
|
|
|
6,259 |
|
|
|
934 |
|
Right-of-use assets |
|
|
35,507 |
|
|
|
27,378 |
|
|
|
4,087 |
|
Long-term investment |
|
|
90,528 |
|
|
|
100,115 |
|
|
|
14,947 |
|
Other non-current assets |
|
|
1,242 |
|
|
|
1,449 |
|
|
|
216 |
|
TOTAL
ASSETS |
|
|
971,432 |
|
|
|
1,663,581 |
|
|
|
248,364 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and welfare payable |
|
|
56,056 |
|
|
|
59,490 |
|
|
|
8,882 |
|
Amounts due to related parties |
|
|
4,485 |
|
|
|
3,768 |
|
|
|
563 |
|
Tax payables |
|
|
409,063 |
|
|
|
611,420 |
|
|
|
91,283 |
|
Accrued expenses and other current liabilities |
|
|
118,808 |
|
|
|
221,258 |
|
|
|
33,030 |
|
Other payable related to the disposal of Shanghai Caiyin |
|
|
322,028 |
|
|
|
305,321 |
|
|
|
45,583 |
|
Lease liabilities |
|
|
35,243 |
|
|
|
26,842 |
|
|
|
4,007 |
|
TOTAL
LIABILITIES |
|
|
945,683 |
|
|
|
1,228,099 |
|
|
|
183,348 |
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares (US$ 0.000000005 par
value; 108,100,000 shares issued as of December 31, 2021
and June 30, 2022; 108,100,000 and 107,198,796 shares
outstanding as of December 31, 2021 and June 30, 2022)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Class B ordinary shares (US$ 0.000000005 par
value; 108,000,000 shares issued and outstanding as
of December 31, 2021 and June 30, 2022)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Additional paid-in capital |
|
|
840,580 |
|
|
|
845,856 |
|
|
|
126,283 |
|
Treasury stock (nil and 901,204 shares as of December 31, 2021
and June 30, 2022, respectively) |
|
|
- |
|
|
|
(3,106 |
) |
|
|
(464 |
) |
Accumulated deficit |
|
|
(794,762 |
) |
|
|
(396,182 |
) |
|
|
(59,148 |
) |
Accumulated other comprehensive loss |
|
|
(17,954 |
) |
|
|
(8,792 |
) |
|
|
(1,313 |
) |
Total Jiayin Group Inc. shareholder's equity |
|
|
27,864 |
|
|
|
437,776 |
|
|
|
65,358 |
|
Non-controlling interests |
|
|
(2,115 |
) |
|
|
(2,294 |
) |
|
|
(342 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
25,749 |
|
|
|
435,482 |
|
|
|
65,016 |
|
TOTAL LIABILITIES AND
EQUITY |
|
|
971,432 |
|
|
|
1,663,581 |
|
|
|
248,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JIAYIN GROUP INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in
thousands, except for share and per share data)
|
|
For the Three Months EndedJune
30, |
|
|
For the Six Months EndedJune
30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net revenue (including revenue from related
parties of RMB12,069 and RMB1,513 for 2021Q2
and 2022Q2, RMB23,880 and RMB5,253 for 2021H1 and 2022H1,
respectively) |
|
|
492,173 |
|
|
|
811,554 |
|
|
|
121,162 |
|
|
|
835,228 |
|
|
|
1,322,728 |
|
|
|
197,478 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and servicing |
|
|
(83,224 |
) |
|
|
(128,283 |
) |
|
|
(19,152 |
) |
|
|
(147,323 |
) |
|
|
(221,685 |
) |
|
|
(33,097 |
) |
Cost of sales |
|
|
(4,983 |
) |
|
|
- |
|
|
|
- |
|
|
|
(4,983 |
) |
|
|
- |
|
|
|
- |
|
Allowance for receivables and
contract assets |
|
|
(13,042 |
) |
|
|
(7,042 |
) |
|
|
(1,051 |
) |
|
|
(21,052 |
) |
|
|
(11,062 |
) |
|
|
(1,652 |
) |
Sales and marketing |
|
|
(174,220 |
) |
|
|
(235,030 |
) |
|
|
(35,089 |
) |
|
|
(265,465 |
) |
|
|
(383,819 |
) |
|
|
(57,303 |
) |
General and
administrative |
|
|
(35,169 |
) |
|
|
(42,604 |
) |
|
|
(6,361 |
) |
|
|
(72,962 |
) |
|
|
(83,312 |
) |
|
|
(12,438 |
) |
Research and development |
|
|
(31,924 |
) |
|
|
(54,128 |
) |
|
|
(8,081 |
) |
|
|
(60,045 |
) |
|
|
(95,895 |
) |
|
|
(14,317 |
) |
Total operating costs
and expenses |
|
|
(342,562 |
) |
|
|
(467,087 |
) |
|
|
(69,734 |
) |
|
|
(571,830 |
) |
|
|
(795,773 |
) |
|
|
(118,807 |
) |
Income from
operation |
|
|
149,611 |
|
|
|
344,467 |
|
|
|
51,428 |
|
|
|
263,398 |
|
|
|
526,955 |
|
|
|
78,671 |
|
Interest income |
|
|
1,018 |
|
|
|
339 |
|
|
|
50 |
|
|
|
113 |
|
|
|
614 |
|
|
|
92 |
|
Other income (expense) |
|
|
10,426 |
|
|
|
(11,121 |
) |
|
|
(1,660 |
) |
|
|
12,362 |
|
|
|
(6,616 |
) |
|
|
(988 |
) |
Income before income
taxes and income from investment in
affiliates |
|
|
161,055 |
|
|
|
333,685 |
|
|
|
49,818 |
|
|
|
275,873 |
|
|
|
520,953 |
|
|
|
77,775 |
|
Income tax expense |
|
|
(37,222 |
) |
|
|
(82,313 |
) |
|
|
(12,289 |
) |
|
|
(59,391 |
) |
|
|
(127,713 |
) |
|
|
(19,067 |
) |
Income from investment in
affiliates |
|
|
3,002 |
|
|
|
2,447 |
|
|
|
365 |
|
|
|
4,027 |
|
|
|
5,227 |
|
|
|
780 |
|
Net
income |
|
|
126,835 |
|
|
|
253,819 |
|
|
|
37,894 |
|
|
|
220,509 |
|
|
|
398,467 |
|
|
|
59,488 |
|
Less: net income (loss)
attributable to noncontrollinginterest shareholders |
|
|
7 |
|
|
|
(67 |
) |
|
|
(10 |
) |
|
|
468 |
|
|
|
(113 |
) |
|
|
(17 |
) |
Net income
attributable to Jiayin Group Inc. |
|
|
126,828 |
|
|
|
253,886 |
|
|
|
37,904 |
|
|
|
220,041 |
|
|
|
398,580 |
|
|
|
59,505 |
|
Weighted average
shares used in calculating net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
216,100,000 |
|
|
|
216,070,290 |
|
|
|
216,070,290 |
|
|
|
216,100,000 |
|
|
|
216,085,063 |
|
|
|
216,085,063 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
0.59 |
|
|
|
1.18 |
|
|
|
0.18 |
|
|
|
1.02 |
|
|
|
1.84 |
|
|
|
0.28 |
|
Net
income |
|
|
126,835 |
|
|
|
253,819 |
|
|
|
37,894 |
|
|
|
220,509 |
|
|
|
398,467 |
|
|
|
59,488 |
|
Other comprehensive
income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(2,587 |
) |
|
|
9,955 |
|
|
|
1,486 |
|
|
|
(3,551 |
) |
|
|
9,095 |
|
|
|
1,358 |
|
Comprehensive
income |
|
|
124,248 |
|
|
|
263,774 |
|
|
|
39,380 |
|
|
|
216,958 |
|
|
|
407,562 |
|
|
|
60,846 |
|
Comprehensive (loss) income
attributable to noncontrolling interest |
|
|
(23 |
) |
|
|
(136 |
) |
|
|
(20 |
) |
|
|
341 |
|
|
|
(179 |
) |
|
|
(27 |
) |
Total comprehensive
income attributable to Jiayin Group
Inc. |
|
|
124,271 |
|
|
|
263,910 |
|
|
|
39,400 |
|
|
|
216,617 |
|
|
|
407,741 |
|
|
|
60,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________________
1 “Loan origination volume” refers the loan origination volume
facilitated in Mainland China during the period presented.2 “Repeat
borrowing rate” refers to the repeat borrowers as a percentage of
all of our borrowers in Mainland China. “Repeat borrowers” during a
certain period refers to borrowers who have borrowed in such period
and have borrowed at least twice since such borrowers’ registration
on our platform until the end of such period.3 The total shares
authorized for both Class A and Class B are 10,000,000,000,000.
A chart accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/31cb07be-0dcc-48b2-a11d-db21e464eaff
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