Qifu Technology has issued a comprehensive rebuttal to a short seller report by Grizzly Research, asserting that the claims are baseless and contain inaccurate information. The company clarified that its major operating entities in China reported total revenues of RMB 17.0B in 2022 and RMB 16.0B in 2023 under PRC GAAP, with net profits of RMB 5.2B and RMB 4.7B respectively. These figures align with the company's SEC filings under U.S. GAAP, accounting for differences in standards and entity coverage.The company addressed several key points, including refuting claims about its regional headquarters acquisition, relationship with Shanghai Qibutianxia, and alleged financial manipulation. Qifu Technology emphasized its prudent approach to risk management and financial provisions, explaining its provision ratios and delinquency rate metrics. The company...Show More

Qifu Technology has issued a comprehensive rebuttal to a short seller report by Grizzly Research, asserting that the claims are baseless and contain inaccurate information. The company clarified that its major operating entities in China reported total revenues of RMB 17.0B in 2022 and RMB 16.0B in 2023 under PRC GAAP, with net profits of RMB 5.2B and RMB 4.7B respectively. These figures align with the company's SEC filings under U.S. GAAP, accounting for differences in standards and entity coverage.The company addressed several key points, including refuting claims about its regional headquarters acquisition, relationship with Shanghai Qibutianxia, and alleged financial manipulation. Qifu Technology emphasized its prudent approach to risk management and financial provisions, explaining its provision ratios and delinquency rate metrics. The company also clarified that its leverage ratio, at 2.4 as of June 30, 2024, is at a historical low.Qifu Technology reaffirmed its commitment to regulatory compliance, particularly regarding loan interest rates, and announced that its board of directors is reviewing the allegations. The company pledged to vigorously defend itself against false claims and will provide additional disclosures as required by relevant regulatory bodies.