Worth Watching News for Traders: 360 Finance (NASDAQ:QFIN)

On Wednesday 360 Finance (NASDAQ:QFIN) started its trading session with the price $8.45 and closed at price of $9.15 by scoring 16.71%. Day range of the stock was $8.14 – $9.37. QFIN stock traded with total volume of 2445163 shares while the average trading capacity remained 316861 shares.  Earnings per share was $-0.05. QFIN has total market capitalization of $1316011505.

On Nov. 27, 2019, 360 Finance (NASDAQ:QFIN) a leading digital consumer finance platform, reported that FountainVest Partners (FountainVest), through its investment arm Ruby Finance Investment Ltd., acquired an aggregate of 11,521,266 ADSs of the Company from certain holders of the Company’s ADSs, upon the completion of which, FountainVest became a significant shareholder of the Company and Mr. Eric Xiaohuan Chen, who was designated by FountainVest, was appointed to the Company’s board of directors (the Board) as a director, effective immediately.

Mr. Chen is currently serving as the managing director & head of financial services of FountainVest Partners.  Before joining FountainVest Partners in 2008, Mr. Chen worked in investment banking department of Lehman Brothers and Citigroup since 2006.  From 2004 to 2006, Mr. Chen worked with Micron Technology.  Mr. Chen received his Bachelor’s degree in electrical engineering from National University of Singapore in 2004 and his EMBA degree from China Europe International Business School in 2018.

Mr. Hongyi Zhou, the chairman of the Board, commented, We are delighted to welcome Mr. Chen to our board. His industry insights and extensive experience will benefit 360 Finance a lot as we work to drive sustainable growth and deliver long-term shareholder value.

About 360 Finance

360 Finance (NASDAQ: QFIN) is a leading digital consumer finance platform and the finance partner of the 360 Group. The Company provides tailored online consumer finance products to prime, underserved borrowers funded primarily by its funding partners. The Company’s proprietary technology platform enables a unique user experience supported by resolute risk management. When coupled with its partnership with 360 Group, the Company’s technology translates to a meaningful borrower acquisition, borrower retention and funding advantage, supporting the rapid growth and scaling of its business.

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