FINV Stock: Why The Price Increased Today

By Amit Chowdhry ● Oct 20, 2021
  • The stock price of FinVolution Group (NYSE: FINV) increased by over 3% pre-market. This is why it happened.

The stock price of FinVolution Group (NYSE: FINV) – a leading fintech platform in China – increased by over 3% pre-market. Investors are responding positively to the company announcing that based on its current assessment of operational and market conditions, the company has raised its total transaction volume guidance for full-year 2021 to a range of RMB130 billion to RMB135 billion, representing a year-on-year increase of 102.8% to 110.6%. The guidance range announced earlier on March 11, 2021, was between RMB100 billion and RMB120 billion.

And the raised guidance factored in recent changes in macro environment, coupled with the robust strategy execution in the first half of 2021, reflecting greater confidence in business trends and ability to gain further momentum as the company continues to accelerate its initiatives in international expansion, facilitation for small business owners and continued investment into technology. Along with the successful execution of acquiring better quality borrowers, the percentage of loans facilitated at or below 24% per annum has further increased to 77% in September, 2021.

This forecast is based on the current market conditions and reflects the company’s current preliminary views and expectations on market and operational conditions, the regulatory and operating environment, as well as customer and institutional investor demands – all of which are subject to change.

KEY QUOTE:

“By continuing to invest in state-of-the-art technology, enhance our sophisticated credit risk management framework and remain nimble and vigilant in our execution, we are well-positioned to support our borrowers and institutional funding partners with outstanding service and products in the unfolding Delta-variant environment of 2021. We remain committed to improving our customer experience, exploring new growth opportunities both domestically and abroad, and ultimately delivering sustainable value to all stakeholders.”

— Feng Zhang, the Chief Executive Officer of FinVolution

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.