Qfin CEO resigns as chief executive to lead international expansion
Online loan facilitator Qfin Holdings Inc. (QFIN.US; 3660.HK) said on Sunday that Wu Haisheng will resign as the company’s CEO to focus on developing its international business. In his place, the company named chief risk officer Zheng Yan as its new CEO.
Zheng has been a vice president of Qfin since 2017, and became its chief risk officer in 2020. His positions before that included work in the risk management department of China Merchants Bank.
Wu’s focus on development of the international business comes as private fintech lenders and loan facilitators like Qfin face an increasingly difficult environment in their home China market. In addition to tightening regulation, all the companies are facing difficulty maintaining their loan quality in a slowing Chinese economy.
As that happens, Qfin’s loan facilitation and origination volume sank 25% year-on-year to 63.4 billion yuan ($9.46 billion) in the second quarter, as its total outstanding loan balance sank 23% to 108 billion yuan.
Qfin’s stock was unchanged in Monday pre-market trading in New York after it announced the CEO change. The stock is down nearly 60% this year, and currently trades near an all-time low.
By Doug Young
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