SHANGHAI, China, March 27, 2025 — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660), a prominent AI-powered Credit-Tech platform in China, announced today that it has finalized its offering of US$690 million in convertible senior notes due in 2030. This amount includes the full exercise of the initial purchasers’ option to buy an additional US$90 million in notes. The notes were offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Qifu Technology intends to use the net proceeds from the notes offering to repurchase its American depositary shares (ADSs) and/or class A ordinary shares. These repurchases will occur both concurrently with the pricing of the notes and periodically thereafter, as part of a newly established share repurchase plan (the “March 2025 Share Repurchase Plan”) authorized by the company’s board of directors. This plan supplements the existing share repurchase plan announced in November 2024.
The company anticipates that the offering will immediately boost its 2025 earnings per ADS upon closing. This is due to (i) the repurchase of ADSs with an aggregate value of approximately US$230 million from certain note purchasers in private, off-market transactions facilitated by one of the initial purchasers (or its affiliates acting as the company’s agent), and (ii) the notes’ cash-par conversion settlement mechanism.
The notes will represent the company’s general unsecured obligations, bearing interest at a rate of 0.50% per year. Interest will be paid semi-annually in arrears on April 1 and October 1, starting on October 1, 2025. The notes will mature on April 1, 2030, unless earlier repurchased, redeemed, or converted according to their terms.
The initial conversion rate for the notes is 16.7475 ADSs per US$1,000 principal amount, equating to an initial conversion price of approximately US$59.71 per ADS.
The notes, any ADSs deliverable upon conversion, and any class A ordinary shares represented thereby or deliverable in lieu of ADSs upon conversion, have not been registered under the Securities Act or any securities laws of other jurisdictions. They may only be offered or sold within the United States or to U.S. persons to qualified institutional buyers under the exemption provided by Rule 144A of the Securities Act.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.
About Qifu Technology
Qifu Technology is a leading AI-powered Credit-Tech platform in China. Utilizing sophisticated machine learning models and data analytics, the company provides a comprehensive suite of technology services to support financial institutions and consumers/SMEs throughout the loan lifecycle. This includes borrower acquisition, preliminary credit assessment, fund matching, and post-facilitation services. The company aims to enhance the accessibility and personalization of credit services for consumers and SMEs by providing Credit-Tech services to financial institutions.
For more information, please visit: https://ir.qifu.tech.
Safe Harbor Statement
Any forward-looking statements in this release are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terms like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. Qifu Technology may also make such statements in its filings with the SEC, announcements on the Hong Kong Stock Exchange website, annual reports, press releases, and other written materials, as well as in oral statements by its officers, directors, or employees. Statements that are not historical facts, including beliefs and expectations, are forward-looking. These statements involve inherent risks and uncertainties, and actual results may differ materially due to factors including, but not limited to, the company’s growth strategies, its cooperation with 360 Group, changes in laws and regulations, brand recognition, market acceptance of products and services, Credit-Tech industry trends, governmental policies, general economic conditions in China and globally, and related assumptions. Further information on these and other risks is available in Qifu Technology’s filings with the SEC and announcements on the Hong Kong Stock Exchange website. All information is current as of the release date, and Qifu Technology undertakes no obligation to update any forward-looking statement, except as required by law.
For further information, please contact:
Qifu Technology
E-mail: ir@360shuke.com
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