X Financial Announces its Investment in a VC Fund Managed by Dragonfly Ventures II, L.P.

X Financial (NYSE: XYF) (the “Company” or “we”), a leading technology-driven personal finance company in China, today announced commitment to invest in an aggregate amount of US$10 million in a VC fund managed by Dragonfly Ventures II, L.P. (“Dragonfly”) for blockchain industry investment opportunities. Dragonfly is a venture capital fund focusing on the blockchain industry with its long-term value investment strategy and research-driven process. Dragonfly has made investments in some of the leading blockchain platforms including Maker, Compound, Celo, UMA, etc.

The Company believes that this investment can bring an opportunity of exploring innovative technologies and the potential for improved profitability in long term, which is in line with the Company’s business strategies.