X Financial announced that Mr. Shaoyong (Simon) Cheng has been appointed as the Vice Chairman of the Board of Directors and has resigned as President of the Company with effect from May 24, 2021 and that Mr. Kan (Kent) Li has been appointed as President of the Company with effect from May 24, 2021. Mr. Shaoyong (Simon) Cheng joined company in 2015 and has served as Director since December 2017. Mr. Cheng served as President starting from October 2017. Prior to serving as President, Mr. Cheng served as Chief Risk Officer from 2015 to 2017. Prior to that, Mr. Cheng served as deputy General Manager in charge of retail lending management at Bank of Communications, senior credit risk manager at HSBC North America and HSBC Asia Pacific. Mr. Cheng also served as head of CEO office and head of business banking at Hang Seng Bank China Limited, and manager at Capital One. Mr. Kan (Kent) Li joined company in 2015 and served as Chief Risk Officer starting from November 2017. Prior to serving as Chief Risk Officer, Mr. Li served as a division director in charge of unsecured loan risk from 2015 to 2017. Prior to that, he served as a Sr. manager at Capital One Financial from September 2008 to November 2015, and had served many capacities in various position, including customer acquisition, customer management, as well as collections and recoveries. Before that, he worked as a Sr. Strategy Analyst for ATB Financial, a regional bank in Canada, from May 2005 to August 2008.