FinVolution shares surge on impressive revenue growth
US-listed shares of Shanghai-based FinVolution jumped 11.54 percent to close at US$1.45 on Thursday.
In 2019, FinVolution posted revenue of 5.96 billion yuan (US$851 million), up 31.2 percent year on year. Its net profit was 2.37 billion yuan, nearly even with the previous year.
FinVolution, formerly known as PPDai, has shifted its business focus from individual lenders toward institutional lenders, a move which promises more capital stability and fewer risks.
It had developed over 50,000 small and medium-sized enterprise users by the end of 2019.
Also in 2019, FinVolution invested 391 million yuan in research and development, up 22.8 percent from 2018.