X Financial, the New York-listed Shenzhen consumer-finance technology company, said on 6 November 2026 that its chairman and chief executive Yue (Justin) Tang had proposed taking it private at US$6.03 per American depositary share.
Why Mangrove Coast Investment Limited (Yue "Justin" Tang) is buying X Financial
In the proposal letter, Tang said the offer provided a very attractive opportunity to the company's shareholders.
“We believe that our proposal provides a very attractive opportunity to the Company's shareholders.”
Deal terms and financing
The non-binding proposal offers US$1.005 per ordinary share, or US$6.03 per ADS, a 28.3% premium to the last close. Based on the 231.1m shares outstanding reported in Mangrove's Schedule 13D filing, the price implies an equity value of about US$0.23bn, about US$0.13bn of which is for shares Mangrove does not own. Financing would come from Mangrove equity and/or rollover and third-party bank debt.
Regulatory approvals and timing
Tang will recuse himself, and the independent directors will evaluate the proposal. There is no assurance that a definitive agreement will be reached.
