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PPDAI Group Inc. American Depositary Shares each representing five Class A
Shares of FinVolution (NYSE: FINV) have skyrocketed today, up by 30% as of 12:05 p.m. EST, after the company reported fourth-quarter earnings. Loan origination volumes were strong, and FinVolution issued optimistic guidance for 2021.
Revneue in the fourth quarter was 1.85 billion yuan ($284 million), which resulted in net income of 497.3 million yuan ($76.2 million). Loan origination volumes increased 24% to 21 billion yuan, topping FinVolution's outlook. The Chinese fintech company , which provides financial services to underserved consumers, now has 2.2 million unique borrowers and the average loan size was just over 4,000 yuan.