X Financial to Hold Annual General Meeting on December 29, 2021

SHENZHEN,China,Nov. 17,2021 -- X Financial (NYSE: XYF) (the "Company" or "we"),a leading online personal finance company in China,today announced it will hold its 2021 annual general meeting of shareholders at 7/F – 8/F,Block A,Aerospace Science and Technology Plaza,No. 168 Haide Third Avenue,Nanshan District,Shenzhen 518067,ChinaonDecember 29,2021,at 10:00 a.m. local time.

The proposal to be submitted for shareholders' approval at the annual general meeting is the ratification of the appointment of Mr. Kan (Kent) Li as a director of the board of directors of the Company (the "Board") to replace the director Mr. Ding (Gardon) Gao.

The Board has fixed the close of business onNovember 12,2021as the record date (the "Record Date") for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company's Class A ordinary shares and Class B ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company's ADSs are welcome to attend the annual general meeting in person.

The Company has filed its annual report on Form 20-F for the fiscal year endedDecember 31,2020with the Securities and Exchange Commission (the "SEC") onMay 14,2021. The annual report can be accessed on the Company's investor relations website at https://ir.xiaoyinggroup.comas well as the SEC's website athttps://www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements,free of charge,to its shareholders and ADS holders upon request. Requests should be directed to the Company by emailing X Financial Investor Relations atir@xiaoying.com.

About X Financial

X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology,the Company has established strategic partnerships with financial institutions across multiple areas of its business operations,enabling it to facilitate loans to prime borrowers under a robust risk assessment and control system.

For more information,please visit: https://ir.xiaoyinggroup.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Any statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements that involve factors,risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include,but not limited to the following: the Company's goals and strategies; its future business development,financial condition and results of operations; the expected growth of the credit industry,and marketplace lending in particular,in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure,business and industry. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement,and the Company does not undertake any obligation to update such information,except as required under applicable law.

For more information,please contact:

X Financial

Mr. Frank Fuya Zheng

E-mail: ir@xiaoying.com

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

E-mail: eyuan@christensenir.com

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: lbergkamp@christensenir.com

View original content:https://www.prnewswire.com/news-releases/x-financial-to-hold-annual-general-meeting-on-december-29-2021-301425432.html