Business Context and Reporting Period
Company: X Financial
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 23, 2025
Reporting Period: Current event disclosure for the month of May 2025.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a change of auditor and does not contain financial statement data.
Material Changes
- Change of Auditor: On May 23, 2025, the Company appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as its independent registered public accounting firm, effective immediately.
- Dismissal of Prior Auditor: KPMG Huazhen LLP was dismissed on the same date.
- Reason for Change: The Board of Directors and Audit Committee approved the change after careful consideration. The Company explicitly states there were no disagreements with KPMG regarding accounting principles, financial statement disclosure, or auditing scope/procedures.
- Historical Audit Opinions: KPMG's reports for fiscal years ended December 31, 2023, and 2024, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or principles.
- Reportable Events: No reportable events occurred during the two most recent fiscal years or through May 23, 2025, with one exception: KPMG previously advised the Company of a material weakness as of December 31, 2023, related to a lack of sufficient U.S. GAAP knowledge by financial reporting personnel concerning the classification of consolidated statements of cash flows and consolidated financial statements presentation.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or management commentary regarding future performance. The primary risk disclosed is the historical material weakness in U.S. GAAP knowledge regarding cash flow classification, which was identified by the former auditor.
Investor Verification Checklist
- Verify the status of the material weakness regarding U.S. GAAP knowledge and cash flow classification identified as of December 31, 2023, and confirm if remediation has been completed.
- Review the letter from KPMG Huazhen LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the lack of disagreements.
- Confirm the transition timeline and initial engagement scope between X Financial and Deloitte.