U.S. shares of Chinese loan provider CNFinance surge on profit beat

CNFinance Holdings

26/05/2022 16:07

** NYSE-listed Chinese loan provider CNFinance Holdings'
 CNF.N  shares jump 8% to $2.50 - touching highest level in over
a week
    ** Co reports Q1 profit of $0.10 per ADS, while analysts had
expected it to break even  urn:newsml:reuters.com:*:nPn7hn26ta
    ** Regional lockdowns due to COVID-19 impacted revenue, but
CNF also lowered costs by paying out less incentives to its
sales partners
    ** Government stepping in to provide support to small
businesses will stimulate economic activity and lead to a surge
in demand going forward, CEO Bin Zhai says
    ** YTD, shares have shed 39%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))