On September 21, Qifu Technology announced a management reshuffle: former Chief Risk Officer Wu Haisheng stepped down as CEO and director to devote more effort to international operations, with Zheng Yan succeeding him as CEO and director. According to his profile, Zheng Yan brings 18 years of experience in consumer finance risk management, having previously held roles in the risk management department at CMB Credit Card Center, co-founded Samoyed Digital Technology, joined Qifu Technology in 2017, and served as Chief Risk Officer since 2020.
The announcement noted that this adjustment is tied to long-term strategy and the growth potential of international business, with the core focus being a reallocation of management responsibilities. Based on Qifu Technology's unaudited financial report for the second quarter of 2026, net revenue for the quarter reached RMB 3.567 billion, with operating profit of RMB 1.161 billion. Several risk metrics showed improvement: the first-day delinquency rate dropped from 5.7% in the first quarter to 5.6% in the second quarter, the 30-day recovery rate rose from 85.8% to 88.1%, and the delinquency rate for loans overdue more than 90 days fell from 3.50% at the end of the first quarter to 2.83%.
Qifu Technology attributed these changes to stricter risk control standards, adjustments to its customer mix, and optimized collection efforts. The simultaneous contraction in loan volume and improvement in risk indicators suggest management is recalibrating the balance between lending scale, loan pricing, and asset quality. Regulatory shifts in the industry have further elevated the importance of risk management and pricing capabilities within the loan facilitation business.
The new loan facilitation rules implemented in October 2025 strengthen commercial banks' autonomous risk control responsibilities, requiring banks to manage partner platforms under a unified framework, include credit enhancement fees in total financing costs, and continuously assess the repayment capacity of credit enhancement institutions. The financing cost management guidelines for micro-loan companies call for a gradual reduction in the comprehensive financing costs of new loans, with a target of compressing them to no more than four times the one-year LPR by the end of 2027 at the latest. The micro-loan entities under Qifu Technology will also face pricing adjustments as a result of these requirements.
International operations form another thread in this management transition. Qifu Technology previously noted in its periodic reports that it has applied for licenses and assembled local teams in select overseas markets. Wu Haisheng's shift to international business further clarifies the management accountability for overseas expansion. This leadership change has reset Qifu Technology's management priorities: Zheng Yan takes charge of overall operations and risk-return management, while Wu Haisheng focuses on advancing international business. Asset quality, lending scale, revenue from light-capital operations, and the contribution of overseas operations will serve as the primary indicators for assessing the effectiveness of this new division of labor over the medium to long term.