CNFinance Holdings Ltd. (CNF) SEC Filings & Earnings Calls
EquiReason read 9 CNFinance Holdings Ltd. SEC filings in the last 12 months. Latest: 6-K on 2026-08-28 — CNFinance H1 2026: net interest income negative RMB88.4M vs positive RMB143.9M YoY; credit loss provisions surge to RMB340.7M; operating expenses down 58%..
Source: SEC EDGAR filings · read by EquiReason
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last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
28 Aug 20266-KCNFinance H1 2026: net interest income negative RMB88.4M vs positive RMB143.9M YoY; credit loss provisions surge to RMB340.7M; operating expenses down 58%.earningsopen
Figures in the filing · each found in the filing text
| Net interest and fees income · H1-2026 | $-88M |
Risks flagged
Credit loss provisions surged 10x due to economic uncertainties; loan portfolio quality deteriorating.
“Provision for credit losses...increased to RMB340.7 million...from RMB31.2 million...loan performances affected by economic uncertainties”
Net interest income turned negative; business model under pressure from portfolio shrinkage.
“Net interest and fees income was RMB(88.4) million...as compared to an income of RMB143.9 million” · word for word
11 May 2026SC 13DInsider Bin Zhai, through Kylin Investment Holdings, subscribes for 2 billion Class B shares with 20 votes each, increasing voting power to 97.28%, effectively consolidating control.open
Risks flagged
Insider Control Risk
“Percentage of aggregate voting power ... 97.28%”
11 May 2026SC 13DInsider Bin Zhai, through Kylin Investment Holdings, subscribes for 2 billion Class B shares with 20 votes each, increasing voting power to 97.28%, effectively consolidating control.open
Risks flagged
Insider Control Risk
“Percentage of aggregate voting power ... 97.28%”
6 May 20266-KCNFinance issued 2,000,000,000 Class B ordinary shares to Kylin Investment Holdings at $0.0001/share for $200,000 gross proceeds. Kylin now holds ~63% of shares and ~96.8% voting power, indicating significant dilution and control concentratopen
Figures in the filing · each found in the filing text
| Class B ordinary shares issued · 2026-05-06 | 2,000,000,000 | |
| Gross proceeds · 2026-05-06 | $200000.00 | |
| Total issued and outstanding ordinary shares · 2026-05-06 | 3,559,576,960 |
Risks flagged
Extreme dilution and control concentration: Kylin now holds ~63% of shares and ~96.8% voting power, potentially harming minority shareholder interests.
“Kylin beneficially owns ... approximately 63.0% of the total issued and outstanding ordinary shares ... and approximately 96.8% of the aggregate voting power”
30 Apr 202620-FAnnual report for FY2025 reveals severe deterioration in loan portfolio quality with delinquency ratio rising to 50.26% and NPL ratio to 35.62%, extreme concentration in a single sales partner, and ongoing regulatory risks.earningsopen
Figures in the filing · each found in the filing text
| Delinquency Ratio · FY2025 | 50.3% | |
| NPL Ratio · FY2025 | 35.6% | |
| Leverage Ratio · FY2025 | $2.00 | -59% y/y |
| Second Lien Loan Origination Volume % · FY2025 | 53.9% | |
| Trust Lending Origination Volume % · FY2025 | 78.4% | |
| Commercial Bank Partnership Origination Volume % · FY2025 | 8.1% | |
| FOTIC Trust Plan Origination Volume % · FY2025 | 13.1% | |
| Sales Partner Concentration % · FY2025 | 94.7% | |
| Share Repurchase Amount · FY2025 | $19M |
Risks flagged
Extreme Loan Portfolio Deterioration
“The delinquency ratio for loans originated by us (excluding loans held for sale) increased from 15.54% as of December 31, 2023 to 29.72% as of December 31, 2024, and to 50.26% as of December 31, 2025. Our NPL ratio (excluding loans held for sale) increased from 1.11% as of as of December 31, 2023 to 8.50% as of December 31, 2024, and to 35.62 % as of Decembe” · word for word
Single Sales Partner Concentration
“the balance of outstanding loan principal of the loans issued to borrowers introduced by such sales partner accounted for 94.7% of our total balance of outstanding loan principal as of December 31, 2025.” · word for word
Regulatory and Compliance Risk in China
“The PRC government has significant authority to exert influence on the ability of a company based in China, such as ours, to conduct its business, accept foreign investments or list on U.S. or other foreign exchanges.” · word for word
Second Lien Mortgage Exposure
“In 2023, 2024 and 2025, loans secured by second lien interest accounted for 62.9%, 58.7% and 53.9%of our loan origination volume of home equity loans, respectively.” · word for word
Delisting Risk from NYSE
“We were notified by NYSE on April 7, 2025, that we were not in compliance with the Price Criteria, as the average closing price of our ADSs was less than US$1.00 over thirty (30) trading-day period.” · word for word
12 Feb 20266-KCNFinance Holdings reports net loss of RMB 40.4M for H1 2025 vs net income of RMB 47.9M in H1 2024; provision for credit losses decreased to RMB 31.2M from RMB 170.8M.earningsopen
Figures in the filing · each found in the filing text
| Net (Loss)/Income · H1-2025 | $-40M | |
| Provision for Credit Losses · H1-2025 | $31M | -82% y/y |
| Cash, Cash Equivalents and Restricted Cash · 2025-06-30 | $810M | -50% y/y |
| Interest Expense Paid · H1-2025 | $272M | -32% y/y |
Risks flagged
Net loss and declining cash reserves indicate financial stress; reduced credit loss provisions may not fully reflect asset quality.
“Net loss of RMB 40.4M; cash balance declined from RMB 1,170.4M to RMB 809.5M.”
10 Dec 20256-KCNFinance Holdings held an extraordinary general meeting where shareholders approved a dual-class share structure and amended articles of association, with no material financial impact disclosed.open
Risks flagged
Dual-class structure may reduce minority shareholder influence
“Adoption of dual-class shareholding structure with Class A and Class B shares.”
10 Nov 20256-KCNFinance Holdings announces an Extraordinary General Meeting to adopt a dual-class share structure and amend articles of association. No financial or operational impact disclosed.open
Risks flagged
Dual-class structure may concentrate voting power with insiders, potentially disadvantaging minority shareholders.
“Adoption of dual-class shareholding structure with Class B shares likely having superior voting rights.”
CNFinance Holdings Ltd. — questions
- What did CNFinance Holdings Ltd. file recently?
- 9 SEC filings in the last 12 months. Latest: 6-K on 2026-08-28 — CNFinance H1 2026: net interest income negative RMB88.4M vs positive RMB143.9M YoY; credit loss provisions surge to RMB340.7M; operating expenses down 58%.
Every figure on this page comes from CNFinance Holdings Ltd.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.