$Qifu Technology(QFIN)$ Had a quick look at Qifu Technology’s (360 DigiTech) Q1 report，solid as always. Non-GAAP net profit rose 60% YoY to RMB 1.93 billion, and profits are still climbing QoQ. Since last year, Qifu restarted its overseas expansion as part of its “1 body + 2 wings” strategy, this time targeting developed countries like the UK and Canada.
Progress in the UK is especially fast, the licensing process is almost done, and their local head already started in Q1. These countries have high credit penetration and high interest rates (UK credit card APR cap is ~35%, Canada also sees rates above 30%), so there’s big potential. For a fintech "high-flyer" like Qifu, moving into developed markets makes total sense，could be the start of their next growth chapter.
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