X Financial has announced a change in its independent registered public accounting firm, appointing Deloitte Touche Tohmatsu Certified Public Accountants LLP as its new auditor, replacing KPMG Huazhen LLP. This change, effective May 23, 2025, follows a careful decision by the company's board of directors and audit committee. The transition was not due to any disagreements over accounting principles or auditing practices between X Financial and KPMG. However, KPMG had previously identified a material weakness as of December 31, 2023, related to insufficient U.S. GAAP knowledge among the company's financial reporting personnel, particularly concerning the classification of consolidated statements of cash flows and presentation of financial statements. X Financial reported no other significant issues or disagreements during the past two fiscal years leading up to the auditor change.