Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price2.37 USD
Ethical score70.0/100
Our investment reviews on this name
2026-10-26Read Markdown2.71-12.5% to today ✓Accumulation gives way to Markdown first Markdown read since August
2026-10-17Read Accumulation2.71-12.5% to today Markup gives way to Accumulation after a 27% rise in 6 weeks
2026-09-03Read Markup2.13+11.3% to today ✓Markdown gives way to Markup first Markup read since July
2026-08-03Read Markdown2.13+11.3% to today Markup gives way to Markdown after a 28% slide in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
9F Inc ADR holds its Markdown at $2.37. Consolidating, no directional conviction, held for 32 days.
As held on the ledger · 2026-11-03
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 32 days
Price at the screen
$2.37
Valuation
1.23 trailing · N/A forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.07
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.56%
Below 33%
Interest-bearing debt is just 0.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
4.51%
Below 33%
Cash held in interest-bearing accounts and securities is 4.5% of assets, under the one-third limit.
Pass
Receivables
12.14%
Below 49%
Money owed to the company is 12.1% of assets, under the 49% limit.
Pass
Revenue purity
62.93%
Below 5%
62.9% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
9F clears the business-activity screen, and its debt is near-nil. Where it falls short is income purity: around 63% of its income right now is interest earned on a large cash position, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when JFU's ethical verdict changes
Today JFU does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to China and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
JFU trades on NASDAQ (the company is based in China). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-26Markdown · changed$2.71+0.0%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-10-17Accumulation · changed$2.71+5.4%Entry 7
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-10-02Markup$2.57+20.7%Entry 6
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 20.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-09-03Markup · changed$2.13+0.0%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-08-03Markdown · changed$2.13-27.6%Entry 4
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 27.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-07-18Markup$2.94+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 34%.
2026-07-03Markup$2.94+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$2.94Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.