On September 19,
the Chongqing Banking and Insurance Regulatory Bureau issued a fine of 500,000 yuan
to Chongqing Xiaomi Consumer Finance Co., Ltd. (hereinafter referred to as
“Xiaomi Consumer Finance”) and warned a relevant responsible person.
The
administrative penalty decision shows that the main violation of laws and
regulations (cause of the case) is that the post-loan management was not in
place, and consumer loan funds were misappropriated. The Chongqing Banking and
Insurance Regulatory Bureau fined Xiaomi Consumer Finance 500,000 yuan and
warned the responsible person Ai Hao.
In
May 2020, Xiaomi Consumer Finance was approved for opening, with a registered
capital of 1.5 billion yuan, making it the 26th licensed consumer finance
company in China. According to the official website of Xiaomi Consumer Finance,
the current product matrix includes cash installments, consumption
installments, and revolving loans.
According
to Tianyancha, the largest shareholder of Xiaomi Consumer Finance is Xiaomi
Communication Technology Co., Ltd., holding 50%, the second largest shareholder
is Chongqing Rural Commercial Bank Co., Ltd., holding 30%, and the other three
shareholders are Chongqing Jinshan Holdings (Group) Co., Ltd., Chongqing Dashun
Electric Appliances (Group) Co., Ltd., and Chongqing Golden Crown Jielai Hardware
and Electromechanical Market Co., Ltd.
In February 2022
, Xiaomi Consumer Finance completed the first syndicated loan raising, raising
680 million syndicated loans. In May, Xiaomi Consumer Finance was officially
approved to enter the national interbank lending market.
On
August 30, Chongqing Rural Commercial Bank disclosed its second quarterly
report for 2022, mentioning the performance of the associate company Xiaomi
Consumer Finance. As of the end of the reporting period, Xiaomi Consumer
Finance had total assets of 9.661 billion yuan and net assets of 1.412 billion
yuan; the net loss in the first half of the year was 93.196 million yuan, an increase
of 43% year-on-year, and the net profit in 2021 was 3.68 million yuan.
The legal
representative of Xiaomi Consumer Finance is Hong Feng, vice president of
Xiaomi Group, and the president is Ji Chunjiang.
Hong
Feng is currently the legal representative and chairman of Xiaomi Micro Loan
Co., Ltd. Previously, he also served as the legal representative and chairman
of Tianxing Digital Technology Co., Ltd., onechanges, and the legal
representative and chairman of the board have changed from Hong Feng to the
vice president of Xiaomi Group. and Chief Financial Officer (CFO) Lin Shiwei.
Lin
Shiwei once said in the earnings conference call in the fourth quarter of 2021
that the main personal consumer loan product "Suixingzhuan" under the
former Tianxing Digital Technology Co., Ltd. was changed from Xiaomi Small Loan
Company to Xiaomi Consumer Finance Operation.
On
August 9, the Chongqing Banking and Insurance Regulatory Bureau approved Ji
Chunjiang's qualification for the post of President of Xiaomi Consumer Finance.
In March of this year, Wang Chuan, co-founder of Xiaomi Group, resigned from
the directorship of Xiaomi Consumer Finance, and Ji Chunjiang served as a
director for the first time.
According
to Xiaomi Group's 2022 second quarter financial report, the revenue of the
Internet service segment was 6.97 billion yuan, a year-on-year decrease of
0.9%, mainly due to the decrease in revenue from the financial technology
business, which was partially offset by the increase in revenue from TV
value-added services and game business.
source: https://www.sina.com.cn/
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