Ant Consumer Finance was approved to open a 14-person senior management team debuted

China Times (www.chinatimes.net.cn) reporter Lu Xiao reported from Beijing

Ant Technology Group's rectification has made new progress.

On June 3, the China Banking and Insurance Regulatory Commission (CBIRC) published the "Reply of the Chongqing Banking and Insurance Regulatory Bureau on the Opening of Chongqing Ant Consumer Finance Co., Ltd.", which approved the opening of Chongqing Ant Consumer Finance Co., Ltd. (hereinafter referred to as Ant Consumption Gold). Ant Group responded to the "China Times" reporter that under the guidance of the regulatory authorities, Ant and all shareholders will work together to meet the financial service needs of consumers, participate in the construction of the financial service system with cooperative financial institutions, and continuously improve the quality of financial services and the level of risk prevention and control.

According to the "China Times" reporter, the information on the preparation of ant gold consumption has been made public since the announcement of Yuyue Medical last summer. According to the approval, the registered capital of Ant Consumption Was approved was 8 billion yuan, with a total of seven shareholders. Among them, Ant Technology Group accounts for 50% of the registered capital, and Nanyang Commercial Bank Co., Ltd. accounts for 15.01% of the registered capital. Cathay Pacific Bank (China) Limited accounts for 10% of ant-cash's registered capital.

The remaining four shareholders currently hold less than 10% of the shares. Among them, there are three A-share listed companies. CATL and Qianfang Technology account for 8% and 7.01% of the registered capital of Ant Consumption Gold, respectively. Yuyue Medical and china Huarong Asset Management Co., Ltd., a central enterprise, accounted for 4.99% of ant consumption gold's registered capital, respectively.

However, some insiders analyzed the "China Times" that the current scale of "Huabei" and "Borrowing" has already exceeded one trillion yuan, considering the requirement that Ant Consumption Fund contribute at least 30% in the joint loan, the current registered capital of 8 billion yuan is obviously difficult to undertake. He believes that ant consumption will also introduce new shareholders in the next step.

Ant Consumer Finance's 14-member executive team was also announced.

Among them, Huang Hao served as the chairman of Ant Consumption Gold. According to public information, Huang Hao joined Ant in 2016 and served as the president of the online business bank, and then served as the president of ant's digital finance sector. The "China Times" reporter found in Tianyan that Huang Hao is also the legal representative of Chongqing Ant Small and Micro Micro Loan Co., Ltd. and Chongqing Ant Shangcheng Micro Loan Co., Ltd.

These two small loan companies are the initiators of Ant Huabei and Borrowing ABS, respectively, and are also the focus of ant rectification.

According to the reporter's understanding, one of the five-point rectification requirements put forward by the financial authorities before interviewing Ant Group is to transfer the ABS (asset-backed securities) of "Huabei" and "borrowing" to licensed consumer companies. In April this year, Ant Group also said in the announcement of the rectification plan that it would fully meet the regulatory requirements, incorporate all borrowing and huabei into consumer finance companies, and carry out consumer finance business in accordance with the law. The relevant person in charge of the non-banking department of the China Banking and Insurance Regulatory Commission mentioned in an interview that the transition period for Ant Consumption Gold to undertake two small loan companies is 1 year. After rectification, Huabei and "Borrowing" will become the exclusive consumer credit products of Ant Consumption Gold.

It should be mentioned that, according to the relevant regulatory requirements, the most basic requirement for a licensed consumer finance company to be issued as an ABS is to meet a minimum operating period of 3 years. Some people believe that this may mean that Ant Consumption Gold needs to be established for three years before it can obtain a new consumer finance ABS from the Wholesale Bank. On May 25, Ant Group's two ABSs, Borrowing and Huabei, were terminated, totaling 18 billion yuan. It is unclear whether it is related to the rectification requirements. On June 4, Ant Group responded to the "China Times" reporter that the follow-up new ABS issuance of Ant Consumption Gold will be carried out in accordance with regulatory requirements and industry regulations.