Source: Associated Press of Finance
Sichuan Jincheng Consumer Finance Co., Ltd. (hereinafter referred to as Jincheng Consumer), the "old four", failed to seek war to increase capital and share, but some shareholders withdrew.
On April 22, the Sichuan Regulatory Bureau of the State Administration of Financial Supervision and Administration announced that Kaifeng Financial Leasing (Hangzhou) Co., Ltd. (hereinafter referred to as Kaifeng Financial Leasing) was approved to transfer all its 19% equity of Jincheng Consumption to Chengdu Tianfu Software Park Co., Ltd. After the equity change, Chengdu Tianfu Software Park Co., Ltd. contributed 86.49 million yuan, accounting for 20.59%. The approval date is April 15.
The reporter from the Associated Press of Finance and Economics noted that this is also the first consumer finance company to disclose equity changes after the formal implementation of the Administrative Measures for Consumer Finance Companies (hereinafter referred to as the Measures).
Many analysts believe that this round of equity change of Jincheng Consumption may be related to the Measures. Prior to this, the Measures had certain restrictions on equity transfer, capital support, equity pledge and other aspects for major shareholders holding or controlling more than 5% of the shares or voting rights of consumer finance companies. The Measures were also officially implemented on April 18.
Equity transfer has been implemented, and the third largest shareholder has changed owners
At present, equity transfer has been fully implemented. The reporter from the Associated Press of Finance found that Kaifeng Financial Leasing, the third largest shareholder of the company, had withdrawn from the list of shareholders on April 18 after checking the national enterprise credit information publicity system.
Before exiting, Kaifeng raised 79.8 million yuan. Chengdu Tianfu Software Park Co., Ltd., the former sixth largest shareholder, increased its contribution from 6.69 million yuan to 86.49 million yuan, jumping to the third largest shareholder. So far, the number of investors in Jincheng consumption has decreased from six to five. This is also the second shareholder change of Jincheng Consumer Finance in the year.
Chengdu Tianfu Software Park Co., Ltd., the new third largest shareholder, is a wholly-owned subsidiary of Chengdu High Production City Construction Group Co., Ltd. From the perspective of penetration, the actual controller of Chengdu Tianfu Software Park Co., Ltd. is the State owned Assets Finance Bureau of Chengdu Hi tech Industrial Development Zone, with a shareholding ratio of 90%. In this regard, Dong Ximiao, the chief researcher of Zhaolian, told the Associated Press of Finance that "Jincheng Consumption's equity transfer is related to the Measures, but it has nothing to do with whether the (transferee) shareholder is state-owned."
Su Xiaorui, a senior researcher of Suxi Smart Research, also told the Associated Press of Finance and Economics that the withdrawal of Jincheng consumption shareholders may be related to the new regulations. The equity transfer also shows that some shareholders do not intend to continue to invest in the field of consumer finance or adjust their strategies. Jincheng consumption is not the head institution of consumer finance, and the withdrawal of individual shareholders will not have a greater impact on the industry.
The reporter from the Associated Press of Finance noticed that the Measures require that major shareholders shall not transfer their equity within five years from the date of obtaining the equity, except for the cases where the State Financial Supervision and Administration has approved the adoption of risk disposal measures, ordered the transfer, involving judicial enforcement or transfer of equity between different entities controlled by the same investor; It shall supplement capital to the consumer finance company when necessary, and provide liquidity support when the consumer finance company has liquidity difficulties; The major shareholders promise not to pledge or set up trust for their shares in the consumer finance company.
Tianyan check shows that Kaifeng Financial Leasing pledged Jincheng's consumer equity on March 15 this year, with a share of 39.858 million yuan. At present, the pledge record of this equity is in "invalid" status.
Tianyan check shows that the current shareholders of Jincheng Consumption are Bank of Chengdu Chow Tai Fook Enterprise Co., Ltd., Chengdu Tianfu Software Park Co., Ltd Hong Leong Bank Berhad、 Chongqing Hongguang Information Technology Co., Ltd. holds 38.8571%, 25%, 20.5929%, 12% and 3.55% shares respectively.
Previous rounds of "war seeking" failed
Before this round of equity change, Jincheng Consumer has sought strategic investors for many times to launch capital increase and share expansion projects.
At the end of 2022, Bank of Chengdu, the largest shareholder of Jincheng Consumer, announced that Jincheng Consumer plans to start the second round of capital increase and share expansion, increase the registered capital by 580 million yuan through "capital reserve conversion+cash capital increase", and plan to introduce new investors. The Bank of Chengdu plans to increase its capital in the same proportion, and its shareholding in Jincheng Consumption is still 38.86% after the increase.
Jincheng Consumption's capital increase and share expansion project will be listed in the Southwest United Equity Exchange in February 2023. It is planned to recruit three investors, with an additional registered capital of 303 million yuan. At that time, a total of 30.324% of the equity available for new investors to subscribe was divided into three equity packages: Package A corresponds to 103.24 million yuan of registered capital, with an equity ratio of 10.324%; Package B corresponds to a registered capital of 100 million yuan, with an equity ratio of 10%; Package C corresponds to a registered capital of 100 million yuan, with an equity ratio of 10%. A single new investor can only apply to subscribe for one equity package. However, the deadline for listing has been postponed for several rounds, and no one is interested in it.
In Su Xiaorui's view, under the influence of the new regulations, shareholders of licensed consumer finance companies in the future will pay more attention to the company's own business quality and how to provide better resources for the company, so as to provide a better development environment for consumer finance companies at the level of corporate governance optimization and promote their healthy and sustainable development path.
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