China Fund News reporter Yi Shan
Two years after its establishment, Vipshop Fubon Consumer Finance welcomed its first change in chairman.
Shen Ya resigns as chairman
According to the latest information from the National Enterprise Credit Information Publicity System, the Chairman of Vipshop Fubon Consumer Finance has been changed from Shen Ya to Yao Fang.
At the end of November this year, Vipshop Fubon Consumer Finance announced that the company's board of directors had previously reviewed and approved relevant proposals, electing director Yao Fang as the first chairman of the board of directors. Former Chairman Shen Ya continues to serve as a director. Recently, the company received approval from the Sichuan Regulatory Bureau of the State Administration for Financial Supervision and Administration, approving the appointment qualifications of Chairman Yao Fang, and will resume his duties from November 17th.
It is understood that Yao Fang once served as the head of the finance department of Vipshop and is currently serving as a supervisor in over 20 Vipshop subsidiaries, as well as a director of Zhejiang Vipshop Payment Company.
On the side of Shen Ya, as the co-founder, chairman, and CEO of Vipshop, in addition to Vipshop Consumer Finance, he also stepped down as the chairman of Shanghai Vipshop Small Loan Co., Ltd. at the end of October this year, and the company's legal representative was changed from Shen Ya to Chen Congjie. According to Tianyancha, currently Shen Ya only serves as the legal representative and chairman of Zhejiang Vipshop Payment Services Co., Ltd. in Vipshop's financial business.
Under the new regulations, there may be a capital increase
According to the data, Sichuan Vipshop Consumer Finance Co., Ltd. is a consumer finance company approved by the China Banking and Insurance Regulatory Commission. Established on October 19, 2021, it is the 30th consumer finance company in China to operate, mainly engaged in personal consumer credit business, and expanding nationwide. Shen Ya was the first chairman of the company.
According to Tianyancha, Vipshop Fubon Consumer Finance has a registered capital of 500 million yuan and was jointly established by Vipshop (China) Co., Ltd., Tebu (China) Co., Ltd., and Fubon Huayi Bank Co., Ltd. Among them, Vipshop (China) holds a 49.9% stake and is the controlling shareholder of the company; Tebu (China) holds 25.1% of the shares, while Fubon Huayi Bank holds 25% of the shares.
From a product perspective, Vipshop Fubon Consumer Finance mainly provides customers with personal consumption loans, including "Xiaoronghua" and "Xiaorongdai". According to the business pricing and fee announcement released in early November, if interest is calculated based on interest rates, the company's product annualized comprehensive interest rate is 6% -24% (simple interest), and 0% -3% of the remaining unpaid principal will be charged when making early repayments; When the loan is overdue, it will be charged at a rate of 30% -50% increase; When the loan is misappropriated, it will be charged at a rate of 50% -100% increase.
In April this year, Vipshop Fubon Consumer Finance disclosed its first full fiscal year performance since its opening. In 2022, the company achieved a revenue of 125 million yuan and a net profit of 7.1875 million yuan; At the end of the reporting period, the total assets were 3.755 billion yuan and the net assets were 412 million yuan.
According to the business situation disclosed by Fubon Huayi Bank in the first half of 2023, as of June 30, 2023, the cumulative realized profit and loss of Fubon Huayi Bank's equity investment in Vipshop Fubon Consumer Finance was -19.3969 million yuan.
In addition, it is worth noting that on December 18th, the State Administration for Financial Supervision and Administration of China issued the revised "Measures for the Administration of Consumer Finance Companies (Draft for Comments)", which raised the minimum registered capital from RMB 300 million to RMB 1 billion; The shareholding ratio of the main investors in consumer finance companies has increased from no less than 30% to no less than 50%. However, based on the current registered capital and shareholding ratio of major investors of Vipshop Fubon Consumer Finance, they do not meet the latest requirements for soliciting opinions and may face a series of adjustments in the future.
Industry insiders point out that the increased requirements for shareholders and capital in the solicitation of opinions on the new consumer finance regulations are conducive to enhancing the risk resistance ability of consumer finance companies, consolidating shareholder responsibilities, and better leveraging shareholder resource advantages. While promoting the innovative development of consumer finance companies, the market reshuffle may also intensify in the future. For some consumer finance companies such as Vipshop Fubon Consumer Finance, they still face many challenges in the future.
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