Current status of Yongqianbao Company

Recently, according to statistics from Xinliu Finance, less than 30% of the 20 leading cash loan platforms are lending money normally. Among them, many platforms whose affiliated companies have experienced crises are still lending money normally.

The operating entity of Yongqianbao is Beijing Zhilong Times Information Technology Co., Ltd. (hereinafter referred to as "Zhilong Times"). Since its establishment in 2013, Yongqianbao has experienced 7 rounds of financing, and has received funding from Multiple rounds of financing from Sinovation Ventures and Morningside Capital. In 2017, the Yongqianbao brand was upgraded to "Zhilong Group".

Tianyancha information shows that on September 30 this year, there was a new piece of information on the person subject to execution in Zhirong Times. The amount of the execution target was as high as 113 million yuan. The execution court was the People's Court of Changping District, Beijing.

Yongqianbao Official currently still carries out loan and super business through the official WeChat public account, and carries out cash loan business through the operating entity of Yongqianbao.

The "preferred platforms" recommended by Qianbao Official WeChat include Pudonghua, Xinyebang Installment, Platinum Loan, Xinxin Wallet, etc., which are respectively provided by Zhoushan Shanying Network Technology Co., Ltd. and Hangzhou Qingshan It is operated by Technology Co., Ltd., Harbin Longshang Small Loan Co., Ltd., and Chengdu Youka Shuxin Information Technology Co., Ltd. Among the above-mentioned companies, except for the operating entity of Platinum Loan, which has a small loan license, other companies have no financial qualifications.

In addition, just in July this year, Yuan Haihuicheng was sentenced in the case of a criminal group involving soft violence on the Internet. It is reported that the defendant Zhao Bo served as a supervisor of Zhirong Times from September 2016 to April 2018, and Yuanhai Huicheng collected arrears for Yongqianbao and third-party online loan companies. The collection department has established more than 30 collection teams based on the debtor's time of arrears, and plans to employ more than 300 salesmen. During the collection process, the collection staff used "soft violence" methods such as insults and intimidation to harass debtors and their urgent needs. Contacts and address book contacts form an evil force group. The victims involved most provinces across the country, and the investigative agency has collected evidence of more than 700 victims. The Kung Fu Loan operated by Hangzhou Dashu Network Technology Co., Ltd. is Sino-Singapore (Heilongjiang) Internet Small Loan Co., Ltd. (hereinafter referred to as "Sino-Singapore Small Loan") )’s cash loan platform, Zhongxin Small Loan, is an Internet small loan company under Pioneer. Among the corporate shareholders of Zhongxin Small Loan, Huiyuan Group’s debt is overburdened and its capital chain is tight. Lai Xiaomin, chairman of Huarong Assets, was investigated. Oriental Ginza P2P is overdue, Zhang Wei's Zhongke Chuang is accused of being a criminal group involved in organized crime, and Zhang Zhenxin, chairman of the Pioneer Group who took the lead in establishing Zhongxin Small Loan, issued an internal letter admitting that it has encountered an unprecedented crisis.

Tianyancha information shows that on November 27, 2019, Sino-Singapore Small Loan was listed as operating abnormal by the Harbin Pingfang District Market Supervision and Administration Bureau due to the inability to contact through the registered residence or business location. As of now, , Sino-Singapore Small Loan still has information on three persons subject to execution, involving a total execution target of approximately 146 million yuan.

In addition, Qianzhan is a cash loan platform owned by Fanpu Jinke. In addition to Money Station, Fanpu Jinke's cash loan platforms also include "Fanpu Credit", "Xiaofan Financing", "Inclusive Finance", etc., and it controls the P2P platform "Ai Qianjin".

In September this year, the Dongcheng Branch of the Beijing Municipal Public Security Bureau launched an investigation into Aiqianjin’s suspected illegal absorption of public deposits. The police notice shows that the recovery work will be carried out from the real borrowers of the platforms such as "Qianzhan", "Fanpu Credit", "Xiaofan Installment", and "Inclusive Finance" involved in this case.

Aiqianjin’s official website shows that as of November 19, the principal balance of Aiqianjin’s loans is approximately 18.402 billion yuan, the interest on the loan balance is approximately 1.422 billion yuan, and the overdue amount is 8.547 billion yuan, of which 7.55 billion yuan. Overdue for more than 90 days, the overdue rate is as high as 43, and the platform’s cumulative compensation amount is approximately 12.349 billion yuan.