On January 5, the Chongqing Local Financial Regulatory Administration officially published a list of 37 "missing" or "shell" local financial organizations. A familiar name reappeared on this list: Chongqing Liangjiang New Area Baosheng Small Loan Co., Ltd. (hereinafter referred to as "Baosheng Micro-Loan"). In fact, Baosheng Micro-Loan had already had its online lending business qualifications suspended by the Chongqing Local Financial Regulatory Administration. However, this micro-loan company not only continued operations despite its legal representative Zheng Weijing being arrested for "illegal fundraising," but it also successively launched over a dozen loan apps, including Rentianhua. Its associated Hong Kong-listed company not only turned a profit from losses but also saw its profits surge by 224% in 2024.
Industrial and commercial information shows that Baosheng Micro-Loan was established on July 4, 2013, with a registered capital of 300 million yuan. Its legal representative is Zheng Weijing. The company was formerly known as Chongqing Northern New Area Baosheng Small Loan Co., Ltd. (from July 2013 to July 2016) and has only 2 employees enrolled in social insurance. Baosheng Micro-Loan has 11 shareholders, 10 of whom are natural persons and one is an enterprise shareholder. Among them, the largest shareholder, Yang Jie, is a失信被执行人 (discredited person subject to enforcement), restricted from high-consumption activities, and has equity frozen. The second-largest shareholder, Jiang Xianchao, is also a失信被执行人 and restricted from high-consumption. The eighth-largest shareholder, Chongqing Yuanyang Fire Protection Equipment Engineering Co., Ltd., is also a被执行人 (person subject to enforcement), restricted from high-consumption, and has equity pledged. The ninth-largest shareholder is also a失信被执行人, restricted from high-consumption, and has equity pledged. But the focus is on Zheng Weijing. Those familiar with the wild early days of the internet finance era might recognize this name, as he was among those who ended up in legal trouble after the wave of P2P collapses. He is the actual controller of companies under the "Huilian Finance" system (i.e., Huilian Financial Services Holdings Ltd.), including Qianhai Huilian Financial Services (Shenzhen) Co., Ltd. and Shenzhen Huilian Internet Financial Services Co., Ltd. (hereinafter referred to as "Shenzhen Huilian"). Huilian Finance is a Hong Kong-listed company, stock code HK:08030. In September 2024, Huilian Finance (08030) announced a complete change of its English and Chinese names; the Chinese name was changed from "汇联金融服务" to "丰银禾控股" (Fengyinhe Holdings), effective from 9:00 a.m. on October 2, 2024, with the stock code "8030" remaining unchanged. According to previous official introductions from Fengyinhe Holdings, Zheng Weijing was one of the co-founders of the group, serving as Chairman of the Board and Executive Director. He became a director of Huilian Asset Management in 2007, responsible for overseeing the company's overall operations, served as Vice President of the group since 2009, assumed the role of Chairman of the Board of Huilian Finance in November 2014, concurrently serving as CEO and Chairman of the Nomination Committee. With 15 years of experience in real estate investment and financing services, he led Huilian Finance to list on the Hong Kong Growth Enterprise Market in 2012. Media reports indicated that Huilian Finance Board Chairman Zheng Weijing, Huilian Finance Executive Director Guo Xinru, and other company executives, along with Huilicai investors, invited guests, and media representatives, totaling 200 people, attended the opening ceremony of Hui Coffee. However, by the end of 2020, Huilian Finance's "Huilian Huilicai" platform failed to fulfill its liquidation promises, leading police to file a case for investigation against Shenzhen Huilian. The platform's actual controller, Zheng Moujing (Zheng Weijing), senior executive Guo Moujiao, and three others were subjected to criminal compulsory measures on suspicion of illegal absorption of public deposits. Nanshan police had already seized 16 properties involved in the case located in Shenzhen and impounded 4 vehicles. On June 16, 2021, the official WeChat account of the Shenzhen Nanshan District People's Procuratorate released information stating that the case involving suspects Zheng Weijing, Guo Chanjiao, and three others, suspected of the crime of illegally absorbing public deposits, had recently been transferred by the Shenzhen Public Security Bureau Nanshan Branch to the procuratorate for review and prosecution. The information showed that suspect Zheng Weijing gained control of Shenzhen Huilian by controlling Huilian Finance. Suspect Guo Chanjiao served as the legal representative and general manager of Shenzhen Huilian. During the company's operation, without a license issued by financial authorities, it publicly promoted investment products through the "Huilicai" platform, using online internet channels and offline marketing points, promising to repay principal and interest within a certain period, and engaged in large-scale illegal fundraising from unspecified targets. As of the announcement, the outstanding amount (principal and interest) on the Huilicai platform was approximately 500 million yuan for the online wealth management platform, involving about 8,900 creditors. The outstanding amount for offline private placement products was 303 million yuan, involving about 280 creditors. The total outstanding principal and interest amounted to approximately 803 million yuan. Yet, even though these key figures have been detained for five years, Huilian Finance, controlled by Zheng Weijing, now known as Fengyinhe Holdings, is still operating normally. According to information from East Money, from 2021 to 2024, Fengyinhe Holdings' net profits were -265 million yuan, 2 million yuan, 16 million yuan, and 54 million yuan respectively, with growth rates of 43.40%, 100.98%, 549.75%, and 224.19% respectively. In contrast, in 2019 and 2020, the company incurred losses of 674 million yuan and 469 million yuan respectively. Evidently, 2022 was a remarkable year when Fengyinhe Holdings, which had been losing money for years and whose actual controller was detained, suddenly turned a profit.
As of January 7, 2025, at the time of writing, the company's stock price was HK$10.15, down -5.49%.
So what exactly happened in 2022 that caused the Hong Kong-listed company behind Baosheng Micro-Loan, Fengyinhe Holdings, to suddenly rebound from its lows? Based on Baosheng Micro-Loan's activities, we can speculate that they embarked on a new money-making path—"licensing out their qualifications." Qichacha shows that Baosheng Micro-Loan has over a dozen loan products under its umbrella. It has obtained software copyrights for four loan apps: Beiduofen, Baoyin Wallet, Weipin Fenqi, and Qujietiao.
Additionally, there are apps like Rentianhua Jisu Ban (introduced as an internet shopping platform for fresh ingredients, delisted in December 2023), and the Fenqi Kuai mini-program; as well as six loan-related public accounts: Quanyedai, Kuaidian Jiuji, Jinxin Jiudai, Shengcai Yidai, Shangyin Zhidai, and Dingsheng Chedai. According to public complaint platforms, the aforementioned apps all have numerous issues. Baoyin Wallet mainly involves charging membership fees, making false promises, and not disbursing loans. Weipin Fenqi has over 140 complaints, primarily related to high interest rates exceeding 100%. It is highly likely that the operators of these apps are not Baosheng Micro-Loan itself. Taking Weipin Fenqi as an example, Baosheng Micro-Loan obtained the software copyright in July 2019, but in the same month, Shanghai Rongshi Information Technology Co., Ltd. applied for a trademark with the same name. The latter company was deregistered in April 2024.
The Rentianhua app, trademark, and website belong to Meishan Rentian Jinfu Internet Information Consulting Co., Ltd. The app's appearance and logo are identical to the Rentianhua Jisu Ban mentioned above. The Xiaomi App Store shows that Rentianhua was last updated on August 27, 2025, and the operator is Meishan Rentian Jinfu Internet Information Consulting Co., Ltd. The app is currently displayed as "under maintenance." It is important to note that this company does not possess any financial licenses.
A previous report by Kaijia Caijing stated that "Rentianhua," which a certain internet finance platform cooperated with for traffic diversion, had Baosheng Micro-Loan listed as its developer. It was essentially a loan supermarket; after successful registration, it further matched users with 6 other loan supermarkets: Chengyitong, Xiangyida, Yixianghua, Boyindai, Haohuijie, and Xinyebang. A report by Lanjinger also indicated that Baosheng Micro-Loan's operated "Baoyin Wallet" had been included in the loan supermarket traffic list of a well-known OTA platform. This multi-layered "blind box" model, due to potential risks like personal information leakage and failure of financial institution risk control, once became a key focus of regulatory scrutiny. Furthermore, the actual operators of the aforementioned loan platforms have no equity relationship with Baosheng Micro-Loan. Industry speculation suggests that it is highly likely that these unlicensed platforms signed cooperation or leasing agreements with Baosheng Micro-Loan, using its qualifications to pass app store reviews and complete app listings. Given that Baosheng Micro-Loan once possessed an online micro-loan qualification, these apps could also break through geographical restrictions and expand their business nationwide. By renting out their license, some micro-loan companies could earn tens of millions in profit passively per year. However, with tightening regulations, especially the explicit prohibition in the 2025 "Interim Measures for the Supervision and Administration of Small Loan Companies" against small loan companies providing channels for unlicensed platforms, and requirements for implementing a list-based management system for cooperative institutions, along with app stores strengthening qualification reviews, the delisting of apps like "Rentianhua Jisu Ban" that managed to get listed via Baosheng Micro-Loan was an inevitable trend. Nevertheless, the development path of Baosheng Micro-Loan is also representative of many local small loan companies. Under intense competition, they resort to unconventional methods, attempting to deceive and make a fortune, only to find that while quenching thirst with poison might work temporarily, they ultimately cannot escape the watchful eyes of regulators and face the fate of being cleared out. Currently, the nationwide consolidation of small loan companies continues. The number of small loan companies in Chongqing had shrunk to 181 by the end of November 2025, a significant decrease compared to the previous 240-plus. Nationally, as of the end of September 2025, there were 4,863 small loan companies. By the end of December 2024, the number of national small loan companies was 5,257, a decrease of 394 in nine months. In 2015, the number of domestic small loan companies once reached 8,965, now nearly halved. Considering the 2025 regulatory policies, whether it's the requirements in the "Interim Measures for the Supervision and Administration of Small Loan Companies" to strictly control cross-regional operations, prohibit outsourcing of core businesses, and focus on serving local markets and main businesses, or the recent clear demands from regulators to compress the comprehensive financing cost of newly issued loans by small loan companies to 4 times the 1-year LPR, it signifies the end of the "deviated" function of small loan companies as arbitrage tools and channels for unlicensed platforms. The industry is set to return to its origins of localized, small-amount, and dispersed inclusive finance.
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