Consumption will be on the market soon! According to the website of Chongqing Securities Regulatory Bureau on January 8, instant Consumer Finance Co., Ltd. (hereinafter referred to as instant consumer) has signed a counseling agreement with the sponsor to publicly issue shares and go public. The company has registered with Chongqing Securities Regulatory Bureau on January 6, 2021.
Shareholders include a number of listed companies
Data show that instant consumption is a technology driven financial institution approved by the China Banking and Insurance Regulatory Commission and holding a consumer finance license. The company officially opened in June 2015 and completed three capital and share increases in 2016, 2017 and 2018, with a registered capital of 4 billion yuan.
Shareholders of immediate consumption include Chongqing Department Store Co., Ltd., Beijing Zhongguancun Kejin Technology Co., Ltd., Wumart Technology Group Co., Ltd., Bank of Chongqing Co., Ltd., Sunshine Property Insurance Co., Ltd., Zhejiang China Commodity City Group Co., Ltd., etc.
The main business of immediate consumption includes issuing personal consumption loans; accepting deposits from domestic subsidiaries and domestic shareholders of shareholders; borrowing from domestic financial institutions; issuing financial bonds with approval; domestic interbank borrowing; consulting and agency business related to consumer finance; agency sales of insurance products related to consumer loans; fixed income securities investment business.
According to the data released in the Bank of Chongqing's annual report in 2019, as of the end of 2019, the total assets of immediate consumption is 54.815 billion yuan, the total liabilities is 48.375 billion yuan, the operating revenue is 8.999 billion yuan and the net profit is 853 million yuan in 2019.
By the end of 2020, there are more than 120 million registered users, more than 540 billion yuan of transactions, more than 200 cooperative consumption scenarios, nearly 3.3 billion taxes and more than 51 million County users. By the end of 2020, instant consumer has independently developed more than 900 sets of core technology systems, applied for more than 250 patents, and has a technology R & D team of nearly 1000 people.
It is expected to become the first share of A-share consumer finance
In September 2020, immediate consumption got the "permission" of A-share IPO. Chongqing banking and Insurance Regulatory Bureau issued an official reply saying that it agreed in principle that the company would issue A-shares to the public for the first time, with an issue scale of no more than 1.333 billion shares. After deducting the issuing expenses, all the funds raised by the company's A-share issuance shall be used to supplement the company's core tier one capital. We should strictly abide by the relevant laws and regulations, and complete the relevant work according to the specified procedures and requirements.
If the follow-up goes well, immediate consumption is expected to become the first listed consumer finance company.
Analysts believe that the immediate progress of consumer listing means that the value of consumer finance companies as licensees is gradually recognized by the market. In the long run, consumption will become a new engine of economic growth, and the consumer financial market has a huge space for development.
At the same time, the consumer finance sector is frequently positive. The notice on promoting consumer finance companies and auto finance companies to enhance their sustainable development ability and improve the quality and efficiency of financial services issued by the general office of the China Banking and Insurance Regulatory Commission proposes to moderately reduce the regulatory requirements of provisions, broaden the market-oriented financing channels and increase the ways of capital supplement.