Chinese Fintech Startups Flock to Hong Kong for a Listing

JIMU Group Ltd. and  Dafy Holdings Ltd., have recently got listed in Hong Kong through a reverse merger.

VCredit Holdings Ltd., 51 Credit Card Inc., VTeam Financial Service Group and Huifu Payment Ltd., have filed with the Hong Kong Stock Exchange.

JIMU Group businesses include

  •, an online peer-to-peer lending platform established in 2013. The cumulative loan volume reached RMB 40 billion in November 2017, according to the company.
  • Jimu Xiaodai, which provides balance sheet loans to consumers and small businesses.
  • Jimu Times, a small business lender with loan capital currently mainly from Its customers are primarily acquired through Jimu Group’s physical stores.
  • 76Hui, a big data-based corporate credit rating service.

The company generated HKD 241 million (US$31mn) and HKD 237 million (US$30mn) in revenue in 2016 and 2017, respectively, and hadn’t turned a profit as of 2017.

VCredit provides a variety of consumer finance options, including personal loans for credit card debt consolidation, purchase credit and unsecured personal loans.

Its capital sources include the small loan subsidies of the company and licensed financial institutions.

The company is one of the few online finance companies that have access to the consumer credit information database operated by China’s central bank which is mainly accessible to the established banking institutions. The risk management system the company has developed have used both the credit data from the central bank and alternative data.

It also operates a network of physical stores to conduct in-person interviews for large loans or with borrowers that its system deems high risk.

The company generates revenues primarily from interest income from consumer credit options and the rest from loan facilitation service fees, guarantee service fees and overdue charges. It turned profitable in 2017.


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