According to the national enterprise credit information publicity system, Renren Technology Co., Ltd. (hereinafter referred to as “Renren technology”) was included in the list of abnormal operations. On March 16, Shijingshan District market supervision and Administration Bureau of Beijing made a decision that Renren technology was involved in publicizing enterprise information, concealing the true situation and practicing fraud. In 2016, Renren technology was listed as abnormal operation for the same reason.
Renren technology was founded in December 2014 to develop the Internet financial product “lending treasure”. In the early stage, Tongchuang Kunwu Jiuding Investment Holdings Co.Ltd(600053) Holding Co., Ltd. (hereinafter referred to as ” Kunwu Jiuding Investment Holdings Co.Ltd(600053) “) was invested and established, and Wu Gang, founder of Jiuding, served as the chairman. Since 2016, Renren technology has been held 99.9% and 0.1% respectively by Chengdu Jiebao Information Service Co., Ltd. (hereinafter referred to as “Chengdu Jiebao”) and siyunke (Beijing) Technology Co., Ltd. (hereinafter referred to as “siyunke”), and Wang Lu, general manager, was promoted to the chairman of Renren technology in 2015.
According to Wang Lu’s previous interview, he entered Jiuding internship in 2012, later served as assistant to Chairman Wu Gang, participated in the preparation of Jiuxin financial platform, and joined the establishment of lending treasure in 2014.
In 2015, Kunwu Jiuding Investment Holdings Co.Ltd(600053) ( Kunwu Jiuding Investment Holdings Co.Ltd(600053) ) announced that it had invested 2 billion to establish Jiuxin finance, an internet financial platform. According to the nine letter financial public article, since April 2017, the platform stopped issuing the official account. At that time, it said that it had not stopped operation, would supervise repayment, and will issue new targets on the APP channel. More than two years later, the P2P project planned to invest 2 billion died prematurely. In 2018, the original nine letter official account was renamed “Xiao Bao has won”, and no articles and other information were updated.
Also in 2015, Yaobao announced that it had obtained 2 billion financing China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) ( China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) . SZ) issued relevant capital increase announcement, and the subsidiary participated in RMB 30 million in cash to obtain 0.1364% shares of Renren technology. Loanwork treasure was valued at 20 billion. In that year, the news that the loan treasure invested 2 billion in the marketing and publicity of “pulling people to return cash” was widely spread. It was once the head platform in the field of Internet finance. Since then, the debit note business has experienced a storm of public opinion.
The operator of loanwork app is now Chengdu loanwork, which controls Renren technology, and the shareholder behind it is changed to loanwork Hong Kong
At present, the loan treasure app has no financial channel, mainly the debit note and employee treasure business. It is worth noting that according to the user agreement of loanbao, the main body of application development and operation is Chengdu loanbao, not Renren technology. In the early days of its establishment, the article on Jiuding official website once introduced that the developer of lending treasure was Renren technology.
In July 2020, the official website of the loan treasure introduced that the app was developed by Chengdu loan treasure. Chengdu Jiebao is also the developer of Jiebao app. In February 2021, the official account of Bao technology was renamed as “borrowing treasure”, which was operated by Chengdu Bao Bao Technology Co., Ltd. (hereinafter referred to as “borrow treasure technology”). Nevertheless, the official website of lending treasure shows that its website filing enterprise is Renren technology.
In December 2021, Renren Bank Holding Co., Ltd. (hereinafter referred to as “Renren bank holding”) with Jiuding as a shareholder withdrew from the list of Chengdu Jiebao shareholders, the controlling shareholder of Jiebao. Chengdu Jiebao is currently a grandson of Jiebao (Hong Kong) Co., Ltd., and siyunke is also held by Chengdu Jiebao. As a result, Renren technology and loan treasure were transferred to foreign capital.
The controlling shareholders of Renren bank include Jiuding enterprises such as Tongchuang Kunwu Jiuding Investment Holdings Co.Ltd(600053) Holding Co., Ltd., Jiuding group, Dazi hechuang Kunwu Jiuding Investment Holdings Co.Ltd(600053) Center (limited partnership), Wu Gang and co founders; In addition, there are China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) Investment Management Co., Ltd. (hereinafter referred to as “geotechnical investment”), Qingyuan emerging industry investment fund No. 1, Beijing Murong Information Technology Co., Ltd. and Suzhou Tongde Panshi phase I venture capital center (limited partnership) and other external shareholders. Geotechnical investment is China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) subsidiary. From the list of shareholders and investment history, Renren holding should have been the capital injection subject of loan treasure financing.
Since December 2021, Renren holdings no longer holds Chengdu Jiebao and Renren technology. In addition to the divestiture of loaning treasure, among the enterprises holding foreign direct investment by Renren bank, Jiuyou Sihai Management Consulting Co., Ltd., Beijing jiugou Technology Co., Ltd., Beijing Dewei JIAYE Investment Management Co., Ltd. and Zhejiang Renren Bank Technology Co., Ltd. have been cancelled; The P2P business of Jiuxin finance was suspended; Only Chengdu people’s holding Holdings Limited and Chengdu Renda Fang technology limited company continue to operate, the latter is the wholly-owned shareholder of the official account of the loan public.
According to incomplete statistics, among the nearly 50 enterprises controlled by Renren bank, more than 30 companies including Nanchang jiuying Technology Co., Ltd., Chongqing Zhongyang Technology Co., Ltd. (hereinafter referred to as “Chongqing Zhongyang technology”), Chengdu Zhongcui Technology Co., Ltd. and Suzhou Renren Information Technology Co., Ltd. have been cancelled; It still holds jiupai payment, Xiangyun (Beijing) Network Technology Co., Ltd. and other surviving enterprises.
Once valued at nearly 60 billion, now there is no public financing information for more than four years. It is inevitable that 714 anti-aircraft guns will take advantage of the debit note business, and there are endless complaints about beheading interest
In 2017, Wang Lu, CEO of lending treasure, revealed at the Wuzhen Internet Conference that the company was considering listing in 2018 or 2019. At the end of that year, Jiuding group announced that it would buy old shares and inject assets into Renren bank, the parent company of lending treasure, with a capital injection amount of 2.493 billion yuan and obtain about 4.19% equity of Renren bank. Based on this calculation, the valuation of lending treasure may reach 59.5 billion yuan.
That year, Wang Lu also said during the conference that loanwork had 138 million registered users and 160 billion yuan of matching transactions, with 10 million more registered users than about a year and a half ago. Under the marketing investment, the first year of the operation of the loan treasure business has a transaction volume of 80 billion. In the questioning of the naming of a variety of businesses and the regulatory tide of Internet lending, the voice of lending treasure in the industry is relatively weak. Today, the loan treasure app shows that it has kept more than 86 million electronic debit slips in six years, with 130 million users. If the data is registered users, by the beginning of 2021, the number of users of debit and credit treasure has rarely increased.
Although as an IOU intermediary platform, lending treasure focuses on lending to acquaintances, it is still exposed that there are small loan companies as lenders to do loan business through the IOU platform.
Some complaint information pointed out that the situation of borrowing 4500 and getting 3300 through the loan treasure platform, or the complaint of inconsistent loan and loan amount. In response to this, the platform cracked down on usury and beheading, and did not lend if you were not familiar with it. It is suggested that all operations should be carried out on the end, bypassing the platform supervision, and the platform could not monitor and intervene; Bad lenders will be severely punished once verified.
The borrower will handle the complaint through the “social communication platform” of “6000 / the next week, or the other party will handle the complaint through the” social communication platform “. Send an IOU to the designated user on the lending treasure platform, and the due repayment is 6000 yuan, with an annual interest rate of 0%. The transfer record through the third-party payment platform shows that the collection is 4200 yuan.
Based on the lending record, IRR far exceeded the red line of lending, reaching the interest rate of 714 anti-aircraft guns in the past.
The user registration agreement of loanword treasure mentioned that the platform does not guarantee the authenticity, sufficiency, timeliness, reliability, integrity and effectiveness of the information provided by other registered users or third-party institutions in any express or implied way. The complaint response also mentioned that bypassing the platform supervision, the platform could not monitor and intervene. What cannot be avoided is that under strong supervision, the loan assistance platform has tightened the control of interest rates, and the complaint of 714 anti-aircraft gun still exists on the debit note platform. On the black cat complaint platform, relevant complaints have been released continuously.
Blue whale finance and economics noted that Chongqing Zhongyang technology once held by Renren holdings was involved in many loan disputes. Some disputes show that the borrower signed the lending agreement with Renren technology; The lender paid the loan to the borrower’s loan treasure account and signed the creditor’s right transfer agreement with Renren technology, which agreed to transfer all the creditor’s rights of the lender to Renren company. In 2017, Renren transferred relevant creditor’s rights to Chongqing Zhongyang technology. Thus, before 2017, Renren technology operated the lending business in a P2P like mode and transferred the creditor’s rights to the platform. Jiuding is another non-performing asset platform Jiuding assets. Chongqing Zhongyang technology has been cancelled. In addition, lending treasure has also launched businesses such as “earning interest margin” and Renren urging.
Jiuding is the founder of a series of fines, and the founder was filed for investigation by the CSRC. The performance of Jiuding group increased in the first three quarters Kunwu Jiuding Investment Holdings Co.Ltd(600053) net profit halved
Jiuding is the past Internet financial business. The investment products of Jiuxin finance during its operation include Xinze series, Jiujiu financial management and special funds. Among them, Xinze series products are the subject of equity pledge financing loan, and 99 financial products are the subject of financial asset pledge loan, which is the capital side of the loan subject.
Investment in P2P group loan network. In 2019, after the group loan network was put on file for investigation on suspicion of illegally absorbing public deposits Kunwu Jiuding Investment Holdings Co.Ltd(600053) announced that according to the agreement, the fund under management transferred 40 million yuan of investment funds to the group loan network. Subsequently, in view of the fact that the group loan network failed to meet the investment expectation, after negotiation, on June 8, 2017, the fund under management withdrew all the group loan network projects, recovered the allocated investment funds and no longer held the shares of the group loan network.
P2P Yinduo network has announced that it has obtained Jiuding investment, and Huang Xiaojie, general manager of Tongchuang Jiuding, also participated in miduo wealth. The official website of Jiuding Department JiuHeng Jinfu cannot be opened. In 2019, jutongbao Wealth Management Co., Ltd., the main body of jutongbao wealth, was cancelled. Jiuding also invested in wuquxing, a financial product sales platform, and Tongchuang Jiuding withdrew in 2018.
In addition, Jiuding is a payment service of jiupai payment. Jiupai payment obtained the payment license for the first time in June 2012. At that time, its company name was yinghuang jinbaishi Network Technology Co., Ltd. and its name was changed to jiupaitianxia payment Co., Ltd. in May 2017. In September 2018, jiupai payment received a ticket from Changsha Central Branch of the people’s Bank of China for violating the relevant provisions on payment, settlement and anti money laundering, ordered it to make corrections within a time limit and imposed a fine of 4.866 million yuan.
Blue whale finance and economics noted that Jiuding has also participated in the investment of virtual currency asset platform. Token360 has announced that it has obtained Jiuding and meihua venture capital investment. The shareholders of its operating body Chengdu liangyue Technology Co., Ltd. (hereinafter referred to as “moon technology”) include Pingtan Yuanyi Kunwu Jiuding Investment Holdings Co.Ltd(600053) Management Co., Ltd. (hereinafter referred to as “Pingtan yuan19ding”). Chengdu Yuanyi Kunwu Jiuding Investment Holdings Co.Ltd(600053) Management Co., Ltd. was the investor of Pingtan yuan19ding before 2019. The shareholders behind the penetration of Chengdu Yuanyi equity include Kunwu Jiuding Investment Holdings Co.Ltd(600053) executive Kang Qingshan. Moon technology will be cancelled in 2020.
In addition to the twists and turns in the business development of Internet financial platform, Jiuding group has been in constant turmoil.
In September 2021, Jiuding group (430719) and Kunwu Jiuding Investment Holdings Co.Ltd(600053) respectively announced that Wu Gang, chairman of Jiuding group and Kunwu Jiuding Investment Holdings Co.Ltd(600053) director, was filed for investigation by the CSRC. Due to the suspected violation of relevant laws and regulations of the fund, the CSRC decided to file a case against Wu Gang on July 23. The announcement of the listed company claims that the matters involved in the filing of the case are the investigation of Wu Gang and do not involve Kunwu Jiuding Investment Holdings Co.Ltd(600053) private equity investment management business.
According to public information, the establishment of Jiuding can be traced back to around 2007. The founder Wu Gang graduated from Sichuan Technical Supervision School, once engaged in financial work in the cement plant, and later obtained a master’s degree from the accounting department of Southwest University of Finance and economics. Since then, he has successively served as the project manager of Minfa securities investment banking department; The supervision department of the CSRC has one inspection office and one risk office, and successively served as deputy director and director. The core founding team of Jiuding also includes Huang Xiaojie, who has successively served as deputy director of the graduate department office of the people’s Bank of China, Cai Lei, who has successively served as general manager and board secretary of China Railway trust and investment department, Wu Qiang, the younger brother of Wu Gang who once worked in Anxin securities and Guosen Securities Co.Ltd(002736) and Qin Zhengyu, who once worked in Huaxi Securities Co.Ltd(002926) and Guosen Securities Co.Ltd(002736) and was Wu Gang’s graduate classmate at Southwest University of Finance and economics.
The Jiuding Department has been awash with fines. Due to the illegal operation of Jiuding group in the process of the second directional issuance of shares in 2014, in 2021, Jiuding group was publicly condemned and given disciplinary punishment of criticism by Huang Xiaojie and others, which were recorded in the integrity file of the securities and futures market. In the same month, due to the failure to disclose information in time, Kunwu Jiuding Investment Holdings Co.Ltd(600053) Secretary received the decision on administrative supervision measures issued by Jiangxi securities regulatory bureau. Previously, Jiuding holdings was confiscated of its illegal income of 501 million yuan and fined 100 million yuan on suspicion of using other people’s accounts to engage in securities trading.
Jiuding started with PE business. It was humane for Jiuding to buy 40 million shares of Jifeng agricultural machinery and cash out hundreds of millions after the latter landed on the gem. The pre IPO investment mode of sweeping goods and exiting through IPO made Jiuding known as the “PE factory”. In 2012, facing the slowdown of IPO approval, it had a certain impact on Jiuding’s related businesses.
In 2010, the main body of Jiuding group Tongchuang Kunwu Jiuding Investment Holdings Co.Ltd(600053) Management Group Co., Ltd. was established and listed on the new third board on April 29, 2014 Kunwu Jiuding Investment Holdings Co.Ltd(600053) subject is Kunwu Jiuding Investment Holdings Co.Ltd(600053) engaged in private equity investment management business and real estate development and operation business. This listed company was formerly known as Zhongjiang real estate and Jiangxi paper. In 2015, Kunwu Jiuding Investment Holdings Co.Ltd(600053) acquired 100% equity of Jiangxi Zhongjiang Group Co., Ltd. (hereinafter referred to as “Zhongjiang group”) for 4.15 billion yuan. After the completion of the transaction, Kunwu Jiuding Investment Holdings Co.Ltd(600053) will hold 100% of the equity of Zhongjiang group and indirectly hold the equity of the listed company Zhongjiang real estate through Zhongjiang group, Kunwu Jiuding Investment Holdings Co.Ltd(600053) and then inject some assets into Zhongjiang real estate.
Jiuding Jiuxin assets also landed on the new third board and terminated its listing in 2017. Due to the investigation of the founder, Jiuding Jiutai fund has been pushed to the forefront. At present, there is no official announcement indicating that the investigation is related to it.
According to the third quarterly report, the operating revenue of Jiuding group in the first three quarters of 2021 was 2.372 billion yuan, a year-on-year increase of 60%; The net profit attributable to the shareholders of the company was 1.002 billion yuan, with a year-on-year increase of 91% Kunwu Jiuding Investment Holdings Co.Ltd(600053) in the first three quarters of 2021, the revenue was 140 million, a year-on-year decrease of 48%; The net profit was 64.34 million yuan, a year-on-year decrease of 50%. It is disclosed that by the end of 2021, Kunwu Jiuding Investment Holdings Co.Ltd(600053) in charge private equity funds had paid in remaining RMB 12.111 billion.
