On January 25, in laws technology released an article announcing that Li Weidong, former vice president of tongdun technology and former general manager of network channel Department of Ping An Bank Co.Ltd(000001) Credit Card Center, joined in laws technology as co-founder.
The article mentioned that Li Weidong successively participated in the preparation and operation of Ping An Bank Co.Ltd(000001) , Ping An insurance, Prudential Life, Allianz life and AIA. During his tenure as vice president of tongdun technology, he was responsible for the b-end market and expanding banking and other institutional services. According to the article, song Junwei, founder and CEO of in laws technology, said that Li Weidong would play the role of “mentor”.
In laws technology was founded in 2018 by song Junwei. The main body of the company is in laws network technology (Beijing) Co., Ltd. (hereinafter referred to as “in laws network”). The brand names previously associated with in laws technology also include in laws finance and in laws digital division. Li Weidong mentioned in his speech of thanks that the co founders also include Lou min. In 2021, according to the official website of in laws technology, CEO song Junwei founded in laws in 2018. CTO Wang Min once worked in Gome finance and UFIDA group. At present, there is no senior executive introduction.
Song Junwei holds 94% of the shares behind the in laws network, and other shareholders include Jiaxing Canbao investment partnership (limited partnership), Fuzhou nengmiao investment partnership (limited partnership), Chengdu Gymbo Tiantou venture capital center (limited partnership) and Luo Jin, a natural person shareholder newly added in August 2021.
According to the official website, customer cases include China Everbright Bank Company Limited Co.Ltd(601818) , China Construction Bank Corporation(601939) , Industrial And Commercial Bank Of China Limited(601398) , Bank of Lanzhou, Xiamen Bank Co.Ltd(601187) , Bank Of Ningbo Co.Ltd(002142) , blue ocean bank, Yilian bank and Suning bank.
The annualization of related loan assistance platforms is close to the 36% red line, and the financiers include bank of Lanzhou and blue ocean bank
In addition to the b-end business, the parent family has launched a loan assistance platform to operate the C-end business. The official account is called “borrow immediately” on the loan platform. The website is app.. qinjia2018. com. Yes, the domain name is consistent with in laws technology. At the same time, blue whale finance previously found that the initiator of the service agreement was parent Investment Holding Co., Ltd. (hereinafter referred to as “parent holding”) by using the app of pro, a loan assistance platform. The official account number is also the investment of relatives.
According to incomplete statistics, Xiaomi finance has diverted “Pro Bai” loans with platforms such as star lending, foreign money cans and aiyoumi’s “solicitation order”, and the capital end is displayed as Bank of Lanzhou, etc. Another netizen said to use Gome e e-card platform to match Pro Bai loans.
In the second half of 2021, some complainants said that the platform app could not be downloaded or flashed back. Blue whale finance found that the app of the original Pro Pro showed that “the beta version has expired”.
On the page of the official account “immediate borrowing”, click “apply immediately” and jump to the “Yilin flower” page of Yixin. The relevant registration agreement shows that the signing subject is the yixianghua app operated by Hainan Yixin Pratt & Whitney microfinance Co., Ltd. At present, there are still Android users who can download Pro Bai app and borrow money through pro Bai.
Recently, the funders of users’ funds under the “Pro Bai” platform include blue ocean bank. From the case of borrowing 2000 yuan, the repayment of 12 installments is 200.87 yuan, the annualized IRR is 35.95%, and the red line of private lending is 36%.
Up to now, in the black cat complaint platform, pro Bai related complaints involve high service fees, additional guarantee fees, etc. According to the complaint cases, in 2021, there are 12 loans of 3500 yuan, each of which should also include the principal of more than 280 yuan, the interest of about 20 yuan and the guarantee fee of 47.87 yuan, totaling 351.52 yuan. Including the guarantee fee, the annualized IRR of this case is also 35.94%.
The relevant complaint information is replied by “Qinbai technology”, and some of them show that they have been solved. Neither parent technology nor parent holding mentioned the operation of the loan assistance product on the official website. Introduce its products, including bank retail marketing digital solutions, inclusive financial digital solutions, etc; The official website of in laws holdings introduces its system, including VC and other investment services, as well as Internet finance, financial leasing and other financial services.
It is weakly related to the controlling equity of in laws. Through the latter, it is injected into Shanxi state-owned assets, and zhantou panda capital is absent from the board of directors of in laws
In terms of the relationship between in laws technology and in laws holding, in addition to the loan assistance products, in laws holding was wholly established by song Junwei, the founder of in laws technology, in 2017, and withdrew in 2019. After several changes, the industrial and commercial relations between the two sides have been gradually stripped off.
In laws holding and song Junwei jointly invested in in in laws film and television culture media (Beijing) Co., Ltd. and in laws Technology (Beijing) Co., Ltd., which were cancelled in 2019. The official website of in-law holding mentioned the layout of Internet finance, did not introduce in-law technology as its subordinate enterprise, and the official website of in-law technology did not declare its in-law holding.
On the official website of in laws holding, there is an enterprise dynamic display. Song Junwei, chairman of in laws group, attended the “Conference on upgrading the brand of in laws holding with state-owned assets strategy” held by Changgao Zhihui and panda capital. In May 2020, Li Lingshu, chairman of Changgao Zhihui Technology Development Co., Ltd., Li Lun, chairman of panda capital, song Junwei, chairman of the parent group, and Yu Zhixiang, then president of the public utilities Department of the parent group, attended the press conference without mentioning other parent family executives.
Relevant manuscripts were also published on the official website. In July 2020, panda capital and Shanxi Changgao Zhihui technology development group (hereinafter referred to as “Changgao Zhihui”), a wholly state-owned enterprise with the Management Committee of Shanxi Changzhi high tech Zone, have completed the strategic shareholding of their in laws, with the latter holding 51%.
It can be seen that song Junwei, the founder of in laws technology, is still the chairman of in laws group in 2020, and panda capital participates in the investment of both parties.
According to the industrial and commercial change information in January 2022, the parent holding continued to inject power into Shanxi’s state-owned assets. Panda capital originally invested in the parent holding through Jiaxing Yueyuan investment partnership (limited partnership) (hereinafter referred to as “Jiaxing Yueyuan”). A year ago, the senior executive of the parent family was transferred to act as the executive partner and renamed Qingdao Xingxi investment partnership (limited partnership).
According to the national enterprise credit information publicity system, in January, Sun Yang and Wang Qingfeng, the new directors of in laws holding, as well as Chen Xuli and Yu Zhixiang, the supervisors, withdrew. According to the above press release, before the strategic investment of state-owned assets in Shanxi, Yu Zhixiang was an executive of his in laws group and President of the public utilities department.
The background of the new director, supervisor and senior manager is mostly related to the state-owned shareholders of Shanxi. The enterprises served by the director Sun Yang are Changgao Zhihui investment enterprises, including the local Changzhi intelligent terminal Industrial Park in Changzhi, Shanxi. Most of the enterprises served by the supervisor Chen Xuli are also Changgao Zhihui Investment Enterprises, including Shanxi Changgao Huineng Technology Co., Ltd.
In March 2020, according to Zeng fawen, the microblog account of the in laws digital department, Wang Qingfeng is the general manager of the in laws digital finance department. He shall act as a director on behalf of his in laws. In addition, Chairman Jia Zhongqiang is the legal director of in laws science and technology, and no panda capital personnel have settled on the in laws holding board of directors.
Wang Qingfeng is also the executive partner of Qingdao Xingxi investment partnership (limited partnership) (hereinafter referred to as “Qingdao Xingxi”), the controlling shareholder of his family. He holds 99% of the shares of Qingdao Xingxi, which holds 49% of the shares of his family.
The shareholder was established by panda capital in June 2020. Until January 2021, the limited partnership has been held by Shanghai Jiebao Investment Management Co., Ltd., a subsidiary of panda capital, and Li Lun, the founder of panda capital, served as the executive partner.
As early as April of that year, the news that the in laws obtained panda capital pre-A round of financing was released. The announced financing scale is 120 million yuan, panda investment is the leading investor, and it is mentioned that there are SDIC funds to follow. The investment cases displayed on the official website of panda capital include meituan review, Moby bike, jiangrongxin technology and in laws digital technology.
After the brand upgrade was announced, in May and July 2020, Shanxi state-owned assets and panda capital successively took shares in their own homes through enterprises controlled by them, with shareholding ratios of 51% and 49% respectively.
Half a year after the completion of the strategic investment, the open industrial and commercial relationship between panda capital and its in laws was weakened. At present, why Yongjie, the LP disclosed by Qingdao Xingxi, has a shareholding ratio of 1%, and serves as a shareholder in the partnership under panda capital.
From this point of view, Shanxi state-owned assets hold shares through in laws, while panda capital participates in shares through in laws technology. At the same time, it is the second largest investor for LP to participate in in in laws.
After Changgao Zhihui became a shareholder in May 2020, the registered address of in laws holdings was moved to Shanxi. The injection of state-owned assets in Shanxi has brought endorsements to the in laws’ credit business, which is an important chip for seeking cooperation with traditional financial institutions. Industry insiders have said that compared with other loan assistance companies, the in laws have advantages in obtaining funds in some banks because they have the main body of Changzhi local state-owned assets and venture capital panda capital double insurance endorsement as guarantee, and the charge will be higher than that of other loan assistance companies.
In addition to in-law investment, Changgao Zhihui’s foreign investment also includes CLP Zhiyun, Shanxi Hengcheng Huitong non Financing Guarantee Co., Ltd.
It is worth noting that before the establishment of in laws technology and in laws holding, song Junwei worked as an executive in Shanxi in laws Enterprise Management Consulting Co., Ltd. (hereinafter referred to as “Shanxi in laws”). At the beginning of its establishment, Shanxi’s in laws were named Shanxi Fangjian Technology Co., Ltd. and renamed in 2016. Song Junwei also became an executive in the same period and quit in 2019.
