Chen Wei was approved as the new deputy general manager of Haier Xiaojin. The company’s total assets increased by more than 20% year-on-year last year.

Blue Whale News, February 10 (Reporters Huang Yujie and Zhang Shuwei)Recently, the Qingdao Supervision Bureau of the State Financial Supervision and Administration approved the qualifications of Chen Wei Haier Consumer Finance Co., Ltd.(hereinafter referred to as Haier Consumer Finance) as deputy general manager. Previously, Haier Xiaojin disclosed that it plans to recruit 2-3 deputy general managers in 2024. According to this plan, Haier Xiaojin may have a new deputy general manager to take office.

According to public information, Haier Xiaojin was established in December 2014. It mainly relies on Haier Group’s consumption scenarios to vigorously develop the home appliance installment business. Its products include Haier Xiaojin APP, Enough Flower APP and scene installment. It is reported that Haier Consumer Products adopts the B2B2C model to connect users and merchants to provide users with entrusted payment scenarios installment services. Currently, it covers home appliances, home furnishing, education, medical beauty and other scenarios. The current registered capital is 2.09 billion yuan, and the largest shareholder is Haier Group Company, with a shareholding ratio of 49%.

In November last year, the Qingdao Supervision Bureau of the State Financial Supervision and Administration Administration issued an announcement approving the application for equity change in Haier Consumer Finance, agreeing to Haier Group to transfer 397.1 million shares of Haier Group Finance held by Haier Group Finance Co., Ltd.(hereinafter referred to as Haier Finance Company). After the transfer, Haier Group Company held a total of 1,024.1 million shares of Haier Consumer Finance. Haier Finance Company no longer holds shares in Haier Xiaojin.

After the change, in terms of equity structure, Haier Group remains the largest shareholder of Haier Consumer Finance, with a shareholding ratio of 49%. In addition, Beijing Hongxing Macalline International Furniture and Materials Plaza Co., Ltd., Zhejiang Yirong Investment Co., Ltd. and Beijing Tiantong Saibo Information Technology Co., Ltd. have shareholding ratios of 25%, 16% and 10% respectively.

It is reported that Haier Xiaojin’s equity adjustment is to comply with the requirements of the “Administrative Measures for Financial Companies of Enterprise Groups” implemented by the former China Banking and Insurance Regulatory Commission on November 13, 2022. Financial companies are not allowed to issue financial bonds and are not allowed to invest in financial institutions and enterprises.

In recent years, Haier’s cash loan business on Xiaojinxian Line has developed rapidly and has become the main business model. As of the end of 2023, the company is mainly engaged in online cash loan business, accounting for nearly 90%; online and offline self-operated business accounted for nearly 70%.

In terms of performance, in 2021, 2022 and 2023, Haier Consumer Finance achieved operating income of 1.086 billion, 1.710 billion, and 2.489 billion respectively, achieved net profits of 197 million, 274 million, and 365 million, and total assets of 15.58 billion yuan, 21.125 billion yuan, and 26.267 billion yuan.

Haier Consumer Finance disclosed the latest performance data in its 2024 social responsibility report. As of November 2024, Haier Consumer Finance’s total assets were 30.635 billion yuan, a year-on-year increase of 21.61%; from November 2023 to November 2024, revenue was 3.152 billion yuan.