Comprehensive Overview

The Group is an auto finance company with a dealer background in China that is authorized and regulated by the Insurance Regulatory Commission of the Bank of China. It focuses on providing auto finance products and services for the purchase of luxury brand cars.

In 2018, the Group issued 31,577 retail loans for the purchase of luxury brand cars, with a total principal amount of RMB 6.108.2 billion, accounting for 75.7% of the total retail loans issued by the Group and 86.3% of the total amount of retail loans issued by the Group during the same period.

According to an insightful consulting report, since the Group focuses on luxury brand automobile business, the average loan principal amount received by the Group's retail loan customers reached RMB 220,028 in 2017, ranking third among all auto finance companies in China in 2017.

According to an insightful consulting report, China's retail auto finance market increased from 384.7 billion yuan in 2013 to 1,014 billion yuan in 2017, with a compound annual growth rate of 27.4%. According to the report, the total loan amount for the luxury car market increased from RMB 83.4 billion in 2013 to RMB 261.4 billion in 2017, with a compound annual growth rate of 33.1%.

Risk Factors

A group's business requires a large amount of capital. If the credit loans that can be obtained by the group are drastically reduced, or the cost of group credit loans increases, it may weaken the group's ability to issue new loans at competitive interest rates and meet the demand for working capital, which in turn will have a significant adverse impact on the group's operations, operating performance and financial situation.