Unicom And China Merchants Bank Jointly Established A Finance Company With A Registered Capital Of 2 Billion Yuan.

It is reported that the Joint Venture Finance Company Limited will be registered in Qianhai, Shenzhen. The registered capital of the company is RMB 2 billion yuan, which is invested 1 billion yuan by China Merchants Bank's Wing Lung Bank and China Unicom's China United Network Communications Corp in the mainland.

In September 2013, China The CBRC announced that it will expand the scope of Consumer Finance Companies pilot cities, and add 10 cities such as Shenyang, Nanjing, Hangzhou, Hefei, Quanzhou, Wuhan, Guangzhou, Chongqing, Xi'an and Qingdao to participate in the pilot work.

In addition, according to CEPA related arrangements, eligible Hongkong and Macao financial institutions can set up Consumer Finance Companies in Guangdong (including Shenzhen). Coupled with the first batch of 4 pilot cities in 2010, the number of pilot cities in the Consumer Finance Companies has reached 16.

　　 according to Cooperation agreement, the two sides will integrate high-quality resources from both sides, dig deep data mining applications, to provide users with financial services. This is also a powerful attempt by China Unicom to explore and practice mixed ownership, to achieve "mechanism marketization and operation specialization". It is also an active exploration of utilizing capital means to cooperate closely with enterprises with high-quality resources and expanding the layout of industrial chain, which will bring positive effects and far-reaching significance in the strategic and business synergy level.

With the development of business, the new company will further improve the corporate governance structure, and introduce new investors in a timely manner to explore the operation and development mode of mixed ownership. China Unicom and China Merchants Bank have obvious complementary advantages in developing Internet finance. The advantage of China Unicom is that it has strong network support and operation ability, and can apply Internet technology to the field of consumer finance. create The Internet financial mode of consumer finance operation has huge customer resources and abundant online and offline channel resources, which can provide strong support for the marketing and customer service of new company products. The advantage of China Merchants Bank lies in its operation experience in the market oriented financial environment, strong financial services innovation capability and abundant customer resources. It has advanced and rich experience in developing consumer finance business in developed areas.

On the basis of the above advantages, the two sides will further play the advantages of product development, channel resources and risk management of China Merchants Bank in retail finance, and actively learn from the financial operation capacity of China Merchants Bank for many years, relying on the massive customer base and data resources of both sides, and developing strategic business cooperation in the field of consumer finance, actively exploring and innovating the operation mode of the Internet, and providing consumers with financial services.

In order to promote the smooth progress of cooperation, both sides have completed the examination and approval of their respective departments at the fastest speed. In June 27, 2014, the SASAC of the State Council approved the shareholding cooperation between Unicom Group and China Merchants Bank. In July 17th, the Hongkong Monetary Authority formally issued a written opinion to Wing Lung Bank, in principle, agreed that Wing Lung Bank set up a Consumer Finance Companies in the mainland.

Some analysts believe that under the new situation of the rapid development of Internet based microfinance, the rapid development of financial services and the expanding scale of the third party payment market, the two sides have huge room for cooperation and broad prospects.

At present, the two sides have set up a joint preparatory group, and the preparatory work of the recruitment Finance Company Limited is in full swing.