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Public company info - VCredit Holdings Limited , 02003.HK
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VCredit Holdings Limited, 02003.HK - Company Profile
Chairman Ma Ting Hung
Share Issued (share) 493,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Other Financials
Corporate Profile Business Summary: The Group is a technology-driven consumer finance provider in the People’s Republic of China. Performance for the year: Our total income increased by 41.2% to RMB3,864.4 million for the year ended December 31, 2019, compared to RMB2,736.6 million for the year ended December 31, 2018. Operating profit was RMB154.4 million for the year ended December 31, 2019, compared to RMB101.6 million for the year ended December 31, 2018. Net profit was RMB64.8 million for the year ended December 31, 2019, compared to a net loss of RMB1,027.0 million for the year ended December 31, 2018. Business Review As a leading independent player at the forefront of China’s consumer finance industry, the Group has continuously focused on accessibility and inclusivity. The Group strives to provide unrivalled user experience to underserved borrowers through the Group's cutting-edge technology and proven risk management capabilities. Positioned at the customer interface of the consumer finance value chain, the Group is committed to cultivating a responsible and compliance-centric consumer finance universe, while encouraging the Group's talent base to constantly innovate in operations and technological development in order to benefit the Group's business profitability and more importantly, improve the Group's customer experiences. The Year saw a significant tightening-up of the regulatory framework for China’s consumer finance industry, an acceleration in the clampdown on P2P platforms and government authorities raising the qualification requirements and codes of conduct of industry participants that are becoming almost exclusively funded by licensed financial institutions. These developments are pushing China’s consumer finance market participants to ensure and value the legitimacy of their funding sources, data privacy and all-in borrowing costs. The Group's long-standing track record of working with licensed financial institutions enables the Group to maintain a high standard of business setup that can withstand regulatory changes and challenges. The Group added 15 more institutional funding partners with diverse backgrounds during the Year to the Group's closely linked institutional funding platform which is critical to the sustainability and expansion of the Group's business. The Group will continue to foster and optimize cooperation with licensed institutions and explore diversified cooperation scenarios to achieve a win-win situation. In 2019, the Group continued to explore new collaborations for joint modeling with leading Chinese internet companies. The Group strengthened the Group's credit assessment system by consolidating scorecards jointly built with regulatory compliant third parties. This new comprehensive scorecard methodology effectively enables the Group to differentiate risk between new and repeat borrowers, thereby enhancing the Group's risk underwriting ability vis-a-vis prospective borrowers. For example, the Group has been working closely with Beijing Baidu Wangxun Technology Co., Ltd. (北京百度網訊科技有限公司) (“Baidu”) in developing big data incorporated borrowers’ credit scores which assist the Group in making credit decisions. These scores have the potential to be commercially licensed to other financial institutions and third parties to the financial benefit of the Group and Baidu, respectively. Prospects: The Group is committed to further building and expanding the Group's online consumer finance business and the Group's product offering to better serve the Group's borrowers, funding partners and business partners, as well as to bring value to the shareholders of the Group (the “Shareholders”). Therefore, moving forward, the Group intend to continue to execute the following strategies to maintain the Group's leading market position: • Further develop the Group's risk-based pricing technology and related capabilities • Expand the Group's borrower base by enriching the Group's tailored product offerings • Increase value proposition to the Group's existing borrowers • Continue to invest in research and development to improve the Group's risk management capability • Continue to develop an AI (artificial intelligence) platform to standardize the Group's customer services and collection process in the long-run • Strengthen compliance under changing regulatory environment • Further strengthen mutually beneficial relationships with the Group's funding partners • Actively foster relationships with large internet companies for business and technology partnerships • Continue to attract high-quality employees and support talent and professional development

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