Shulou(Shulou.com)11/24 Report--

CTOnews.com August 30 news, Chongqing Rural Commercial Bank released the 2022 semi-annual report disclosed the performance of the associated enterprise Chongqing Xiaomi Consumer Finance Co., Ltd. According to the semi-annual report, Xiaomi made a net loss of 93.196 million yuan in consumer finance in the first half of this year, an increase of 43 percent over the same period in 2021, while its net profit for the whole of last year was 3.68 million yuan.

CTOnews.com learned that by the end of the reporting period, Xiaomi had total consumer financial assets of 9.661 billion yuan and net assets of 1.412 billion yuan, a decrease of 93 million yuan compared with the end of last year. By the end of 2021, Xiaomi had total consumer financial assets of 6.316 billion yuan and net assets of 1.505 billion yuan.

It is understood that Chongqing Xiaomi Consumer Finance Co., Ltd. is the second licensed consumer finance company in Chongqing, established in May 2020, mainly engaged in the issuance of personal consumption loans, registered capital of 1.5 billion yuan, Chongqing Rural Commercial Bank long-term equity investment of 424 million yuan, holding 30% of its shares. In addition, Xiaomi Technology holds 50%, Jinshan Holdings holds 10%, Dashun Electric holds 9.8%, and Golden Crown Group holds 0.2%. In May this year, Xiaomi Consumer Finance was officially allowed to enter the national interbank lending market.

Xiaomi Group supports the "Mobile + AIoT" twin-engine strategy. Xiaomi's financial business is mainly carried out around the group's ecological chain, including consumer credit, third-party payment, Internet financial management, Internet insurance, supply chain finance, financial technology, virtual banking and overseas sectors.

Earlier, Xiaomi Group released second-quarter results showing that revenue from the Internet Services Division fell 0.9 percent from 7 billion yuan in the second quarter of 2021 to 6.97 billion yuan in the second quarter of 2022, mainly due to a decrease in revenue from financial technology business. this is partly offset by increased revenue from TV value-added services and games.

Lin Shiwei, vice president and CFO of Xiaomi, said in a Q4 earnings call last year that Xiaomi Finance has changed its name to Star Division and has no plans to split it, but will make adjustments according to market conditions. He said at the time that in terms of business integration, "Suixing loan", the main personal consumer loan product owned by Star Digital, had been changed from Xiaomi loan Company to Chongqing Xiaomi Consumer Finance Company. At present, "borrowing with the Star" and Xiaomi phased interface show that the business is provided by Xiaomi Xiaojin, and the main body of the user agreement is still Star Division and Xiaomi Xiaomi loan.

In February this year, it was revealed that the Star Digital Division, Xiaomi's financial technology business, was reducing its business line. At that time, the Star Digital Division responded that there was no reduction in the Star Digital Division team, and that the relevant business line was based on the principle of 'focusing on the main business and service entity'. In the fourth quarter of 2021, the organizational structure was adjusted to integrate the relevant business lines into the digital industry finance department and the digital retail finance department.

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