Nan Fang Du Shi Bao·2025-04-23 11:31Core Viewpoint - JD.com is intensifying its investment in the consumer finance sector through its subsidiary,捷信消费金融有限公司 (捷信消金), by appointing a new CEO and restructuring its ownership to enhance its market position and compliance [2][6][7]. Group 1: Management Changes - Ondrej Frydrych has stepped down as the legal representative and CEO of捷信消金, with Zhang Hanchun taking over these roles [2][5]. - Zhang Hanchun, who joined JD.com in 2017 and has held various senior positions, is expected to bring significant experience in risk management to捷信消金 [4][6]. Group 2: Ownership Restructuring - In January 2025, the National Financial Regulatory Administration approved a restructuring of捷信消金, allowing JD.com to become the largest shareholder with a 65% stake [6][7]. - The restructuring involved reducing捷信消金's registered capital from 70 billion to 50 billion yuan, with the original foreign shareholder, Home Credit N.V., reducing its stake to 2% [6][7]. Group 3: Market Position and Strategy - The acquisition of a consumer finance license is a strategic move for JD.com, as it previously only held a network small loan license [7]. - There are currently 31 licensed consumer finance companies in China, with only three being internet-based, highlighting the scarcity and value of such licenses [7]. - JD.com aims to leverage its large user base and established financial products to drive growth in捷信消金 following the acquisition of the license [7]. Group 4: Asset Quality Concerns -捷信消金 has faced challenges with asset quality, as indicated by its non-performing loan rates from 2017 to 2019, which were 3.82%, 3.98%, and 3.6% respectively [7]. - The company has transferred over 24 billion yuan in non-performing loans since 2023, indicating ongoing issues with asset quality [8].