TENCENT(HK:00700) Huan Qiu Lao Hu Cai Jing·2025-11-25 09:11Core Viewpoint - Shenzhen's local financial management bureau has approved a new round of capital increase for Tencent's financial subsidiary, increasing its registered capital from 10.526 billion yuan to 15 billion yuan, making it the second-largest in the micro-lending industry by registered capital [1][2] Group 1: Company Overview - Tencent's financial subsidiary, Shenzhen Financial Payment Network Microloan Co., Ltd. (Financial Payment Microloan), was established in October 2013 and is controlled by Ma Huateng [2] - The company offers small loans and internet loans, with main products including "WeChat Pay Later" and "WeChat Installment" [2] Group 2: Capital Increase Details - The recent capital increase involved an injection of approximately 4.474 billion yuan, with Tencent's subsidiaries contributing 4.25 billion yuan and 224 million yuan respectively [1] - Following this capital increase, the shareholding structure remains unchanged, with Shenzhen Tencent Network holding 95% and Shenzhen Tencent Computer holding 5% [1] Group 3: Industry Context - Since 2020, Financial Payment Microloan has completed six rounds of capital increases, reflecting the impact of financial regulations on the micro-lending industry [2] - The number of micro-lending companies in China has significantly decreased, from 8,910 at the end of 2015 to 4,863 by the end of September 2025, indicating a trend of industry consolidation [3]