Xiao Fei Ri Bao Wang·2025-12-10 07:20Core Viewpoint - The exit of Chongqing Renbao Microloan Co., Ltd. from the microloan industry signifies a strategic adjustment by China Renbao Group in its internet finance business, reflecting a broader trend of state-owned enterprises reducing their financial operations due to regulatory pressures [1][10]. Group 1: Company Overview - Chongqing Renbao Microloan Co., Ltd. was established in November 2017 with a registered capital of 300 million yuan, allowing it to operate microloan services nationwide [2]. - The company reported a revenue of 54 million yuan and a net profit of 12.76 million yuan in 2022, making it the first subsidiary of Renbao Financial Services to achieve cumulative profitability [4]. - As of September 2023, the company had issued a total of 3.722 billion yuan in self-operated loans, with over 90% of the loans serving agriculture and small enterprises [4]. Group 2: Regulatory Environment - The exit of Renbao Microloan is part of a larger trend influenced by the "retreat from finance" policy initiated by the State-owned Assets Supervision and Administration Commission (SASAC) to mitigate financial risks among state-owned enterprises [5][6]. - In 2023, SASAC issued guidelines to restrict state-owned enterprises from engaging in non-core financial investments, leading to a wave of financial subsidiaries being dissolved or liquidated [5][6]. Group 3: Financial Performance and Challenges - Despite its previous success, Renbao Microloan's exit raises questions about the future of Renbao Financial Services, which has faced continuous losses, including a loss of 237 million yuan in 2024 and 35 million yuan in 2023 [12]. - The overall financial performance of China Renbao Group remains strong, with a net profit of 35.9 billion yuan in the first half of 2023, but the contribution from its financial services segment has been minimal [12].