Group 1 - The main financing methods for Tencent's microloan company, WeChat Pay Microloan, are the issuance of Asset-Backed Securities (ABS) and Asset-Backed Notes (ABN) products, with a total of 450 billion yuan in ABN products registered over the past two years and over 200 billion yuan issued this year [2] - WeChat Pay Microloan was established in October 2013 and is primarily owned by Tencent Holdings, with a registered capital increase from 10.5 billion yuan to 15 billion yuan in November this year, making it the second largest in the industry after Douyin's Zhongrong Microloan at 19 billion yuan [2] - The main product under Tencent is "Fenfu," which started a limited rollout in 2020 and is still invitation-only, with a loan balance expected to reach approximately 120 billion yuan by the end of June 2025 [2] Group 2 - As of June 30, 2025, WeChat Pay Microloan's total assets were 15.355 billion yuan, a decrease of 5.52% from the beginning of the year [3] - In the first half of 2024, WeChat Pay Microloan achieved revenue of 662 million yuan, a year-on-year increase of 30.2%, while net profit was 6.8 million yuan, a year-on-year decrease of 56.38%, indicating a situation of increasing revenue but declining profit [3]
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