Core Viewpoint - The frequent personnel changes in the consumer finance sector are driven by regulatory policies, intensified market competition, and evolving consumer demand scenarios, impacting 20 institutions and involving key management positions [1][3][4]. Personnel Changes - As of September 10, 2023, 20 consumer finance companies have undergone significant personnel changes, including positions such as chairman, general manager, and chief risk officer [3][4]. - Recent changes include the approval of four new directors at JD Consumer Finance, with a total of seven directors now approved [3]. - Mongolian Merchant Consumer Finance and Bank of China Consumer Finance have seen particularly frequent changes, with multiple approvals for key positions throughout the year [4]. Strategic Drivers - The personnel adjustments are primarily driven by company strategies aimed at long-term stability and growth, with a focus on enhancing technology and digital capabilities [4][5]. - New executives often come from backgrounds in large commercial banks or the internet sector, bringing valuable experience in risk control and user operations [5][6]. Business Expansion - Alongside personnel changes, consumer finance companies are actively pursuing business expansion, including capital increases and new business lines such as fixed-income securities and asset-backed securities [7][8]. - The increase in capital is driven by stricter regulatory requirements and the need for business expansion, which helps solidify the capital base and enhance lending capabilities [7][8]. Industry Challenges - The consumer finance industry is facing challenges such as high customer acquisition costs, product homogenization, and pressure on asset quality, necessitating a shift towards refined and specialized operations [11]. - The upcoming implementation of new regulations on internet lending is expected to impact the scale of loans issued through third-party platforms, prompting companies to adapt their pricing strategies and product offerings [10][11].