Core Insights - Two licensed consumer finance companies, Harbin Consumer Finance and Zhaolian Consumer Finance, have disclosed their loan assistance cooperation institutions, highlighting a trend towards collaboration with major internet financial firms [1][2][3] Summary by Sections Cooperation Institutions - Harbin Consumer Finance announced partnerships with 10 loan assistance institutions and 29 collection agencies, while Zhaolian Consumer Finance revealed 11 loan assistance institutions and 18 collection agencies [1][2] - The majority of loan assistance institutions listed by Harbin are affiliated with well-known internet financial companies, including Meituan, Ctrip, and Ant Group [3] Industry Trends - A total of 9 licensed consumer finance companies have publicly disclosed their cooperation institutions this year, indicating a growing trend in the industry [2][12] - The implementation of a list-based management system for cooperation platforms is expected to intensify the "Matthew Effect" in the industry, favoring larger, compliant institutions [12][20] Market Dynamics - The cooperation institutions are primarily from leading internet financial platforms, with 10 out of 11 loan assistance institutions for Zhaolian being from top-tier internet companies [10][11] - The trend towards scene-based cooperation is emerging, as consumer finance companies seek to refine their operations and target specific customer segments more effectively [20]

Core Viewpoint - The recent legal and operational challenges faced by Kaishi Fund and its chairman Chen Jiwu highlight the difficulties small and medium-sized public funds encounter in a competitive and heavily regulated market [6][7][8]. Group 1: Legal and Operational Challenges - Chen Jiwu, chairman of Kaishi Fund, has been subjected to consumption restrictions by the Shanghai Huangpu District People's Court, affecting his ability to engage in high-cost activities [1]. - Kaishi Wealth, a professional fund sales institution, has faced termination of business relationships with multiple public funds, including China CITIC Prudential Fund and Xinjiang Qianhai United Fund [2]. - Kaishi Fund Management Co., Ltd. has multiple equity freezes totaling over 300 million yuan, with the latest freeze lasting until 2027 [2]. Group 2: Financial Performance and Product Line - As of March 31, 2025, Kaishi Fund's total assets under management have plummeted to 117 million yuan, a decline of over 90% from its peak of 1.429 billion yuan in Q3 2019 [3]. - The company has seen a significant reduction in its product line, with several funds being liquidated since its establishment in 2017 [3]. - The recent launch of the Kaishi Yuanxin Mixed Fund raised only 10.61 million yuan, with no external subscriptions, indicating a lack of investor confidence [3]. Group 3: Industry Context and Future Outlook - The situation of Chen Jiwu and Kaishi Fund reflects the broader challenges faced by small public funds amid increasing market concentration, where top firms hold over 80% of market share [6][7]. - As of the end of 2024, Kaishi Fund's scale was merely 19 million yuan, ranking last among similar "private-to-public" companies, while competitors like Pengyang Fund exceeded 124.8 billion yuan [7]. - Industry experts suggest that building differentiated competitive advantages and addressing historical issues like equity freezes are crucial for the survival of small public funds [7].