Company Overview - *ST Xiongmao appointed Mr. Chen Mo as the secretary of the board of directors on October 29 [1] - As of the latest report, *ST Xiongmao has a market capitalization of 1.5 billion yuan [1] Revenue Composition - For the year 2024, *ST Xiongmao's revenue composition is as follows: fireworks products account for 99.99%, while the small loan segment accounts for 0.01% [1]

Core Insights - Recent shareholder equity disclosures were made by Huixin Microfinance (01577), Huaying Construction (01582), and Jiaxing Gas (09908) on October 29, 2025 [1] Group 1: Huixin Microfinance (01577) - Cai Jianchu reduced his holdings from 30.964 million shares to 4.118 million shares, representing a decrease in ownership from 17.20% to 2.29% [2] - Wu Weiqi increased his holdings significantly from 8.554 million shares to 35.400 million shares, raising his ownership from 4.75% to 19.67% [2] - YUE TAI INVESTMENT LIMITED increased its holdings from 38,000 shares to 26.884 million shares, with ownership rising from 0.02% to 14.94% [2] Group 2: Huaying Construction (01582) - Li Jiaxian reduced his holdings from 1 million shares to 800,000 shares, with ownership decreasing from 0.20% to 0.16% [2] Group 3: Jiaxing Gas (09908) - Sun Lianqing slightly increased his holdings from 2.75 million shares to 2.80 million shares, with ownership rising from 7.27% to 7.40% [2]

Core Insights - Zhaoli Small Loan (06866) reported a net interest income of 111 million yuan for the nine months ending September 30, 2025, representing a year-on-year decrease of 7.55% [1] - The profit attributable to the owners of the parent company was 51.694 million yuan, down 11.31% year-on-year [1] Financial Performance - Net interest income: 111 million yuan, down 7.55% year-on-year [1] - Profit attributable to parent company owners: 51.694 million yuan, down 11.31% year-on-year [1]

Core Insights - The formal dissolution of Alibaba's microloan subsidiary, Alibaba Small Loan Co., marks the end of an era in the fintech industry, indicating a return to the core principles of financial services [1][2] - The cancellation of Alibaba Small Loan is part of a broader trend, with over 300 microloan institutions across China being announced for cancellation or withdrawal this year [1][5] Company Overview - Alibaba Small Loan was established on March 25, 2010, as a joint venture between Alibaba Group and external shareholders, becoming the first company approved to conduct microloan business nationwide [3][4] - Initially, it played a significant role in providing financial services to small and medium-sized e-commerce businesses through products like "Taobao Loan" and "Tmall Order Loan" [3][4] Industry Trends - The microloan industry is undergoing a significant shakeout, with a reduction in the number of microloan companies from 5,081 to 4,974 by the end of June 2025, alongside a decrease in loan balances by 18.7 billion yuan [6] - Major internet companies are exiting the microloan space, with Alibaba Small Loan and Sohu's Fox Internet Microloan being notable examples [6] Regulatory Environment - The tightening of financial regulations has led to a reduction in the number of local financial organizations, with a focus on eliminating "lost contact," "shell," and severely non-compliant institutions [8][9] - New regulations on microloan companies have been implemented, emphasizing business operations, corporate governance, risk management, and consumer rights protection [8] Market Dynamics - The consumer finance market in China is experiencing structural changes, with technology-driven institutions gaining a competitive edge over traditional models [10][11] - The performance of traditional consumer finance companies, such as Zhaolian Consumer Finance, has declined, while Ant Consumer Finance has seen significant growth, with a 76.3% increase in revenue [11][12] Future Outlook - The microloan industry is expected to differentiate, with stronger and more compliant companies focusing on serving underserved sectors like small businesses and low-income individuals [16][17] - The future landscape of licensed consumer finance companies may consist of three tiers: a few comprehensive giants, around ten specialized institutions, and several regional players [14][17]

Core Viewpoint - The small loan industry is undergoing a significant reshuffle, with major players like Alibaba and Sohu exiting the market due to stringent regulations and market clearing, leading to the cancellation of over 300 small loan institutions this year alone [1][2][3]. Group 1: Industry Developments - Fox Internet Microfinance and Alibaba Microfinance have both been officially deregistered, marking the complete exit of the "Alibaba system" from the small loan sector [1][2]. - The small loan industry is experiencing a deep cleansing, with numerous "missing," "shell," and severely violating institutions being eliminated, reflecting a broader trend of market consolidation [1][3]. - As of June 2025, the total number of small loan companies in China has decreased to 4,974, down from 5,081 at the end of the previous quarter, with a loan balance of 736.1 billion yuan, a reduction of 18.7 billion yuan in the first half of the year [3]. Group 2: Regulatory Environment - The regulatory environment has become increasingly stringent, with multiple government agencies issuing guidelines aimed at reducing the total number of local financial organizations and eliminating inefficient institutions [5][6]. - The implementation of the "Interim Measures for the Supervision and Administration of Small Loan Companies" has established regulations on business operations, corporate governance, risk management, and consumer rights protection [6]. Group 3: Future Outlook - Industry experts predict that the small loan sector will continue to see differentiation, with stronger, well-regulated companies focusing on serving underserved areas such as small and micro enterprises, farmers, and low-income urban populations [7]. - To achieve sustainable development, existing small loan companies must refine their business models, enhance risk management systems, and explore differentiated service paths, such as supply chain finance and consumer finance [6][7].

Core Points - The recent deregistration of Zhejiang Alibaba Microloan Co., Ltd. (Ali Microloan) marks the exit of all controlled microloan licenses from the Alibaba and Ant Group ecosystem [1][4] - Ali Microloan, established in March 2010 with a registered capital of 300 million yuan, was the first company in China to obtain an online microloan license and primarily served small and micro businesses on e-commerce platforms [2][4] - All business operations of Ali Microloan were gradually transferred to Mybank starting in 2015, and the company had no actual business operations in recent years, making its deregistration inconsequential [2][4] Company Developments - As of October 22, 2025, there are no remaining controlled microloan companies under Alibaba and Ant Group, with only Taobao China Holdings Ltd. indirectly holding stakes in two microloan companies [2] - Other microloan companies previously associated with Ant Group, such as Chongqing Ant Commercial Microloan Co., Ltd. and Chongqing Ant Microloan Co., Ltd., have also been deregistered, with their businesses transferred to Ant Consumer Finance Co., Ltd. [3][4] - The final deregistration of Ali Microloan on October 17, 2025, signifies the complete withdrawal of Alibaba and Ant Group from the microloan sector [4]

Core Points - Zhejiang Alibaba Microloan Co., Ltd. (referred to as "Ali Microloan") has officially completed its deregistration, with the status changing from active to deregistered as of October 17, 2025, due to a "resolution to dissolve" [1] - Ali Microloan, established in March 2010, was the predecessor of MyBank and had its business fully taken over by MyBank after its establishment in 2015 [2] - The deregistration of Ali Microloan signifies the completion of its mission to address the loan difficulties faced by small and medium-sized e-commerce sellers, marking its exit from the market under regulatory guidance [2] Company Overview - Ali Microloan was founded with a registered capital of 300 million RMB and was authorized to provide various small loan services and consulting for small enterprises [1] - The company was notable for obtaining the first license in China specifically for providing small loans to e-commerce merchants [1] Industry Trends - Several microloan companies are gradually exiting the market under regulatory guidance, with companies like "Chongqing Ant Microloan Co., Ltd." changing their business scope to exclude loan services [3] - Ant Group has indicated that the exit of microloan companies will not affect the continuity of existing services for users, as it plans to transfer compliant consumer credit businesses to Ant Consumer Finance [3]

Core Viewpoint - Alibaba's microloan company, Zhejiang Alibaba Microloan Co., Ltd. (Ali Microloan), has officially completed its deregistration, with its business fully taken over by MyBank, marking the end of its 15-year history [2][4][6]. Group 1: Company Overview - Ali Microloan was established on March 25, 2010, with a registered capital of 300 million yuan and was co-founded by Alibaba Group and several external shareholders [4]. - The company primarily served small and micro businesses and individual entrepreneurs on e-commerce platforms, playing a significant role in Ant Group's early financial layout [6]. Group 2: Business Transition - Since November 2022, Ali Microloan has ceased all operational activities and received regulatory approval to exit the microloan pilot program [6]. - The business operations of Ali Microloan have been fully transitioned to MyBank since its establishment in 2015, which was the first private bank approved in China [6]. Group 3: Industry Context - The microloan industry in China has experienced rapid expansion over the past 20 years, followed by a phase of contraction in both scale and number due to increased competition and tightening regulations [8]. - Another microloan entity, Chongqing Ant Microloan Co., Ltd., which operated "Huabei," is also set to exit the microloan industry, with its operations being transferred to Chongqing Ant Consumer Finance Co., Ltd. [8]. Group 4: MyBank's Position - MyBank, established on May 28, 2015, has a registered capital of 6.571 billion yuan and is recognized as one of the first private banks in China [8]. - As of the end of 2024, MyBank's total asset scale reached 471.035 billion yuan, reflecting a 4.2% increase from the beginning of the year, ranking second among 19 private banks, just behind WeBank [8].

对此，网商银行相关负责人回应北京商报记者，2015年，网商银行获批成立后，逐步承接了阿里小贷全 部业务。科技发展使得中国小微信贷可得率大幅提升，网商银行创新推出"310"信贷模式，并将服务从 电商拓展到线下的小微经营者。成立10年来，网商银行累计已为超过6800万小微经营者提供综合金融服 务。 作为网商银行成立前的过渡公司，阿里小贷近几年已无实际业务运营，因此注销该公司无实质影响。完 成注销后，也标志着为解决电商中小卖家贷款难问题的阿里小贷已完成使命，在监管指导下退出历史舞 台。 公开资料显示，阿里小贷成立于2010年3月25日，由阿里巴巴集团联合外部股东发起成立，主营业务为 面向电商商家提供小额贷款服务。 北京商报讯（记者 刘四红）10月22日，北京商报记者注意到，据国家企业信用信息公示系统，浙江阿 里巴巴小额贷款股份有限公司（以下简称"阿里小贷"）已于10月17日正式完成注销。该小贷公司为网商 银行前身，其业务此前已均由网商银行承接。 ...

Group 1 - The company China Financial Investment Management (00605) announced a loan agreement with City Open Microfinance, where the lender agrees to provide a loan of RMB 17 million to borrowers FH and FI [1] - The loan has a term of one year, set to mature on October 22, 2025 [1] - This agreement indicates the company's ongoing involvement in microfinance and lending activities within the financial sector [1]