Core Insights - The Shanghai Municipal Communications Administration reported that Ping An Consumer Finance Co., Ltd.'s "Ping An Consumer Finance" APP is involved in illegal activities related to the excessive collection of personal information [1][3] - Despite being previously flagged for similar issues four years ago, the company has not resolved these problems, indicating a long-term shortcoming in user data management [1][3] Company Overview - Ping An Consumer Finance was established in April 2020 with a registered capital of 5 billion yuan, and it has over 10 million users and a loan balance exceeding 50 billion yuan [1][3] - The company reported a revenue of 4.519 billion yuan and a net profit of 1.02 billion yuan for the year 2024, with year-on-year growth rates of 24.6% in revenue and 108% in net profit [3] - As of the reporting period, the total assets of the company amounted to 54.293 billion yuan, reflecting a year-on-year increase of 33.8% [3] Regulatory Actions - The Shanghai Municipal Communications Administration has mandated that the APP must rectify the identified issues immediately and conduct a comprehensive self-assessment regarding personal information and user rights protection [3] - The company has been instructed to submit a rectification report and a self-assessment report within five working days from the date of the notice [3] Shareholding Structure - The major shareholders of Ping An Consumer Finance include Ping An Insurance with a 30% stake, followed by Rongyi Co., Ltd. with 28%, Weikun (Shanghai) Technology Service Co., Ltd. with 27%, and Jinjiong (Shenzhen) Technology Service Co., Ltd. with 15% [3] Market Presence - The company serves nearly 10 million users nationwide, with 80% of its market share coming from lower-tier markets [3] - As of October 2025, Ping An Consumer Finance has disclosed partnerships with 34 lending cooperation institutions, including 17 marketing acquisition institutions and 17 credit enhancement service institutions [3]