[ET Net News Agency, 15 June 2017] China Minsheng Financial (00245) said it entered
into a memorandum of understanding in relation to the possible acquisition of 74.33%
interests of Union Evernew Investment Limited (UE Investment) at Rmb278.75 million from
China Smartpay Group Holdings (08325).
UE Investment currently holds 90.2% equity interests of Chongqing Massnet Microcredit
Co., Ltd. (Zhongwang Microcredit) and HTI Financial Solutions holds the remaining 9.8%
equity interests of Zhongwang Microcredit. Zhongwang Microcredit has a registered capital
of Rmb300 million and is principally engaged in various forms of money lending, notes
redemption, asset transfer, equity investment, and nationwide online money lending
business. It obtains customers primarily through the internet, and provides customers with
loans after conducting risk control assessment using big data analysis model. (HL)