Written by | Liu Yilong
htmlOn September 9, according to Tianyancha App, recently, Tianxing Digital Technology Co., Ltd. (hereinafter referred to as "Tianxing Digital Technology") underwent industrial and commercial changes. Xiaomi co-founder and senior vice president Hong Feng withdrew from the company's legal representative, director, manager and other positions, and Xiaomi vice president and CFO Lin Shiwei became its successor.
This is the second time that Tianxing Digital Technology has replaced its legal representative nearly 10 years after its establishment. On March 22, 2018, Tianxing Digital Technology changed its legal representative for the first time, from Lei Jun and to Hong Feng. There are some opinions that the financial technology service section of Xiaomi Group was established and led by Hong Feng.
Industrial and commercial data shows that Tianxing Digital Technology was established in December 2013 with a registered capital of 2.314 billion yuan. Xiaomi Financial (Hong Kong) Co., Ltd. indirectly holds 100% of the equity of Tianxing Digital Technology. According to Xiaomi official website , Lin Shiwei is currently the chairman of Tianxing Digital Technology.
The leader of Xiaomi Group's financial sector
Lin Shiwei, 48 years old, graduated from Oxford University . He has served as managing director of Credit Suisse and head of the investment banking department of technology, media and telecommunications, and managing director of Morgan Stanley . He is responsible for the capital market business of the technology, media and telecommunications industries in the Asia-Pacific region.
Lei Jun (left) Lin Shiwei (right)
On October September, 2020, Lei Jun posted on Weibo that Lin Zhiwei has more than 20 years of rich experience in the capital market. His joining will help Xiaomi strengthen financial related work and help Xiaomi create a more passionate and exciting ten years.
In fact, Lin Shiwei and Xiaomi are not unfamiliar with them, and they are also old friends. He has completed the IPOs of Xiaomi, Kingsoft Cloud, and Huami . During his tenure as managing director of Morgan Stanley, Lin Shiwei was responsible for the capital market business of the technology, media and telecommunications industries in the Asia-Pacific region. He has operated more than 140 transactions for many well-known technology companies around the world, with a total transaction amount of more than US$60 billion.
After joining Credit Suisse, Lin Shiwei continued to be responsible for technology, media and telecommunications businesses, and has operated more than 40 transactions, with a total transaction amount of more than US$20 billion. Not only that, Lin Shiwei also completed the IPO of star companies such as Alibaba , Pinduoduo, NetEase, and Xiaopeng Motors .
Half a year after joining Xiaomi, on May 7, 2021, Xiaomi Private Equity Fund Management Co., Ltd. was established, and Lin Shiwei was appointed as the legal representative. On June 23 of the same year, Lin Shiwei became the chairman of the board of directors of Tianxing Bank. When Tianxing Bank was established, Lei Jun once said that this was a new milestone in the Xiaomi Financial business.
Three months later, in September 2021, Lin Shiwei joined Xiaomi Automobile again. On October 15, he served as CEO of Tianxing Digital Technology. A year later, Lin Shiwei became the chairman and legal representative of Tianxing Digital Technology.
, who once pioneered Xiaomi Finance and MIUI
, Hong Feng, who stepped down this time, is 45 years old and is currently the co-founder and senior vice president of Xiaomi Group.
Public information shows that Hong Feng served as a senior software engineer at Google , senior product manager at Google China, and other positions in his early years, and was responsible for Google Calendar, Google Map 3D Street View Project, Google Chinese Music Service, etc.
In 2010, Hong Feng joined Xiaomi Group and was initially responsible for the MIUI operating system and Internet services. Since 2015, he has begun to build and lead the financial technology service sector of Xiaomi Group, providing financial technology services such as online credit, third-party payment, Internet wealth management and insurance to tens of millions of users.
In 2018, Xiaomi disclosed in its prospectus that it would integrate its financial business to form Xiaomi Financial Group. Xiaomi Finance was renamed Xiaomi Digital , and was renamed Tianxing Digital again in 2020. Hong Feng served as the legal representative and chairman of Tianxing Digital meter.
Tianxing Digital Technology is a digital technology service platform under Xiaomi Group and is one of the core enterprises of Xiaomi Group. Its current main business scope includes industrial finance, third-party payment, investment and financial management, Internet insurance, and financial technology.
Previously, Tianxing Digital Technology was exposed to be reducing its business line. In response, Tianxing Digital Technology responded at the time that there was no reduction in the Tianxing Digital Technology team. The relevant business lines, based on the principle of "focusing on the main business and serving entities", made organizational structure adjustments in the fourth quarter of 2021, and will Relevant business lines are integrated to form the Digital Industry Finance Department and the Digital Retail Finance Department.
Xiaomi Group's second quarter financial report this year showed that the revenue of the Internet service segment was 6.97 billion yuan, a year-on-year decrease of 0.9%, mainly due to the decrease in financial technology business revenue, which was partially offset by the increase in revenue from TV value-added services and game business.
also mentioned in the financial report that in addition to the restricted cash changes generated by financial technology business and customer deposit changes generated by Tianxing Banking business, the net cash used for operating activities in the second quarter of 2022 was 100 million yuan, compared with 7.6 billion yuan in the first quarter. Yuan. In addition to changes in loans for financial technology business, the net cash from financing activities in the second quarter of 2022 was 900 million yuan, a decrease of 1.9 billion yuan from the previous quarter.
's financial business has been exposed to have problems
Zheng Zhijun noticed that the personal consumption loan products under Tianxing Digital Technology have also been exposed to have problems.
According to China Net Finance's March 2021 report, several consumers complained that "Xiaomi Star Borrow (formerly Xiaomi Loan)" under Tianxing Digital Technology used a call system to bomb high-frequency telephones and explode address books, etc., and were suspected of violent debt collection. The total number of complaints on the complaint websites of "Xiaomi with Star Borrow" and "Tianxing Finance Official" exceeded 7,000.
In addition, some users also verified that "Xiaomi Suixing gave the collection company a leaked personal information to the collection company, causing the collection company to insult and verbally insult and attack family and friends, causing the family to be hospitalized." China Net Finance reporter verified relevant issues with Tianxing Digital Technology, and the report said that the company did not respond until publication.
Xiaomi Suixing Loan currently mainly adopts the joint loan /loan assistance model. In December 2021, Beijing Business Daily disclosed that taking a loan of 10,000 yuan as an example, the annual interest rate is 21.6%, and the loan term is divided into three levels: 6 months, 9 months and 12 months. In addition, in addition to agreeing to the relevant loan agreement before the loan, you also need to agree to an loan contract . Judging from the contract content, the main ones are Bank of China Consumer Finance and Xiaomi Microfinance, which provides loan services. Among them, Bank of China Consumer Finance’s loan amount is 9,000 yuan, accounting for 90% of the investment; Xiaomi Microfinance invests 1,000 yuan, accounting for only 10% of the investment. .
For the investment ratio, the relevant regulations clearly state that in a single joint loan, the investment ratio of the micro-loan company that operates online micro-loan business shall not be less than 30%; at the beginning of 2021, China Banking and Insurance Regulatory Commission emphasized that commercial banks and cooperative institutions jointly If the investment is made to issue Internet loans, the proportion of the partner's investment in a single loan shall not be less than 30%, and shall be implemented from January 1, 2022.
At that time, Xiaomi Suixing replied, "In the joint loan business, it has been adjusted and switched smoothly and in an orderly manner according to the regulatory direction. It is expected that from January 2022, in a single joint loan, Sui The investment ratio of Xingdi will meet relevant regulatory requirements. "
Information | China Net Beijing Business Daily Xiaomi official website, etc.
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