Harbin Consumer Finance

About Harbin Consumer Finance

Harbin Consumer Finance Co., Ltd. (HBCF) is a licensed consumer finance company in China, established in January 2017 and officially commencing operations in April of the same year. It was the 19th licensed consumer finance company to open in the country. The company was initiated by Harbin Bank, which remains its primary shareholder with a 53% stake. In a significant milestone, HBCF secured a strategic investment from Baidu's financial arm, Du Xiaoman Financial (formerly Baidu Finance), in May 2019. This made Du Xiaoman the second-largest shareholder with a 30% stake and marked HBCF as the first consumer finance company in its sector to attract a major internet company as a strategic investor.

The company operates on a "platform + self-operated" and "online + offline" business model, leveraging both banking and internet giant shareholder backgrounds. Revenue is generated from interest on consumer loans. HBCF provides a range of consumer credit products to residents in China, addressing needs for flexible and accessible loans. Its client base includes a broad spectrum of consumers, from taxi drivers, who were the target of its inaugural product "Consumer Taxi," to the general public. The company's business strategy focuses on a dual-drive of "technology and data" to power its operations. It collaborates with numerous platforms like Baidu, Meituan, and 360 to offer co-branded loan products such as "Youqianhua," "Meituan Life Fee," and "360 Jietiao". Additionally, it partners with other platforms including JD Finance, Ant Group, and Didi Finance for customer acquisition and loan facilitation.

HBCF offers both online and offline loan products. "Haha Loan" is a fully online, unsecured consumer credit service providing up to RMB 200,000 for non-student individuals over 22, with loan terms up to 12 months. Its features include rapid fund disbursement, transparent interest and fees, and flexible repayment options. For offline needs, the company provides "Kaixin Loan," a cash consumption loan product managed through a field sales team and a digital platform, enabling a paperless application process. This product, also unsecured, caters to small business owners and freelancers. Interest rates for its self-operated products range from 10.8% to 24%. The company has built a comprehensive risk management platform using artificial intelligence, big data, and cloud computing to manage the entire loan lifecycle.