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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
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Delayed Hong Kong Stock Exchange  -  02:27:08 2023-02-02 am EST
385.60 HKD   +0.16%
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Tencent : China approves country's second personal credit agency, JD.com, Xiaomi take stakes

12/04/2020 | 06:16am EST
FILE PHOTO: People wearing protective face masks visit Xiaomi brand's store in Kyiv

BEIJING (Reuters) - China's central bank on Friday granted approval for the set up of a personal credit agency to be jointly held by an investment arm of the Beijing government, subsidiaries of e-commerce giant JD.com and Xiaomi Corp, and facial recognition start-up Megvii Technology.

The agency, named the Pudao Credit Rating Co Ltd, will be registered with 1 billion yuan ($153.19 million) in Beijing, a statement from the People's Bank of China (PBOC) said.

The agency will become the second personal credit agency licensed by the PBOC.

In recent years, the central bank has been trying to link loan data among different online lending platforms and share credit information to prevent over-borrowing and fraud. In 2018, it launched Baihang Credit, Chi­na's first licensed personal credit agency with nine parties co-invested, including credit rating units of Ant Group and Tencent Holdings.

The PBOC is also pushing micro-lenders that source clients from e-commerce platforms to share credit information with the central bank in a move to strengthen supervision on such loans amid fears of rising defaults and deteriorating asset quality. Beijing Financial Holdings Group, owned and controlled by the Beijing municipal government, will take a majority stake of 35% in Pudao Credit, with JD Digits taking 25% and Beijing Xiaomi Technology Co and Megvii Technology each taking 17.5% respectively, according to the statement.

The remaining 5% will be held by a private equity firm.

($1 = 6.5280 Chinese yuan renminbi)

(Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by Raju Gopalakrishnan)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
TENCENT HOLDINGS LIMITED 0.26% 385.6 Delayed Quote.15.27%
XIAOMI CORPORATION 1.63% 13.74 Delayed Quote.23.40%
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Financials
Sales 2022 555 B 82 308 M 82 308 M
Net income 2022 112 B 16 643 M 16 643 M
Net cash 2022 98 942 M 14 676 M 14 676 M
P/E ratio 2022 28,4x
Yield 2022 0,36%
Capitalization 3 113 B 462 B 462 B
EV / Sales 2022 5,43x
EV / Sales 2023 4,75x
Nbr of Employees 108 836
Free-Float 63,2%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 331,01 CNY
Average target price 366,80 CNY
Spread / Average Target 10,8%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Financial Controller
Chen Ye Xu Chief Information Officer
Shan Lu SEVP, President-Technology & Engineering Group
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