Chongqing Xiaomi Consumer Finance Co., Ltd. was fined 500000 yuan for misappropriation of consumer loan funds.

CTOnews.com Sept. 19 news, today, the Bank of China Insurance Regulatory Commission Chongqing Regulatory Bureau released the latest batch of administrative penalty information public form. Among them, Chongqing Xiaomi Consumer Finance Co., Ltd. was fined 500000 yuan.

According to public information, the document number of this administrative penalty decision is Chongqing Bank Insurance Supervision penalty decision (2022) 40. Due to poor post-loan management, consumer loan funds were misappropriated. Chongqing Regulatory Bureau of China Banking and Insurance Regulatory Commission fined Chongqing Xiaomi Consumer Finance Co., Ltd. on September 8 and warned Ai Hao. Among them, Hongfeng is the legal representative of Chongqing Xiaomi Consumer Finance Co., Ltd.

According to Sina Science and Technology on September 9, Xiaomi recently announced in an internal email that Lin Shiwei, vice president of the group and CFO, will also serve as chairman of Star Digital, reporting to Lei Jun, CEO of the group. Previously, Hong Feng, co-founder and senior vice president of Xiaomi, served as chairman of Tianxing Digital. The appointment also means that Hong Feng is no longer in charge of Xiaomi's financial business, which he started.

As previously reported by CTOnews.com, Chongqing Rural Commercial Bank released its semi-annual report of 2022 on August 30, revealing the performance of the consortium Chongqing Xiaomi Consumer Finance Co., Ltd. According to the semi-annual report, Xiaomi made a net loss of 93.196 million yuan in consumer finance in the first half of this year, an increase of 43 percent over the same period in 2021, while its net profit for the whole of last year was 3.68 million yuan.