On January 4, 2015, China Banking Regulatory Commission (“CBRC”) approved the establishment of Chongqing Mashang Consumer Finance Co., Ltd.. Sunshine Insurance, as one of the shareholders, becomes the first insurance company engaged in consumer finance and credit business in China and Mashang Consumer Finance Co., Ltd. is also the first consumer finance company set up and partly owned by an insurance company.
As one of the ten pilot consumer finance companies sanctioned by CBRC, Mashang Consumer Finance Co.,Ltd. is jointed launched by six companies, including Chongqing Department Store, Sunshine Insurance, and Chongqing Bank. With shareholders operating in such sectors as wholesale and retail, insurance, banking and the internet, the newly established company could realize integration of consumption, finance and the internet more conveniently.
A Dacheng team led by Beijing-based senior partner Liu Xinde advised Sunshine Insurance on the launch of the consumer finance company. The team was responsible for conducting due diligence, drafting and reviewing legal documents and issuing attorneys’ opinion letter to China Banking Regulatory Commission and China Insurance Regulatory Commission. The team also included attorneys Ye Hongpo, Liu Yong, Hong Shaorong, and Xu Jie.
Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 50 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including Hong Kong SAR, China. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.