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JD Finance, P2P Online Lender Meili Finance Issue RMB 479 Mln in Used Car ABSes

iYiou, 8/01/17

P2P online lending platform Meili Jinrong ("Meili Finance") and Chinese B2C e-commerce platform JD.com's (Nasdaq: JD) online financing and retail investment platform JD Finance have partnered to issue RMB 479 mln in used car asset-backed securities (ABS) on the OTC market. There are a total of 7,425 assets in the asset pool, all of which are Meili Jinrong used-car financial assets. The trustee of underlying assets is Zheshang Jinhui Trust.

Last week Meili Jinrong also issued RMB 189 mln in publicly offered ABS comprised of various used car automobile-related assets, bringing the total value of Meili Jinrong's two ABS products to over RMB 668 mln.

Meili Jinrong subsidiary Meili Che Jinrong ("Meili Auto Finance") is an online automobile consumer loan provider. Since September 2014, Meili Che Jinrong has been specializing in used car finance covering 30 provinces nationwide and 270 cities, and has issued over RMB 10 bln in loans to date.

Keywords: Internet automobile P2P second-hand JD.com JD online lending JD Finance Meili Jinrong Meili Che Jinrong

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