CNFinance Holdings Ltd.

CNFinance Holdings Ltd. is a leading home equity loan service provider in China. The company operates by connecting borrowers with licensed financial institutions, including trust companies and commercial banks, through its operating subsidiaries in China. Sales partners recommend micro- and small-enterprise ("MSE") owners with financing needs to CNFinance Holdings Ltd., which then introduces eligible borrowers to financial institutions. These institutions conduct their own risk assessments and make credit decisions. CNFinance Holdings Ltd. has a national network of 37 branches and sub-branches across more than 30 cities in China. The primary target borrowers are MSE owners who own real properties in Tier 1, Tier 2, and other major cities in China. These MSE owners typically require working capital due to quick cash flow turnover from their business operations, and their financing needs are often unpredictable, time-sensitive, and frequent. The company originated home equity loans with an aggregate principal amount of RMB17.3 billion in 2023, RMB9.8 billion in 2024, and RMB1.6 billion in 2025. This represents a decrease of 43.4% compared to 2023 and 83.6% compared to 2024. CNFinance Holdings Ltd. originated home equity loans for 23,910 borrowers in 2023, 12,912 borrowers in 2024, and 2,688 borrowers in 2025, with 211 of the 2025 borrowers under the commercial bank partnership model. The company aims to serve its target borrowers by facilitating home equity loans and providing tailored services, addressing the unmet needs of MSE owners often underserved by traditional financial institutions.