China Innovative Finance Zhonghong (Shenzhen) Business Factoring Co, Ltd. (“C.I.F. Zhonghong”), a subsidiary of CSFG, was established in April 2014 in Qianhai, Shenzhen with a registered capital of RMB200 million.
Leveraging the favourable policies of the Qianhai Special Economic Zone and the strong support of CSFG, C.I.F. Zhonghong has established a comprehensive risk management system and operation model. C.I.F. Zhonghong focuses on developing the factoring business of receivables and payables of large scale enterprises, providing tailoring financial service solutions to enterprises in the upstream and downstream businesses.
Business factoring industry is showing a robust growth momentum with the increasing government’s support for the development of the industry. The industry provides companies with more diversified financing channel which fills the gap left by banks, thereby having a substantial room for development. As a member of CSFG, CIF Zhonghong does not only extend the business functions and services of CSFG’s financial market but also corporate with the businesses of CSFG, especially the business of LAECAP, creating strategic synergies to help CSFG accelerate the development of financial business.