China Innovative Finance Zhonghong (ShenZhen) Business Factoring Co.,Ltd., a subsidiary of CIFG, was established in April 2014 in Qianhai, Shenzhen with a registered capital of RMB200 million.
Leveraging the favourable policies of Qianhai Special Economic Zone and the strong support from its major shareholder China SDHS Fin, C.I.F. Zhonghong has built a very comprehensive risk management and operation model, with a stress on risk control. C.I.F. Zhonghong focuses on factoring business of receivables and payables of large scale enterprises, providing tailor-made financial solutions to customers in the upstream and downstream businesses.
With the increasing support from the country, business factoring has shown a robust growth momentum. Business factoring offers more diverse financing channels which fill the gap left by banks, thereby having a substantial room for development.
CIF Zhonghong complements China SDHS Fin’s business and creates strategic synergies with the Group’s operations, in particular the FAECAP, accelerating China SDHS Fin’s growth.