VCREDIT business has grown steadily through refined operations in FY2023

HONG KONG, Mar 27, 2024 – (ACN Newswire via – VCREDIT Holdings Limited (“VCREDIT” or the “Group”; stock code: 2003.HK), a leading independent online consumer finance provider in China, announced its audited annual results for the year ended 31 December 2023.

During the year, the Chinese macro-economy and residents’ consumption capacity slowed with demand weakening for consumers. Nevertheless, the Group still achieved steady growth through refined operations. Total income was RMB3,569.5 million, with an adjusted net profit of RMB455.6 million. The Board has recommended the distribution of a final dividend of HK10 cents per share of the Company.

The Group continued to optimize its risk management framework, adjust risk control policies, and introduce more comprehensive dimensions of customer feature, enabling the ongoing shift towards high-quality borrowers on the business asset side. The Group’s loan origination volume reached a historical high of RMB75.2 billion for the year, representing a growth of 44.2% as compared to RMB52.2 billion in 2022.

Building a precise customer acquisition model, transferring towards higher quality borrowers

Facing the macroeconomic conditions and changes in user behavior, the Group continued optimizing its rise management framework by improving multi-source scoring cards, adjusting risk control policies, and undertaking significant model upgrades and complex testing. In the second half of 2023, the Group established a strategic partnership with a leading data company to jointly build a precise customer acquisition model, significantly enhancing the ability to acquire customers more accurately in diverse scenarios. The Group has continued to expand high-quality customer acquisition channels. It formed cooperative agreements with well-known content platforms, photo editing applications, internet-based logistics platforms, lifestyle service information platform and other premium channels, allowing the Group to enhance precision marketing and high-quality customer acquisition strategies. In 2023, the cumulative registered users reached 144 million, representing an increase of 13.6% compared to 2022. For the existing customers, the Group has continued to improve their user experience by introducing a user willingness model to help raise brand recognition and improve user loyalty. In 2023, repeat loan customers accounted for 85.1% of the total loan volume.

To accurately construct target customer risk profiles, the Group introduced more comprehensive dimensions of customer features, which helps the business asset side to sustain its transition towards high-quality borrowers, striking a balance between short-term risk and long-term returns.

Actively responding to data security requirements, establishing a consumer protection framework

While solidifying performance and optimizing risk levels, the Group also prioritized compliance and enhancing the consumer experiences. To align with their industry’s evolving regulatory framework, the Group proactively adjusted its post-loan strategies, achieving forward-looking compliance transformations. Simultaneously, the Group actively responded to data security requirements, and implemented a “Duanzhilian” approach for credit data by the end of 2023.

In terms of consumer protection, the Group established a Consumer Rights Protection Committee, gradually building a comprehensive consumer protection framework to fulfill their responsibilities. Leveraging artificial intelligence large language models, the Group introduced an AI-powered online customer service bot that serves both customer service and marketing scenarios, continuously optimizing user interaction experiences.

Expanding funding partnerships, actively expanding domestic and overseas markets

The Group’s collaboration with financial institution funding partners has significantly increased, particularly deepening partnerships with systemically important banks. By the end of 2023, the Group had established collaborations with 104 external funding partners, including 24 nationwide joint-stock commercial banks, consumer finance companies, and trust funds. These partnerships contribute to the formation of a diverse financing pool, supporting their progress towards their goals. While expanding the number of funding partners, the Group has gradually implemented a standardized scoring system, continually improved operational efficiency, and steadily reduced funding costs. Building on this strong foundation, coupled with flexible financing and capital protection provided by third-party guarantee and asset management companies, the Group placed an emphasis on providing consumer finance through their pure loan facilitation model, consistently moving towards asset-light operations.

Apart from strengthening and developing their existing consumer finance business in the mainland of China, the Group successfully launched a new consumer finance brand ‘CreFIT’ in Hong Kong during 2023. Additionally, the Group agreed to acquire Banco Português de Gestão, S.A. (“BPG”), a credit institution registered with the Bank of Portugal, allowing it to enter the Portuguese and broader European markets. Through these new initiatives, the Group aims to achieve significant breakthroughs in their business and deliver optimal returns for their Shareholders.


The macro environment is constantly changing and evolving, which requires the Group to respond in a prompt and effective way to remain competitive. In order to contribute to further growth in their consumer finance business and fulfill the financial needs of high-quality customers, the Group will strive to hone their business strategies and upscale their technology. In addition to growing their existing consumer finance operation in China, the Group shall also look to expand their business strategies by investing or collaborating in or acquiring similar, related or complementary businesses and industries in other jurisdictions including Hong Kong, South-East Asia and Europe. The Group is reviewing and shall continue to review potential investment opportunities and business prospects on a constant basis and make suitable investments and acquisitions as opportunities occur. And it will continue to focus on leveraging advanced expertise and knowledge and actively embracing the trends and innovation that are shaping the industry and society more broadly.

Additionally, the Group intends to continuously execute the strategies, including streamline and extend its credit solutions to better serve customers to improve brand recognition and the loyalty and creditworthiness of its customer base; enhance risk management capability through deployment of evolving technology and artificial intelligence; strengthen long-term collaborations with licensed financial institutional partners and other business partners; ensure its business is conducted within applicable regulatory parameters to achieve regulation-centric sustainability; review and assess potential business prospects and invest or collaborate in or acquire similar, related or complementary businesses and industries in China and other jurisdictions; cultivate a dynamic enterprise value and culture and grow its in-house talents.

About VCREDIT Holdings Limited (2003.HK)

VCREDIT Holdings Limited (VCREDIT) is a leading independent online consumer finance service provider in China. Accumulated 17 years of experience in consumer finance innovation, the Group has established a cutting-edge position in credit risk quantification and intelligent risk management which are core to financial services. VCREDIT’s proprietary “Hummingbird” risk management system and smart lending robot provide state-of-the-art integrated solutions to licensed financial Institutions, allowing them to offer customized, accessible financial services to underserved borrowers across China. VCREDIT made its debut on the main board of the Hong Kong Stock Exchange on June 21, 2018 with the ticker symbol 2003.HK.


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