2016 China Leading Fintech 50 - KPMG

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2016 China Leading Fintech 50 KPMG China September 2016

Fintech 50 Survey Page

KPMG WeChat

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01 Disruption & breakthrough 02 Overview 03 The 50 04 Appendix Appendix I Appendix I Appendix I I Appendix IV Appendix V

List of institutional investors Global comparison Regulatory update KPMG China Fintech experts Glossary of abbreviated terms

Page Number

4

6

16

67 68 69 70 74

75

About KPMG Contact us

76 77

Disclaimer: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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01 Disruption & breakthrough

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Disruptive changes and breakthroughs Comprehensive service scenarios

Credit cards

Products

Consumer lending

Intelligence Housing/car loans

Payment

Data

Risk Precision marketing Individuals pricing Insurance

Personal finance

Anti-fraud Transactions

Quantitative trading

Payment and receipts

Wealth management

Financial markets

Portfolio management

Products Bills

Intelligence

Data

Risk control Wealth management

Enterprises (small and medium-sized)

Risk pricing Credit loans (supply/industrial chain)

Anti-fraud Leasing

Pledged loans

The picture above listed in no particular order ,it is only a schematic diagram sorted by public information. Not a full list, just for reference

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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02 Overview

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview About Fintech 50 Each year, KPMG publishes the KPMG Global Fintech 100 report, which ranks the leading and emerging Fintech companies globally.1 KPMG China recognises that China is one of the fastest growing Fintech markets globally and has become an important hub for financial services and technology companies operating in the region.

As a result, KPMG China has published the China Fintech 50 report with the aim of promoting the industry’s growth by highlighting the leading mainland companies engaged in technological innovations in the financial services sector.

* Standard

Companies included are either non-financial institutions or non-traditional financial institutions that are actively involved in developing new technologies for the financial services industry; their principal business activities and target client group are located in mainland China. We encourage companies profiled in this report to engage with us by accessing the KPMG China website and following us on social media.

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6

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Criteria

* Review Committee Our review committee comprises partners from KPMG China and KPMG Global, with expertise in IT, data, capital markets, venture capital, risk control and financial services. * Review dimensions

KPMG China believes IT innovation is at the heart of developments in the financial services sector. This is reflected in our methodology, which covers six core dimensions, including technology, data and innovation, as shown in the diagram on the right hand side.

Data driven capability – modelling/collection/ mining/execution

5

Valuation and recognition from capital markets

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The KPMG China Fintech 50 survey was launched in mid-2016. Following an extensive review process, we are pleased to announce the successful companies (listed on page 16).

Note1: KPMG, in conjunction with H2 Ventures, publishes the KPMG Global Fintech 100 report. H2 Ventures is a leading Fintech investment firm.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) We have provided a breakdown of the companies included in the report based on a number of criteria: 1) Business model: 9 8 7 6 5 4 3 2 1 0

Followed by integrated financial services, big data ranked first and second when analysing the firms included in our rankings on the basis of their business model. Since data is at the heart of recent developments in the financial services sector, companies that seek to harness the power of big data enjoy a significant competitive advantage over their peers. Note:These statistics are only for companies for which information is disclosed

2)Location:

21

15

Beijing

Shanghai

5 Hangzhou

1 Chengdu

7

Shenzhen

1

Chongqing

The success of China’s Fintech industry is a consequence of the efforts by government to cultivate the country’s knowledge economy. Due to the overriding advantages enjoyed by Beijing, Shanghai, Guangzhou, Shenzhen and other tier one cities in cultivating, attracting and retaining talent in the financial services and technology sectors, most of the companies included in our rankings are, unsurprisingly, based in these cities. Note:The region of shortlisted companies above based on their main business location

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 3) Technology:

Core technology distribution 50 40 30 20 10 0

Advanced technology, when properly utilised to support innovation, can lead to breakthroughs in the financial services sector, for example, risk quantification models can help shorten the approval process for consumer loans, mobile computing systems improve customer retention by enhancing service quality, cloud computing increases service responsiveness and big data can be used to detect fraudulent behaviour more effectively. Out of the 10 core technologies this report focuses on, big data/data analysis technology was the one most commonly employed by companies that were included. Note:These statistics are only for companies which information is disclosed

4)Proportion of technical personnel:

11% 30%

59%

Since a key contributing factor to a company’s competitiveness is the skillset of its staff, the proportion of technical personnel is often an important criterion in distinguishing different firms. Since a number of Fintech companies tend to use the Internet, particularly social networking sites, to market their products and services, this has led to a reduction in marketing staff and an increase in staff with technical expertise across the industry. Note:These statistics are only for companies for which information is disclosed

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 5)Time of incorporation:

6% Within 1 year

Most of the KPMG China Fintech 50 were formed only recently. During the interview process, we found that having a vibrant, passionate and positive corporate culture was a key factor in explaining the innovation of many of these organisations.

6%

18%

18%

1-2 years 2-3 years 3-5 years 5-10 years Over 10 years

26%

26%

Note:These statistics are only for companies for which information is disclosed

6)Valuation:

9%

Fintech has been front page news in recent years, which has probably helped increase the value of many of the companies on the list. However, most of the companies are still young and, with the exception of a few large groups, most are limited in scale and value.

9%

30%

¥¥¥¥¥ ¥¥¥¥

16%

¥¥¥ ¥¥ ¥

¥¥¥¥¥: Over ¥20 Billion, ¥¥¥¥: <¥20 Billion, ¥¥¥: <¥7 Billion, ¥¥: <¥3 Billion, ¥:<¥1 Billion

36%

4%

As the majority of the KPMG China Fintech 50 have completed both ‘A’ and ‘B’ rounds of financing, they are in the early stages of optimising their business models and fine-tuning their marketing activities.

20%

Angel round 26%

2%

A round B round

4%

C round D round

10%

F round 34%

Others

These statistics are only for companies for which information is disclosed

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) Based on our observations, new technologies are mainly being used in the following areas:

1)Consumer finance:

Given the popularity of mobile applications, consumer finance services are fast becoming part of people’s daily lives. Mobile payment and payment in instalments are indispensable for many online applications. Fintech companies have also started using big data to improve the credit approval process for consumer loans by shortening the approval time to within hours or several minutes. The improvement in user experience is intertwined with Internet based big data. With the increase in the available information on consumers, digital profiling is fast improving. Fintech companies are also increasingly focusing their attention on underbanked communities including students, blue-collar workers and rural residents. We believe that the future of consumer finance hinges on the ability of Fintech companies to leverage big data through customer profiling technology in order to provide more bespoke pricing for credit services, improve scenario specific services and expand the pool of customers with access to mainstream financial services to those that have been traditionally excluded.

2)Lending to small and micro businesses:

Big data is also beginning to shape this field. Unlike consumer finance, the credit assessment for small and micro enterprises involves analysing both business owners’ personal credit history as well as the company’s operating performance. This also often involves gathering data from a wide variety of sources including both public and non-public information. A number of organisations are piloting the use of artificial intelligence to help improve their credit approval processes.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 3)Lending to small- and medium-sized businesses:

While many Fintech companies are harnessing big data to gain better insights on credit risk, many other companies are also turning their attention to electronic business transaction data, ERP system data and the Internet of Things to help improve their approval processes. Moreover, we are also starting to see some companies experiment with blockchain based transaction tracing devices and other anti-fraud technologies to help manage their credit risks.

4)Payment and settlement:

Fintech companies are active in improving payment and remittance services. Data analytics on payment behaviours has become a necessity for leading payment enterprises. This includes, although is not limited to, utilising big data to analyse payment behaviours and applying fingerprint based technology and other forms of biometrics to verify payments.

5)Personal finance and wealth management:

In order to cater for younger customers, a number of wealth management companies have started making more of their products and services available online. Many of these firms have also started developing mobile based applications. These apps record users’ behaviours and location, keep track of their interests and recommend products or services based on this information. In addition, the growth in the number of financial investment products has helped increase awareness of wealth management among large numbers of the population. The increase in average incomes and a growing middle class globally has also helped expand the potential customer base and many of these new customers are using wealth management apps to manage their investments. Some Fintech companies have taken this opportunity to develop more bespoke wealth management apps in order to better satisfy the needs of many of these consumers.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 6)Personal insurance products: The growth of online insurance products is also a recent trend. Some of the less complicated insurance products such as auto insurance products were among the first to be offered online. Several companies that used to provide a platform to allow customers to compare the prices of different insurance products are starting to act as agents, turning themselves into intermediaries for the sale of insurance products across the entire industrial chain. With the increasing use of big data, complex insurance products are becoming more bespoke, being tailored to suit the preferences of individual customers. There is still room for growth in this area and a number of Fintech companies have responded by launching products to rival established insurers. This is only likely to hasten the evolution of the industry towards providing more tailored services.

7)Comprehensive personal financial services:

With many large Internet companies starting to expand into financial services, Fintech companies can no longer be content with simply offering a limited number of financial services. Instead, they should aim to provide a comprehensive portfolio of financial services that cover all aspects of an individual’s life. This shift, empowered by the use of big data and mobile Internet technology, greatly increases the ability of these companies to attract customers and improve customer experience (thereby enhancing customer loyalty), even if this involves some disruption to traditional retail based banking. Fintech companies are often able to encroach upon the services provided by traditional financial services companies by sharing resources with other organisations in order to keep their costs low.

8)Partnered with venture capital:

In the past few years, a number of Fintech companies have raised significant amounts of funding from venture capital firms. These firms have started to realise that Fintech companies are at the vanguard of a number of important business developments. With the gradual relaxation of regulatory policy, traditional financial services institutions are also increasingly investing in Fintech firms. Going forward, more financial services firms are expected to cooperate with Fintech firms as they look to find breakthroughs that can help reduce operating costs and enhance customer satisfaction.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 9)Cooperation with licensed financial institutions: Since Fintech companies need to meet certain regulatory requirements and often need a license to operate, many are increasingly forming partnerships with licensed financial services institutions such as banks, securities companies and insurers. Traditional financial services institutions benefit from these relationships, for example by improving their credit assessment processes when cooperating with credit investigation companies or improving their risk quantifying capabilities when working with companies that specialise in data modelling. Fintech companies are also helping financial services organisations improve how their personal finance, investment and wealth management products are marketed. Going forward, we expect further cooperation between Fintech and financial services firms, especially as regulatory policies in relation to Internet finance become clearer.

10)Development of regulatory frameworks:

The rapid growth of Fintech and the increase in financial innovation has led to a change in regulatory policies and supervisory methods. In spite of this, the main objective of the supervision of the financial services industry remains the same, namely, to maintain stability, to safeguard the rights of consumers and to ensure the orderly functioning of the financial markets. We recommend that any organisations involved with developments in Fintech should follow regulatory developments closely, maintain regular dialogue with supervisory authorities and cooperate with other organisations in order to ensure the healthy development of the Fintech industry.

11)Global comparison of Fintech development:

As a major market in the global Fintech industry, any changes in China’s Fintech sector have an effect upon developments elsewhere. Compared with the international Internet finance market, Internet finance in China has traditionally been more web based, although this is now changing with mobile applications becoming more popular. In recent years, China has been among the most innovative Fintech markets globally, especially in relation to consumer finance, big data and third party payment systems. We expect that with the growth of artificial intelligence, the Internet of Things and blockchain technology, China’s Fintech sector will continue to flourish going forward.

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Overview (continued) 12)Fintech ecosystem: While policymakers have focused their attention in recent years on ensuring the stability of the global capital markets, the growth of technology is rapidly changing how the financial markets operate. In China, there is a lot of potential for greater cooperation and collaboration between financial services organisations, risk management firms and Fintech start-ups. Many banks have now recovered from the effects of the financial crisis and have large pools of capital available to increase investment in new products and services. These organisations would benefit from the insights offered by risk management firms and also the innovative technologies being pioneered by Fintech firms.

Service Improvement

Value Add Fintech Company

Traditional Financial Organizati on

Legal Environment

Innovative Fintech

investment institution

Interaction

13)Fintech — Evolution of the financial services sector:

Many Fintech companies stand to benefit from previous developments in the financial services and technology sectors. A number of innovations in Fintech involve applying technologies used in other industries to financial services. As a professional services firm, KPMG China continues to work closely with a number of companies that are involved in pioneering new, innovative products and services and will seek to promote best practices in order to encourage further innovation in the industry.

KPMG China has launched the 2016 China Leading Fintech 50 with the aim of promoting a better exchange of ideas and fostering innovation in the financial services sector. This should not be mistaken for investment advice and does not constitute a formal interpretation of existing regulatory policy. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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03 The 50

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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China Fintech 50 companies Companies are arranged in an alphabetical order based on the first letter of their Chinese name in pinyin.

Short name

Page

Short name

Page

Anxindeli

17

QFPAY

42

Baidu Finance

18

Qudian

43

BAIFENDIAN

19

UCREDIT

44

100credit

20

Rong360

45

ICE KREDIT

21

Wecash

46

TENPAY.COM

22

ChinaScope

47

Dianrong.com

23

BBD

48

RQuest

24

Souyidai

49

FUTUNN.COM

25

Suanhua Credit

50

ChinaPnR

26

Feidee

51

Ping ++

27

Taiyiyun

52

3GOLDEN

28

TalkingData

53

JFZ.COM

29

Tcredit

54

JD Finance

30

Beagle Data

55

Juxinli

31

Tong Dun

56

QUARK FINANCE

32

Wacai

57

99Bill

33

Wei Zhong Shui Yin

58

Tigerbrokers

34

WeBank

59

QuantGroup

35

WeLab

60

LENGJING INFO

36

u51.com

61

LU.com

37

Onchain

62

Ideacome

38

Hcspark.com

63

MSXF

39

Zipeiyi

64

Ant Financial

40

Zhongan Insurance

65

PINTEC

41

Zuihuibao

66

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Anxindeli

Company Description Anxindeli provides financial services to the agriculture industry and has established strategic partnerships with several companies engaged in animal husbandry. It aims to provide financing for small and micro enterprises that would otherwise be unable to obtain credit from mainstream financial services organisations. The company has also launched ‘Cloud Cow,’ a comprehensive SaaS platform for the beef industry. The company benefits from having an established team of financial services professionals, which helps when reviewing applications for credit. At the same time, Anxideli has developed a risk management system in order to safeguard the company against any potential risks.

Technologies Cloud services

Mobile computing

Proportion of technical personnel Big data

Internet of Things

Overview Tags SaaS, big data, Internet of Things, cloud, agriculture, supply chain finance Location Beijing

Key investors Series A financing completed

Valuation

Time of incorporation 2014

¥¥¥ ¥ ¥

Website http://anxindeli.com/

Zhen Fund, Renren

Business Supply chain finance

Core teams Liu Yanfeng

Huo Chenhui

Dai Kaihong

Zhu Xiaosheng

Liu Qiong

CEO

CRO

Product Director

CTO

Co-Founder

Co-Founder

Co-BD Director

Founder

App name Anxindeli (app+web), Yun Shang Niu (app+web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Baidu Finance

Company Description Baidu Financial Services Group (Baidu Finance) was formed on 14 December 2015 following the restructuring of the financial services arm of Baidu Corporation with the aim of elevating its financial services business to a strategic position within the organisation. Baidu Finance provides a variety of different services including consumer finance, wealth and fund management, e-wallet payment, and financial asset transaction platform services. The company also offers Internet banking and Internet insurance services through its joint ventures. As the payment services arm of Baidu Finance, Baidu Wallet is a stored value facility that uses a closed loop payment system to allow customers to make fast and efficient payments. Baidu Umoney is Baidu’s consumer finance subsidiary and provides lending services for a number of different purposes including education, travel and home furnishing, while 8 Baidu is the company’s wealth management platform. Baidu Asset Management leverages Baidu’s big data and cloud computing capabilities to provide a variety of services for established financial services institutions, while the Financial Transaction Centre acts as a marketplace for the trading of bespoke debt securities. In addition, Baidu is planning to launch Baidu-CITIC Bank, Baidu-Allianz Insurance and Baidu-Taiping Auto Insurance shortly to expand its financial services offerings by partnering with established financial services institutions in order to leverage their expertise.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Artificial intelligence

Machine learning

Overview Tags Financial holding group, consumer finance Location Beijing

Key investors

Time of incorporation 2015

Valuation

Baidu

¥¥¥ ¥ ¥ Core teams Zhu Guang

General manager

Zhang Xuyang

Huang Shuang

Wang Jing

Financial and Information Management

Consumer Credit Service

Risk Management

Sun Yunfeng

Liu Qiong

Website http://jinrong.baidu.com/ Business Comprehensive financial services App name Baidu W allet (app), Baidu Money (app), Baidu Caifu (app)

Co-BD Product Director Strategy and Experience

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BAIFENDIAN

Company Description Founded in 2009, Baifendian Group provides a number of services by harnessing big data technology. The list of products offered by Baifendian is split between technology, management and applications. Its core products include big data operating systems, which falls under the technology product line, tag management systems (under the management product line) and analytics and marketing services (under the applications product line). Baifendian assists mostly Internet companies, financial services institutions and other business entities in building big data platforms and harnessing SaaS technologies. With regards to its applications, Baifendian helps companies unearth value from big data through its three business drivers. Baifendian also has at its disposal large amounts of information related to its users and aims to provide insights from this data, while at the same time safeguarding user privacy and data security. In relation to financial services, Baifendian captures information on customer behaviour and seeks to leverage big data technology in order to obtain meaningful insights into their preferences and to provide digital profiles for each of them. This helps financial services organisations better understand their customers and provide bespoke services and products and tailor their marketing activities accordingly.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Artificial intelligence

Cloud services

Overview Tags Big data technology and services, model analysis, digital portrait Location Beijing

Key investors Series D financing completed IDG Capital Partners, Zhejiang Daily Media, Hillhouse, Everbright Sec

Time of incorporation 2009

Valuation

¥¥¥ ¥ ¥

Core teams Su Meng

Liu Yu

Chairman &CEO

Vice President, Strategy and Operations

Zhang Yifan President, Internet Business

Gao Tiwei

President, Enterprise Business

Liang Peiming

Liu Yijing

Vice Co-president, president of Enterprise technology Business

Guo Sheng

Vice president of Operations

Website http://www.baifendian.com/ Business Big data App name Big Data Operating System (web), Label W orkshop (web), Model System (web), Insights System (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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100credit

Company Description Formed in 2014, 100credit (Beijing) Financial Information Services Co., Ltd. (100credit) harnesses big data technology to provide a variety of credit services to financial services organisations. The company is headquartered in Beijing Zhongguancun and has branches in Shanghai, Shenzhen, Wuhan and other cities in China. In 2014, it received a license from the People’s Bank of China to conduct credit investigations for enterprises and in 2016, it was certified by the Ministry of Public Security as a Level III institution for the protection of national information security. Leveraging real-time data, both online and offline, the company’s main advantage stems from its early commitment to providing credit services to banks and other financial services institutions as well as its big data processing and modelling capabilities. 100credit provides its users with products and services that allow them to manage the lending process across the whole life-cycle of a loan agreement. In addition, it provides products and services that help insurance companies achieve precision marketing, manage their existing customer base and tailor their products and services.

Technologies Big data

Quantitative model

Proportion of technical personnel Cloud services

Distributed computing

Overview Tags Big data, anti-fraud, credit, risk management, marketing Location Beijing

Key investors Series B+ financing completed CICC, CHAMC, Hillhouse, IDG Capital Partners, Sequoia, Shuanghu

Core teams Zhang Shaofeng

Zhao Hongqiang

Founder

CFO

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.100credit.com Business Big data credit App name Compass (web), User Assessment (web), Anti-fraud (web)

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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ICE KREDIT

反欺诈引擎

个人征信评估体系

小微企业征信评估体系

Company Description Founded in June 2015, Shanghai Ice Kredit Information Technologies Co., Ltd. (Ice Kredit) uses machine learning algorithms and big data technology to perform credit assessments on micro businesses as well as individuals. Headquartered in Shanghai Lujiazui, it has branches in Nanjing, Changzhou, Chengdu, Los Angeles and other cities, providing services to China, Europe and the United States. The company uses risk models to identify potential fraud and credit risks, thereby providing banks, micro loan businesses and other lenders with thorough credit assessments. It has launched various anti-fraud and risk control products, such as credit profile reports on individuals, enterprise Levels I, II and III risk control reports and various other products that allow its users to improve their data capture. It is an independent third party credit investigator, which provides financial services institutions with an array of SaaS products that are easily embedded into their day-to-day work flow.

Technologies Big data

Quantitative model

Proportion of technical personnel Artificial intelligence

Machine learning

Key investors Series A+ financing completed

Overview Tags Big data, machine learning, credit assessment, deep learning, artificial intelligence, knowledge map Location Shanghai

Valuation

Frees Fund, Yunqi, Will Hunting

¥¥¥ ¥ ¥

Time of incorporation 2015 Website http://www.icekredit.com Business Big data

Core teams Gu Lingyun

Guo Zhipan

Founder & CEO

Vice President of Operations

Hong Tao

Fu Chong

Xie Minqi

Senior Director, Big Data Model

Senior Director, Software Engineering

Senior Director, Big Data Risk

App name Credit Assessment (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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TENPAY.COM

Company Description Owned by Tencent Group, Tenpay is a third party payment platform. It is committed to providing secure, convenient and professional online payment services for Internet users and businesses. Since it was founded in 2005, on the basis of providing efficient and convenient services, Tenpay has developed many applications for its users and also provides professional fund settlement services for many large- and medium-sized enterprises. Tenpay serves a variety of different industries including gaming, aviation, e-commerce, insurance, telecommunications, logistics, construction and financial services. Tenpay offers various payment methods to its users including instant payment, balance payment, instalment payment, third party payment, secure card payment and micro payment in order to better meet the individual needs of its customers.

Technologies Mobile computing

Big data

Overview Distributed computing

Tags Big data, payment, payment ecosystem Location Shenzhen

Key investors

Time of incorporation 2005 Website http://www.tenpay.com/v3/

Tencent

Business Payment App name Tenpay (app)

Core teams Lai Zhiming

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

22

Dianrong.com

Company Description Dianrong.com is an Internet finance company headquartered in Shanghai. It was founded in 2013 by Soul Htite, co-founder and former technical director of Lending Club, and Guo Yuhang, a partner in a private equity firm. Dianrong.com has an experienced team of financial and technology specialists that provide market oriented borrowing and lending solutions for domestic and overseas financial services institutions including banks. By utilising information provided by third party data and credit consulting companies, Dianrong.com selects assets based on a risk weighting system. With regards to investors, it distributes assets to different investors with the aim of diversifying credit risk throughout the financial markets. Furthermore, Dianrong.com has developed several other products including its e-wallet and its transaction processing system as well as clearing and settlement services. It also uses a distributed computer network to ensure data integrity.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Overview Tags Peer-to-peer financing, Internet lending Location Shanghai

Key investors Series C financing completed NLVC, Tiger Fund, SCPE, BFIH, China FinTech Fund, Juyi Capital

Valuation

¥¥¥ ¥ ¥

Website http://www.dianrong.com/ Business Internet lending App name Dianrong (app), Lending (app), Banking Solutions (web)

Core teams Su Haide

Guo Yuhang

Founder

Co-Founder

CEO

Time of incorporation 2013

CEO

Luo Longxiang

Kuang Xuxia

Kong Lingxin

CFO

CTO

COO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

23

RQuest

Company Description RQuest was founded in 2014. Its principal services include risk management, valuation pricing, asset securitisation and asset management. The company’s risk management platform measures risk across a variety of different asset classes for a number of clients including regulators, banks, securities companies, insurers and other financial services institutions. The company’s methodology is in line with the standards set out by the Basel Committee on Banking Supervision and the internal model method developed by the China Banking Regulatory Commission. The company also provides valuation pricing services for national and local financial asset exchanges and fund management companies. The company’s asset securitisation platform provides a number of different services including issuance measurement, deal coordination, product sales, planning and portfolio management. These services are all developed using RQuest’s cloud computing platform, which is capable of handling large amounts of data. RQuest’s quantitative asset management business comprises various different platforms and technologies and is headed by a number of staff with experience in both the US and in China.

Technologies Quantitative model

Big data

Proportion of technical personnel Distributed computing

Cloud services

Key investors Series PreA financing completed Valuation Zhen Fund

¥¥¥ ¥ ¥

Tags Asset securitisation, valuation pricing, market risk management, fixed income asset management Location Shanghai Time of incorporation 2014 Website http://www.rquest.com.cn Business Information service, investment management

Core teams Guan Ping

Li Bing

Chen Jian

Fu Dongfeng

Xie Ning

Founder

CTO

Founder

Founder

Founder

Partner

Partner

Partner

CEO

Overview

App name Asset Securitisation (web), Transaction and Risk Management (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

24

FUTUNN.COM

Company Description Established in Hong Kong in 2012, FUTUNN.COM provides services to investors engaged in the trading of securities listed on the Hong Kong and US stock exchanges. As a corporation regulated by the Securities & Futures Commission of Hong Kong (SFC), it has obtained the appropriate licences from different regulators. It supplies information directly to the Hong Kong Stock Exchange. FUTUNN.COM provides services to support the front, middle and back office functions of securities companies. With regards to front desk services, its services can be accessed using all major terminals and electronic applications. Its middle office services provide support in relation to customer relationship management, risk control and compliance, while its back office services help with payment settlement and transaction clearing. The company also provides market information and news updates as well as social networking services to its users. The company’s connection to the major US and Hong Kong exchanges allows its users to execute trades quickly and efficiently. Its platform is also easy to use and allows traders to create multiple screens, which helps facilitate deals.

Technologies Mobile computing

Big data

Proportion of technical personnel Distributed computing

Cloud services

Overview Tags Data-driven, model innovation, trading platform Location Hong Kong, Shenzhen

Key investors Series B financing completed

Valuation

Tencent, Matrix Partnership China, Sequoia

¥¥¥ ¥ ¥

Time of incorporation 2012 Website http://www.futu5.com/ Business Internet securities App name FUTTUN (app)

Core teams Li Hua

Wu Biwei

Chen Weihua

Founder

CEO

CTO

Chairman

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

25

ChinaPnR

POS 收单

天天盈

创始人团队

智能POS

PC & 移动端UI

安全中心

汇管家

外滩云财富

易日升金融

APP应用

Company Description Founded in July 2006, ChinaPnR provides a range of services including financial account management, payment and settlement services, operating risk control services and data management for a variety of different companies. These include financial services institutions, small and micro businesses and individual investors. The company has obtained the relevant payment business, fund payment and fund sales licenses from the regulatory authorities. ChinaPnR has set up several subsidiaries including ChinaPnR Data, ChinaPnR Finance, ChinaPnR Technology and ChinaPnR Capital and has made investments in a number of financial services companies. These include Easier Life, Bund Wealth and the Chengdu Financial Asset Trading Centre, the latter of which is due to be launched shortly. ChinaPnR has built various applications to support biometric authentication. By harnessing big data technology, machine learning and other technologies, the company has developed its own risk control system to help monitor transactions and block any suspicious activities. The company has put in place robust risk mechanisms to ensure information security and has been granted the Payment Card Industry Data Security Standard (PCI-DSS) certification, a certification granted to non-financial services institutions to provide payment services, along with many other industry certifications.

Technologies Big data

Proportion of technical personnel

Biological identification

Cloud services

Mobile computing

Overview Tags Payment ecosystem, risk management Location Shanghai

Key investors

Valuation

Time of incorporation 2006 Website http://www.chinapnr.com/

Undisclosed

¥¥¥ ¥ ¥

Business Payment, Comprehensive Financial Services App name Financial Payment (app), New Financial Account (app), Financial Platform (app)

Core teams Zhou Ye

Liu Gang

Mu Haijie

Chairman&CEO

Vice Chairman

Senior Vice President

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

2

26

Ping ++

Company Description Ping ++ is the payment arm of Shanghai Ping ++ Internet Technologies Co., Ltd. As a specialised provider of SaaS payment systems, Ping++ provides payment services for a large number of businesses in both the business-to-business and consumer-to-business markets. The company’s cloud based platform helps simplify the payment process by allowing companies to process transactions from multiple third parties. Ping++ also acts as a platform for businesses to record and check transactions and analyse data. From payment access to transaction processing and business operations, Ping++ provides solutions that cover all major processes, which help companies address various issues that may arise when they are trying to grow their businesses.

Technologies Cloud services

Proportion of technical personnel

Big data

Overview Tags Integration payment, big data, cloud service Location Shanghai

Key investors Series B financing completed

Valuation

CBC, Shengjing Group, Sequoia, Linear Venture

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.pingxx.com/ Business Payment App name Ping++ Payment, Aggregation Platform

Core teams Jin Yiye

Zhao Yu

Founder

Co-Founder

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

27

3GOLDEN

Company Description Incorporated in 2007, 3GOLDEN Beijing Technologies Co., Ltd. (3GOLDEN) provides big data credit services for financial services institutions, governments and enterprises. It was one of the first companies approved by the People’s Bank of China to carry out credit investigations across China. Headquartered in Beijing, it has established subsidiaries and joint ventures in Shanghai, Tianjin, Hangzhou, Zhengzhou, Nanjing, Guiyang and other cities. Its team is made up of staff that have attended a number of well-known universities both in China and overseas and have several years of experience in the financial services and IT industries as well as other related sectors. Its three main technologies comprise cloud data mining, cloud credit computing and cloud structural services. The company provides real-time assessment and analysis of behavioural data in order to help companies carry out credit reviews. This increases the efficiency of the credit review process and helps provide early indicators of potential risks. The company's technology is used by a variety of different companies during both the credit assessment and the post-loan monitoring stages. This includes several large banks as well as local government.

Technologies Cloud services

Big data

Proportion of technical personnel Machine learning

Quantitative model

Artificial intelligence

Key investors Series B+ financing completed Dingxin Capital, Leading Capital, Zhongcheng Fund

Overview Tags Big data, cloud technology, credit assessment, big data credit, big data finance Location Beijing

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2007 Website http://www.3golden.com.cn Business Big data credit App name

Core teams Fan Xiaoxin

Zhu Zhiwei

Ai Bin

Founder Chairman

Co-Founder& Senior Vice President

Deputy Vice President

Credit Information Cloud Service Platform (web), Big Data Social Management Platform (web), A Bag of Gold Coins (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

28

JFZ.COM

Company Description Shenzhen JFZ Capital Management Co., Ltd. (JFZ) is an Internet wealth management company that provides wealth management services for high net worth individuals. JFZ’s aim is to become an established wealth management platform for high-end investors. It follows market developments to find investment opportunities across a variety of different products and asset classes including private equity, M&A, private placement and close-end and open-end funds in order to meet the diverse asset allocation needs of high net worth customers. In addition, JFZ aims to improve its Internet based offering to clients by providing many online services such as price searches and net worth queries.

Technologies Mobile computing

Proportion of technical personnel Cloud services

Big data

Overview Tags Big data, quantitative model, cloud service Location Shenzhen

Key investors Series C financing completed Bridge Capital, Sequoia, Renren, Huaxi, CMG , Green Pine Capital, Delta Capital, Mobai Capital, Hanjing

Valuation

¥¥¥ ¥ ¥

Core teams Zhang Kaixing

Jiang Mingyu

He Kunpeng

Lin Guoguo

Lai Renjun

CEO

CTO

COO

Vice President

Vice President

Time of incorporation 2012 Website http://www.jfz.com/ Business Internet wealth management

App name JFZ (web), Jinfuzicf (app), Jrgang (web),

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

29

JD Finance

Company Description JD Finance Group began operating in October 2013 and is now engaged in seven lines of business: supply chain finance, consumer finance, crowdfunding, wealth management, payment services, insurance and securities services. JD finance closely manages potential risks in order to improve the efficiency of the financial services sector and lower the costs of financial services generally. JD Finance’s services include JingBaobei, its microloan platform, Baitiao, its crowdfunding platform, Jintiao and Xiaobai, which provides wealth management services. By utilising transaction records and credit management systems developed by JD Finance, it provides a variety of financial services for both enterprises and consumers including lending services, wealth management, payment services and crowdfunding.

Technologies Big data

Mobile computing

Proportion of technical personnel Quantitative model

Machine learning

Cloud services

Overview Tags Finance, technology, data, risk control Location Beijing Time of incorporation 2013

Key investors Series A financing completed

Valuation

Website http://jr.jd.com/

Sequoia, HFM, China Taiping

¥¥¥ ¥ ¥ Core teams Chen Cao Peng Shengqiang Vice CEO President

Xu Ling

Jin Lin

Wang Lin

Tang Zhihui

Vice President

Vice President

Vice President

Vice President

Liu Changhong

Business Comprehensive financial service App name(web+app) Jing Bao Bei, Jing Xiao dai, Baitiao, Jintiao, jdpay, JD Xiao Jinku, Jingdong Xiaobai W ealth Management, Crowdfunding Consumer Price, Quantify Strategy Development Platform, JD Stock, Jing Nong Dai

Vice President

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

30

Juxinli

Company Description Juxinli is a big data company that was founded in 2013. It helps financial services institutions collect and analyse information obtained from the Internet and develops risk control solutions by harnessing the power of big data. Its staff has experience in data mining, consumer behavioural economics, financial modelling and product design. Juxinli’s products include its standard credit reports, known as Miguan, Juliu and Qianxun, which carry out assessments of potential borrower fraud and credit risks. These reports help identify whether a borrower has previously obtained loans from other sources and uncover any other behaviour deemed to be of concern.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Distributed computing

Cloud services

Overview Tags Big data, credit assessment Location Shanghai

Key investors Series A financing completed

Time of incorporation 2013 Website http://www.juxinli.com/

Newsion, Empower Investment, JD

Business Big data App name Data Analysis (web)

Core teams Luo Hao

Chen Jian

Xie Chao

Yu Haomin

Founder

CTO

Vice President, Technology

Senior Vice President, Operations

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

31

Quark Finance 才米 公社 APP

风夸 控客 系牛 统盾

夸客金融 风险管理体系 逾期风险 补偿金

风控 策略

风险 模型

大数据

逾期账户 管理

信贷 工场

反欺诈 体系

机器学习

风险 定价

决策引擎

风 控 金 字 塔

Company Description Founded in 2014 and headquartered in Shanghai, Quark Finance is a consumer finance company. The company has developed the ‘Quark Niuduan’ risk management system, which provides risk pricing services for small and micro enterprises as well as individual consumers. The ‘Quark Niuduan’ risk management system helps reduce the risks arising from human error during the credit assessment process. By collecting data from a diverse range of sources, it aims to provide a thorough overview of any potential risks.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Overview Tags Big data, micro-finance, anti-fraud Location Shanghai

Key investors Series B financing completed

Valuation

Gobi Partners, Hongkong GIC Group

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.quarkfinance.com/ Business Network lending App name

Core teams Guo Zhenzhou

Wang hao

Zhu Yongfu

Hong Weizhi

Li Shuyi

Founder CEO

Founder President

COO, Inclusive Finance Business

General Manager, Risk Management

General Manager, Credit Business

Risk Pricing (web), User Assessment (web), Anti-fraud (web), Caimigongshe (app)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

32

99Bill

Company Description Founded in 2004, 99Bill is a mobile application based technology company. The company is headquartered in Shanghai with subsidiaries in many cities including Beijing, Guangzhou and Shenzhen. The company has also developed a financial services R&D centre in Nanjing. In 2014, Wanda Group acquired an equity stake in 99Bill, which was designed to help the company expand the range of financing options it offers, particularly to China’s growing middle class. The company provides a range of financial services including mobile payment, consumer loans and wealth management services. Users only need to sign up using a single account to enjoy a full range of purchasing, borrowing and saving services.

Technologies Big data

Artificial intelligence

Proportion of technical personnel Blockchain

Machine learning

Biological identification

Overview Tags Mobile payment, wealth management, financing credit, value-added services Location Shanghai

Key investors Wanda Group

Time of incorporation 2004 Website http://www.99bill.com/ Business Comprehensive financial services

Core teams Guan Guoguang

App name 99Bill (app)

Founder Chairman&CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

33

Tigerbrokers

Company Description Tiger Brokers provides a range of services for the global equity markets. It uses a variety of Internet technologies, which are designed to improve efficiencies in the financial services sector and to facilitate investment in the global securities markets. Tiger Brokers’ management team have worked previously at a number of well-known companies. Tiger Brokers provides investment services for a variety of different investors and has developed relationships with a number of brokerage firms globally. The company provides real-time quotations for assets traded in the global financial markets along with regular updates regarding Chinese business news. The company’s services are already used by a number of major financial services organisations in China.

Technologies Mobile computing

Big data

Proportion of technical personnel Distributed computing

Overview Tags Big data, securities trading, smart beta Location Beijing

Key investors Series B financing completed Zhen Fund, K2VC, Greenwoods Investment, CITIC Securities, MI

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2014 Website www.laohu8.com Business Internet securities App name Tigersstocks (app)

Core teams Wu Tianhua

Founder CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

34

QuantGroup

Company Description QuantGroup aims to provide a range of financial services for consumers and small enterprises when placing orders on ecommerce sites. The company also distributes loans to investors, harnessing the power of big data in order to provide insights on the creditworthiness of different borrowers. Credit Wallet, an application developed by QuantGroup, provides a range of credit services for consumers using WeChat and other third party mobile applications. Based on the borrower’s credit information, Credit Wallet uses data analytics in order to provide the borrower with the maximum line of credit. QuantGroup will soon begin offering payment services to merchants with the borrower liable to repay the sum to QuantGrant via regular instalments.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Overview Tags Big data, consumer finance Location Beijing

Key investors Series B financing completed FOSUN, Oriental Fortune Capital, Prophet Capital, Banyan Fund, Star VC, CGC,

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.quantgroup.cn/ Business Consumer finance App name Consumer Credit (app), Baitiao Service (app)

Core teams Zhou Hao

Wang Ni

Luo Xiaoxian

Founder

Co-Founder

CSO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

35

LENGJING INFO

Company Description Lengjing Info (Lengjing Credit Reference Platform) was founded in 2009. It provides credit services and has received licences to conduct credit reference checks from the relevant regulatory authorities in China. The company provides a range of research services and employs a variety of technologies including machine learning algorithms and data analytics in order to carry out its credit assessments. It provides real-time credit management products and credit management solutions for government, quasi-government organisations, financial services organisations and other enterprises. For financial services institutions, it provides a range of services across the whole life cycle of the loan agreement including antifraud detection prior to approval and monitoring and managing of any risks after the loan is disbursed. It helps governments and other public bodies develop their own standalone credit systems and improve their credit evaluation processes generally, while for enterprises, its focus is on providing bespoke credit management products to help improve existing processes.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Artificial intelligence

Distributed computing

Overview Tags Credit, big data, risk management, Technology and Finance Location Shanghai

Key investors Series A financing completed

Valuation

Zhangjiang Torch, Feimalv, Shanqi

¥¥¥ ¥ ¥

Website http://www.lengjinginfo Business Big data credit App name Credit (web), Risk Control (web)

Core teams Zhao Jie

Chen Nian

Li Xiaoli

Founder

Senior Vice President

COO

CEO

Time of incorporation 2009

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

36

LU.com

Company Description Founded in September 2011 and headquartered in Lujiazui, Shanghai, Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. (Lufax) is an Internet based wealth management platform, which is owned by Pingan Group. Lu.com aims to provide one of the most comprehensive wealth management platforms globally. Its services include providing risk management expertise, financial assets trading information and related consulting services for enterprises, financial services institutions and other qualified investors. Lu.com was formally launched in March 2012. Ping An Group invested considerable resources in developing the platform, which harnesses the power of Internet technology to provide professional advisory services for small- and medium-sized enterprises and individual investors.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Artificial intelligence

Machine learning

Overview Tags Wealth management platform, investment and financing, Location Shanghai

Key investors Series B financing completed BOCGI, Guotai Junan Securities Hong Kong Ltd., CMBC International Holdings Company

Time of incorporation 2011

Valuation

¥¥¥ ¥ ¥

Chairman

Business Internet lending, comprehensive financial services

App name Lu.com (app)

Core teams Li Renjie

Website http://www.lu.com/

Ji Kuaisheng

Huang Wenxiong

Mao Jinliang

Yang Jun

Chairman& CEO

Deputy General Deputy General Deputy General Manager Manager Manager&CRO

Zheng Xigui Deputy General Manager& CFO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

37

Ideacome

Company Description Hangzhou Xinyoulingxi Internet Finance Co., Ltd. (Lingxi Finance) was founded in 2012 with its headquarters located in Hangzhou. Supported by a core team specialising in Internet insurance, it provides many insurers and fund companies with online and offline insurance services as well as general e-commerce services. Lingxi Finance has developed two products: Weixiaobao, an insurance platform and Xiaofeixia, an online-to-offline based insurance services tool. Weixiaobao provides car owners with a number of value-added services such as price quotations, online insurance services and automobile aftermarket services. Xiaofeixia provides technical support services for insurers and financial services for insurance agents and car owners. Its e-commerce services provide financial services institutions with a range of services to support their Internet finance businesses.

Technologies Cloud services

Big data

Overview Tags Insurance service platform

Mobile computing

Location Hangzhou Time of incorporation 2012

Listed on NEEQ

Website http://www.ideacome.com/ Website Internet insurance App name Linxi Finance (web), Wei Xiao Bao (app+web), Xiao Fei Xia (app+web)

Core teams Kong Qiang

Qu Lijia

Cheng Kai

Zhou Huafeng

Chairman

General manager

Deputy General manager

Deputy General manager

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

38

MSXF

Company Description MSXF Consumer Finance Corporation (MSXF) is an Internet based consumer finance company that provides financial services to Chinese residents. Customers can apply for a loan by using the company’s mobile application, which allows for a quick turnaround in processing new applications for credit. MSXF assigns credit ratings to its users based on its internal credit scoring system, which utilises FICO anti-fraud software to screen against fraudulent applications. As a result, most major risks such as fraud, unauthorised cash advances and identity theft are easily identified and avoided. MSXF also harnesses big data to help manage credit risk, improve decision making efficiencies and reduce costs.

Technologies Quantitative model

Proportion of technical personnel

Mobile computing

Big data

Machine learning

Biological identification

Overview Tags Consumer finance Location Chongqing Time of incorporation 2015

Key investors

Valuation

CBDL, Sunshine Insurance, Bank of ChongQing, China Commodities City, Wumart Group

¥¥¥ ¥ ¥

Website http://www.msxf.com/ Business Consumer finance App name Consumer Finance (app)

Core teams Zhao Guoqing

Guo Jianni

Tomas

Jiang Ning

Founder

COO

CRO

CTO

CEO

CFO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

39

Ant Financial

Company Description Ant Financial Services Group (Ant Financial) traces its origins to Alipay, which was established in 2004. It launched Yu’E Bao Services in June 2013 before Ant Financial was officially established in October 2014. In January 2015, Sesame Credit was also launched. As of 2016, Ant Financial’s subsidiaries include Alipay, Yu’E Bao, Zhao Cai Bao, Ant Fortune, Aliloan, Ant Check Later, Sesame Credit, Ant Financial Cloud and Antdasq. Sesame Credit uses cloud computing and machine learning to process and evaluate user’s data, subject to their approval. The credit ratings assigned by Sesame Credit are used to assess applications for credit in a number of different scenarios. Ant Check Later is a consumer credit platform launched by Ant Financial, which provides users with access to different amounts of credit depending on their profile.

Technologies Big data

Mobile computing

Overview Machine learning

Cloud services

Tags Comprehensive finance holding, consumer finance, payment, credit

Quantitative model

Location Hangzhou

Key investors Series B financing completed SSF, CDB Capital, China Life, PICC, CPIC, Primavera, GP Capital, CIFDIC, CCB Trust

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.antgroup.com/ Business Comprehensive financial services

App name

Core teams Peng Lei

Alipay (app), Yu’E Bao (app), Sesame Credit (app), Zhao Cai Bao (app)

President CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

40

PINTEC

Company Description PINTEC is a financial services group that was founded by 76hui in 2012. It was created following the restructuring of several of the company’s subsidiaries in 2016 including Jimubox, Dumiao and Xuanji. PINTEC utilises big data and other innovative technologies to provide smart financial services and solutions to consumers and small businesses as well as to help broaden access to financial services generally. Its brands include Dumiao, Jimubox, Hongdian Fund, 76hui, Xuanji and Muffin Insurance. Dumiao uses artificial intelligence to provide loans to consumers, while Xuanji is an online advisory tool for the asset management industry. Jimubox is a marketplace for online lending and Hongdian Fund is the company’s fund sales platform. 76hui has obtained the necessary licenses from the different regulatory authorities to carry out credit reference checks.

Technologies Mobile computing

Machine learning

Proportion of technical personnel Cloud services

Quantitative model

Big data

Overview Tags Financial holding group, smart wealth management and corporate credit reference Location Beijing

Key investors Series C financing completed

Valuation

Investec Bank, Matrix Partnership China, MI, Shunwei, Haitong, Vertex, Ventech

¥¥¥ ¥ ¥

Core teams Dong Jun

Wei Wei

Xie Qun

Zhou Jing

Zhou yudong

Founder

Co-Founder

CEO of Jimuhezi

CEO of Dumiao

CEO of Xuanji

CEO

Time of incorporation 2012 Website http://www.pintec.com/ Business Comprehensive financial services

App name Du Miao (app) , JimuHezi (app) , Hong Dian Fund (web), Lingji (app)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

41

QFPAY

Company Description QFPay Technology (Tianjin) Company Limited was founded in 2012 and its headquarters are located in Beijing with sales centres in many provinces and cities including Shanghai, Guangdong, Chengdu and Nanjing. It provides offline SaaS services for processing payments. QFPay cooperates with WeChat Pay in providing services for mostly small retail outlets. This tends to be shops located near to office buildings, community services and colleges. It provides a full range of payment services for light meals, drinks and other common purchases. It also allows its users to accrue membership points when using its services. Its focus is geared towards certain vertical industries. For example, for the food & beverage industry, its services include ordering, delivery and pre-paid card functions.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Distributed computing

Machine learning

Overview Tags Mobile payment, payment ecosystem, O2O, SaaS services Location Beijing

Key investors Series B financing completed Sequoia, Matrix Partnership China, Zhong Wei Capital

Time of incorporation 2012

Valuation

¥¥¥ ¥ ¥

Website http:/www.qfpay.com/ Business Mobile payment, O2O App name Mobile Card Reader (app)

Core teams Li Yinghao

Zheng Hangzhou

Xia Xue

Lin Xiaobo

Zhao Wei

Lv Bo

Founder

Co-Founder

Partner

Partner

Partner

Partner

CEO

President

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

42

Qudian

Company Description Qudian Group operates two main business platforms: a consumer finance platform and a micro credit lending platform. Its aim since it was founded in March 2014 has been to broaden the scope of financing available to the many consumers in China that do not currently use credit cards. The company has a large number of registered users and offers credit to young and middle aged consumers. The group has established several formal partnerships with companies engaged in financial services, e-commence, digital services, FMGG and other sectors.

Technologies Mobile computing

Big data

Proportion of technical personnel Quantitative model

Distributed computing

Cloud services

Overview Tags Consumer finance, installment platform Location Beijing

Key investors Series F financing completed Plum Ventures, SCC, KUNLUN, ANT Financial, PIF

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://qd.qufenqi.com/ Business Consumer finance App name Qudian (app)

Core teams Luo Min

Yang Jiakang

Founder

CFO

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

43

UCREDIT

互联网小额借贷 品牌 一站式个人线上 财富管理品牌

品质生活品牌

Company Description Ucredit is a financial services group that utilises Internet technology to provide a range of services including personal wealth management, personal loans and other forms of credit. Founded in April 2010, the company has developed three major brands: Renrendai, Wealth Evolution and Black Card. Launched in October 2010, Renrendai provides credit and other consumer finance services to individual borrowers. It uses analytics and other established methodologies in order to price risk. Wealth Evolution was launched in October 2015 and serves as a platform that allows users to purchase and trade wealth management products. Black Card is a mobile application for high net worth individuals that was created in June 2016. It uses behavioural data in order to provide a range of services to help its users in their day-to-day purchases.

Technologies Quantitative model

Machine learning

Overview Artificial intelligence

Big data

Tags Personal finance, P2P, Internet finance, smart services

Mobile computing

Location Beijing

Key investors Series A financing completed

Valuation

Trust Bridge, Hongdao

¥¥¥ ¥ ¥

Time of incorporation 2010 Website http://www.renrendai.com/ http://www.we.com/ http://www.heika.com/ Business Comprehensive financial services

Core teams Zhang Shishi

Li Xinhe

Yang Yifu

Founder

Co-Founder

Co-Founder

App name Renrendai (app) , W E (app) , Heika (app)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

44

Rong360

Company Description Rong360.com Inc., established in October 2011, is a platform that allows clients to search for financial services in a number of targeted industries in China. Rong360.com gathers data and provides recommendations for individual consumers and small and micro businesses when carrying out their searches. Its business comprises loans, credit cards and wealth management services. It provides easily accessible, competitively priced and reliable information for all its users.

Technologies

Proportion of technical personnel

Mobile computing

Big data

Overview Tags Big data, vertical search Location Beijing

Key investors Series D financing completed Yunfeng Capital, Sailing Capital International, Sequoia, Star VC, LCP, LITB, Kleiner Perkins Caufield & Byers, China Renaissance, Zero2IPO

Valuation

¥¥¥ ¥ ¥

Time of incorporation 2011 Website http://www.rong360.com/ Business Information services App name Rong360 (app)

Core teams Ye Daqing

Lu Jiayan

Liu Caofeng

Li Yinghao

Dong Haonan

Co- Founder

Co- Founder

Co- Founder

CRO

CEO

Vice President, operations

Vice President, technology

Vice President, marketing

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

45

Wecash

Company Description Beijing WeCash Technologies Co., Ltd. (WeCash) was founded in 2014. The company carries out credit evaluations by using big data, machine learning technology and other Internet based technologies. It also acts as a platform for consumers and lending institutions to interact and provides its users with a full range of financing options for a variety of different purposes. This includes loans by instalments, mortgages and loans for education and other purposes. In 2016, WeCash established an office in Silicon Valley and has also recently launched in Brazil and Indonesia.

Technologies Big data

Mobile computing

Proportion of technical personnel Machine learning

Overview Tags Big data, credit reference, consumer finance Location Beijing

Key investors Series B+ financing completed

Time of incorporation 2014

Valuation

IDG, SIG

¥¥¥ ¥ ¥

Website http://www.wecash.net/ Business Consumer finance App name W ecash (app)

Core teams Zhi Zhengchun Founder

Li Hao

Co-Founder CIO

Wang Purui CTO

Liu Beibei

Wu Hao

Product Director

CMO

Chen Yanyan

Tang Xuewei

CFO

CRO

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

46

ChinaScope

Company Description ChinaScope was launched in 2009 and uses artificial intelligence to analyse information and provide meaningful insights to its subscribers on the financial markets. In the seven years since its launch, ChinaScope has built a number of different programmes that allows its users to carry out analysis. Its various algorithms are particularly adept at extracting and deciphering information with regards to Chinese business. By harnessing the power of big data and artificial intelligence technologies, ChinaScope is able to improve the quality of the information available to its users due to the strength of its analytics capabilities.

Technologies Big data

Machine learning

Proportion of technical personnel Artificial intelligence

Quantitative model

Cloud services

Overview Tags Big data, artificial intelligence, semantic analysis Location Shanghai

Key investors Series A Financing to be Started Valuation

Website www.chinascope.com

JD

¥¥¥ ¥ ¥

Liu Yan

Shen Xin

Founder

Founder Chairman

Lu Zhongming Director, Data

Xia Lei CTO

Sa Kaiwen CMO

Business Big data App name China Scope (web), Database Index (web), Factors (web), Developers Centre (web), Zhi Tou (app),

Core teams

CEO

Time of incorporation 2009

Liu Lin Director, Human Resources

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

47

BBD

Company Description Brand Big Data (BDD) was founded in 2013 and is headquartered in Chengdu, with subsidiaries located in Beijing, Guizhou, Shenzhen and Singapore. BBD is known in China as the developer of the COSR big data service framework. It has been granted the Certificate of Enterprise Credit Reference Business from the Central Bank along with various other licenses. It is committed to ensuring the availability, accuracy and confidentiality of the data it provides. Zeng Tu, BDD’s president and CEO, has been elected as the Executive Director of the China Youth Entrepreneur Association. BDD was included in the China Big Data Top 50 list that was carried out by CCID Research Institute, which is affiliated with the Ministry of Industry and Information Technology. The company is also a member of the Zhongguancun Big Data Industry Alliance and the Beijing Municipal Bureau of Financial Work. The company’s four main services comprise due diligence, credit rating services, risk pricing and economic indexing. The company recently developed HIGGS KUNLUN, an operating platform for big data and now has five product lines: BBD HIGGS Credit, BBD Finance, BBD Index, BBD Anti-Fraud, and BBD Innovation.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Cloud services

Overview Tags Credit reference, anti-fraud, big data Location Chengdu

Key investors Series C financing completed

Valuation

Fortune VC, Dinxing, CDH Investments, China CSCI

¥¥¥ ¥ ¥

Time of incorporation 2013 Website http://www.bbdservice.com Business Big data credit App name Holographic Portrait (web), Index Centre (web), Anti-fraud (web)

Core teams Zeng Tu

Zhou Tao

Yuan Xianzhi

Pu Keqiang

Wu Tong

Founder

Founder

CRO

CFO

CEO

CSO

Vice President

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

48

Souyidai

Company Description Souyidai was founded in September 2014 and is an Internet finance platform owned by Sohu Group (NASDAQ: SOHU). It is a member of the council of the China Internet Finance Association. The company offers a full array of services for two vertical markets: the real estate and automotive industries. In April 2014, it also launched an Internet based consumer finance product, Sohu Instalments, which provides financial services for the e-commerce, gaming, education, tourism and beauty industries. Souyidai applies big data technologies to manage risk. The accuracy of the data that is collected combined with various analytics technologies enables the company to verify information. The results are used for risk screening, to check and exclude any borrowers that have been blacklisted previously, to determine credit ratings for borrowers, to make decisions about the terms of any loan agreement, to alert debt recovery teams and many other purposes.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Biological identification

Mobile computing

Overview Tags Internet banking, consumer finance, supply chain finance Location Beijing

Key investors Series B financing completed

Valuation

Sohu Group

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.souyidai.com Business Internet finance App name Souyidai W ealth Management (app)

Core teams He Jie

Zhou Lin

Fan Xuehong

Li Yikun

Founder

Founder

CRO

Vice President, Legal

CEO

CTO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

49

Suanhua Credit

Company Description Founded on 30 December 2014, Suanhua Credit Service Co. Ltd. (Suanhua Credit) harnesses big data to provide a range of risk management services. The company’s staff specialise in a range of areas including consumer finance, risk management and data analytics. They have generally accumulated many years of experience in industry and have particular skills in a number of areas including financial modelling, credit, risk management, anti-fraud monitoring and others. Based on its status as an independent third party, Suanhua Credit aims to provide innovative solutions to its clients. By harnessing data mining technologies, the company provides its clients with an array of solutions covering the whole lending process and helps to reduce the rate of non-performing loans in China’s banking sector.

Technologies Big data

Proportion of technical personnel

Quantitative model

Distributed computing

Machine learning

Overview Tags Big data, anti-fraud, credit risk rating Location Shanghai

Key investors Series A financing completed

Valuation

OII

¥¥¥ ¥ ¥ Core teams Jiang Qingjun

Lu Xudong

Sun Jian

Xue Feng

CEO

Co- Founder

Co- Founder

Co- Founder

Time of incorporation 2014 Website http://www.suanhua.org/ Business Big data App name Suanhua Anti-fraud Cloud Service (web), Suanhua Credit (web), Suanhuasucha (app)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

50

Feidee

Company Description Shenzhen Suishou Technology Co., Ltd. was established in July 2011 and is well-known in China for providing wealth management services. The company owns several mobile applications such as Feidee and Niuka Credit Card Manager. The company has developed five main platforms for its services, which cover the follow areas: wealth management, consumer loans, credit card applications, securities trading and insurance.

Technologies Big data

Quantitative model

Proportion of technical personnel Mobile computing

Overview Tags Big data, wealth management Location Shenzhen

Key investors Series B+ financing completed Sequoia, FOSUN, SCC, KUNLUN

Time of incorporation 2011 Website http://www.feidee.com/money/ Business Internet finance

Core teams

App name Feidee (app) , Niuka Credit Cart Manager (app)

Gu Feng

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

51

Taiyiyun

Company Description Taiyiyun Technology is a blockchain based enterprise that is listed on the NEEQ. It has recently begun collaborating with a number of public bodies on using blockchain technology to manage government records. The company’s blockchain technology is used in a variety of different sectors including healthcare, financial services and insurance. The company also recently helped established a pan-Asian fund to support investment in blockchain technology and is also helping to pioneer the use of digital currency as part of China’s ‘One Belt, One Road’ initiative. In addition, it is a member of Hyperledger, an open source project that seeks to promote the development of blockchain globally.

Technologies Blockchain

Mobile computing

Proportion of technical personnel Cloud services

Overview Tags BAAS Location Beijing Time of incorporation 2016

Valuation

Listed on NEEQ

¥¥¥ ¥ ¥ Core teams Deng Di

Ji Feifei

Ding Jiang

Chen Aiping

Zhang Kaiyue

Founder

General Manager

CTO

Senior Vice President

Senior Researcher

President

Website http://www.taiyiyun.com/ Business Blockchain App name (web+BAAS) Currency Digitalisation, Asset Digitalisation, W arrant Digitalisation, Blockchain Trading System

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

52

TalkingData

Company Description TalkingData (Beijing TalkingData Technologies CO. LTD) was created in 2011 and acts as an independent, third party platform for mobile data services. Its software is embedded in other mobile applications, which allows its customers to gather insights based on the behavioural data captured on the users of these applications. Its clients include various Internet companies as well as other businesses.

Technologies Machine learning

Big data

Proportion of technical personnel Cloud services

Overview Tags Big data, cloud service, precision marketing Location Beijing

Key investors Series C Financing completed

Valuation

Time of incorporation 2011 Website http://www.talkingdata.com/

Milestone Capital, SBCVC, Northern Light VC

¥¥¥ ¥ ¥

Business Big data App name

Core teams Cui Xiaobo

Applied Statistical Analysis (web), Data Marketing Cloud Service (web), Advertising Effect Tracking (web), Data Operation (web), DMP Plus (web)

Co- Founder CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

53

Tcredit

农业综合

园区综合

解决方案

解决方案

消费金融风控

汽车风控

解决方案

解决方案

Company Description Tianchuang Cloud Credit Checking Co., Ltd. was founded in 2015, with investment from EPRO Group, Beijing DBN Group Co., Ltd. and City Future Science and Technology. It provides a variety of credit services by harnessing big data and is focused primarily on three major fields: agriculture, communities and industry risk control. Tianchuang’s products include Rural Credit Transfer, City Credit Assistant, Instalments, Credit Market and Tianfeng Comprehensive Risk Control Platform. For agriculture, Tianchuang uses data analytics in order to provide forecasts for the industry and prices for specific agricultural products. The company has collaborated with a number of large agricultural companies in order to share information and improve access to credit among farmers. The company has also begun using big data technology in order to help resolve issues of sourcing in agricultural products.

Technologies Big data

Blockchain

Proportion of technical personnel Quantitative model

Cloud services

Artificial intelligence

Overview Tags Big data, credit reference, agriculture, blockchain Location Beijing

Key investors Angel financing completed

Valuation

Time of incorporation 2015 Website http://www.tcredit.com/

NONGXIN, DATAYP, Future Science City

¥¥¥ ¥ ¥

Business Big data credit App name

Core teams Li Wenxian

Gao Shaofeng

Zhao Qianli

Lei Jinsheng

Dong Cong

Hua Zeqing

GM

Deputy General Manager

Deputy General Manager

Deputy General Manager

Deputy General Manager

Deputy General Manager

Founder

Nongxinhui Agricultural Credit Management Platform (web), Chengxinbang Park Credit Platform (web), Tianfeng Risk Control Platform (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

54

Beagle Data

MaximAI

客户流失预警

交叉产品营销

Hadoop中间件

上市公告机器阅读 消费金融主题产品 客户视图标签

自然语言 处理平台

保险代理人C2C获客

大数据平台

网点运营优化

数仓消费化

复杂网络 平台

信用行为评分模型 信用卡分期模型

人工智能平台

核心系统减负

供应链金融

风险种子识别 一致行动人识别 循环担保关联信贷分析 流动性风险预警

主机下移 历史数据查询

热点发现与情绪

信用卡催收 信用卡帐管

客服工单语义分析

行业主题量化

Company Description Tianyun Rong Chuang Data Technology (Beijing) Co., Ltd. (Tianyun Big Data) is a developer of big data software and DAI algorithms. It has developed a number of products that have been used by several major financial services companies. This includes its Hadoop distributed computing framework, which was employed in the core banking system of a major commercial bank and its data analytics tools, which has been used by a major Chinese bank to improve its retail banking services. The company has also pioneered the use of deep learning solutions in a number of different areas.

Technologies Big data

Artificial intelligence

Proportion of technical personnel Machine learning

Overview Tags Big data, artificial intelligence, machine learning, natural language processing, complex network

Distributed computing

Location Beijing

Key investors Series A financing completed

Time of incorporation 2010

Valuation

Tian Suning

¥¥¥ ¥ ¥

Website http://www.beagledata.com/ Business Big data App name

Core teams Lei Tao

Li Congwu

Xing Jianwei

Tan Kehua

Qiao wanglong

Lv Hui

Founder

Partner

VP R & D

Data Science

Distributed Computing

Data Science

Credit rating (web), Fraud Detection (web), Supply Chain Finance (web), Log Analysis (web)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

55

Tong Dun

Company Description Tongdun Technology is a big data company that provides risk control services. It was founded in 2013 and its headquarters are located in Hangzhou. The company offers a variety of risk management and anti-fraud services for its clients from a number of different industries including banking, insurance, fund management, payment services, aviation, e-commerce, online-to-offline commerce, gaming and social media. As of 2016, it has offices in Hangzhou, Beijing, Shanghai, Shenzhen, Guangzhou, Chengdu and Xi'an. Tongdun Technology’s staff have previous experience in the data, technology, risk management and compliance fields.

Technologies Big data

Quantitative model

Proportion of technical personnel Machine learning

Cloud services

Overview Tags Big data, risk control, anti-fraud Location Hangzhou

Key investors Series B+ financing completed China Grouth Capital, IDG Capital Partners, CBC, Linear Venture, Qiming Venture, B&D Capital, Oriza Holdings

Valuation

Time of incorporation 2013 Website http://www.tongdun.cn/

¥¥¥ ¥ ¥

Business Big data App name Big Data Risk Control (web), Anti-fraud(web)

Core teams Jiang Tao

Ma Junqu

Zhang Xinbo

Dong Liuhuan

Founder

Founder

Founder

CRO

CEO

CSO

Vice President, Technology

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

56

Wacai

挖财记账

挖财钱管家

挖财信用卡管家 挖财股神

挖财宝

挖财社区

Company Description Established in June 2009, Hangzhou Wacai Internet Finance Services Co., Ltd. (Wacai) provides personal bookkeeping services, particularly for those that have traditionally been excluded from mainstream financial services. Wacai has attracted millions of users for Wacai Bookkeeping and Financial Management, one of its most well-known products. In the past seven years, Wacai has also developed a number of bespoke Internet based products in other areas as its business has gradually expanded beyond its core bookkeeping services. Some of Wacai’s products include Wacai Bookkeeping and Financial Management, Wacai Bao, Wacai Money Manager, Wacai Credit Card Manager, Wacai Gushen and Wacai Community. Wacai Bookkeeping and Financial Management is the company’s flagship financial management platform, while Wacai Credit Card Manager allows its users to manage their credit cards. Wacai Money Manager is the company’s personal wealth management platform and Wacai Bao is designed to provide its users with bespoke financial management services. Wacai Community is a popular mobile application that allows its users to exchange ideas in a variety of different fields including personal finance and education. In April 2016, the company also established a work programme for post-doctoral research in Internet finance.

Technologies Mobile computing

Big data

Proportion of technical personnel Quantitative model

Overview Tags Big data, cloud computing Location Hangzhou Time of incorporation 2009

Key investors Series B+ financing completed IDG, CDH Investments, Qiming Venture, CBC, CICC, New Horizon Capital, Ally Bridge Group, GX Capital

Valuation

¥¥¥ ¥ ¥

Website http://www.wacai.com/ Business Internet finance App name Ji Zhang (app), Guan Jia (app), W acaibao (app), Credit Card Butler (app), Gushen (app), W acai Community (app)

Core teams Li Zhiguo

Gu Chenwei

Founder

President

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

57

Wei Zhong Shui Yin

Company Description Shenzhen Wei Zhong Shui Yin Information Services Co., Ltd. (Wei Zhong Shui Yin) uses big data to provide credit investigation and risk control services. It was one of the first companies to receive a license from the Shenzhen municipal government to conduct credit investigations for enterprises and has many patents in technology related to taxation. Wei Zhong Shui Yin processes and analyses enterprise data related to taxation in order to help its users evaluate any potential credit risks. Its cloud computing database covers most of China’s provinces as well as most major sectors. It was one of the first companies to combine Internet technology with big data to carry out credit investigations. Many banks currently use the company’s services.

Technologies Quantitative model

Big data

Proportion of technical personnel Machine learning

Overview Tags Big data, quantitative model, machine learning Location Shenzhen

Key investors

Valuation

IDG

¥¥¥ ¥ ¥

Time of incorporation 2014 Website http://www.vzoom.com/ Business Big data credit App name W ei Zhong Bao (app, to be launched)

Core teams Zhao Yanhui

Zeng Yuan

CEO

COO

Founder

Founder

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

58

WeBank 微众银行

微粒贷

微车贷

Company Description WeBank was granted a license in December 2014 and has since launched several products including Credit Particles, the WeBank mobile application, and WeCar Credit. These products offer an array of financial services covering personal credit and financial management. WeBank has applied several innovative technologies such as face recognition, voice recognition and robotics in its everyday business activities. In 2016, WeBank launched the Financial Blockchain Cooperation Alliance (Shenzhen), which carries out research on the application of blockchain in the financial services sector. WeBank has also launched We Zhong Financial Management, a mobile application for rural banking, as well as another application for the interbank market.

Technologies Big data

Quantitative model

Proportion of technical personnel Cloud services

Distributed computing

Biological identification

Overview Tags Internet banking Location Shenzhen Time of incorporation 2014

Key investors Tencent, BYY Investment, Li Ye Group

Website http://www.webank.com Business Internet banking App name W ebank (app)

Core teams Gu Min

Li Nanqing

Liang Yaolan

President

President

Chief supervisor

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

59

WeLab

Company Description WeLab was founded in Hong Kong in 2013 and began operating in China in 2014. The company acts as a platform for users to apply for credit using their mobile phones. WeDefend, which was developed by WeLab, is a risk control platform that analyses information authorised by borrowers and is able to make quick judgments on a user’s credit rating. The company is currently developing a mobile based lending platform (WeLab) in China and an online lending platform in Hong Kong (WeLend). WeLab is also working in cooperation with many financial services institutions, including banks and consumer finance companies, to help improve access to financial services for young people.

Technologies Quantitative model

Big data

Proportion of technical personnel Mobile computing

Overview Tags Internet lending Location Hong Kong, Shenzhen Time of incorporation 2013

Key investors Series B financing completed CK Hutchison’s TOM Group, Khazanah Nasional Berhad, ING Bank, Sequoia, Ule.com, Guangdong Technology Fund

Valuation

¥¥¥ ¥ ¥

Website http://m.wolaidai.com/ Business Internet finance App name W elab (web)

Core teams Simon Loong

Alex Chen

Founder

General Manager of China Region

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

60

u51.com

Company Description Hangzhou Enniu Network Techonology Co., Ltd. (U51 Credit Card) was founded in May 2015. Its main products include U51 Credit Card Manager, a bill management mobile application, U51 Character, a mobile application for consumer finance and U Spend, a mobile application targeted towards young people. Its business covers liability management, microfinance, payment by instalments and financial management. The company has expanded significantly since its launch from providing tools for consumers to manage their credit cards to providing a comprehensive range of financial services. It was one of the first members of the China Internet Financial Association, the governing body for the Zhejiang Internet Financial Coalition. It is also a member of the Hangzhou Internet Financial Association and the Zhejiang Internet Financial Coalition.

Technologies Mobile computing

Quantitative model

Proportion of technical personnel Artificial intelligence

Big data

Machine learning

Overview Tags Big data, consumer finance Location Hangzhou

Key investors Series B+ financing completed SIG, Crystal Stream, GGV, JD, MI, Xinhu Zhongbao, Shunwei

Valuation

Time of incorporation 2012 Website http://www.u51.com/

¥¥¥ ¥ ¥

Business Consumer finance App name u51 Credit Card Management (app), u51 Character (app), Geinihua (app)

Core teams Sun Haitao CEO

Yang Yuzhi

Zhao Ke

Vice President

CFO

Jiang Yanqing

Guo Wei CTO

General Manager

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

61

Onchain

区块链电子存证:法链

Onchain分布式账本

Company Description Shanghai Haike Internet Financial Information and Services Co., Ltd. (Onchain) was founded in April 2015 following the launch of its Antshares blockchain system. The company conducts research on blockchain technology, particularly in relation to its application to the financial services sector. It provides enterprises with customised blockchain solutions and has formed strategic partnerships with many major Chinese financial services organisations. It is able to provide customers with complete and flexible protocols for blockchain structures. Its projects include asset register transitions, enterprise internal risk control and voting and resolution. Antshares, which was launched in June 2014, is one of the first blockchain services in China that uses a real-time open sourcing system.

Technologies Big data

Blockchain

Proportion of technical personnel Mobile computing

Overview Tags Blockchain, artificial intelligence Location Shanghai

Key investors Angel financing completed

Valuation

Time of incorporation 2015 Website http://www.onchain.com/

Undisclosed

¥¥¥ ¥ ¥

Business Blockchain App name (app+web)

Core teams Da Hongfei

ZhangZhengwen

Li Jun

Tao Rongqi

Yang Wentao

Founder

Founder

VP, Strategy

VP, Business Development

CEO

CTO

Chief Architect

Ant Digital Assets, Ant W allet, Intelligent Transaction System, Intelligent Securities Investment, Artificial Intelligence Fund Management,

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

62

Hcspark

Company Description Xinghuo Letou, a subsidiary of vespark.com, acts as a platform for start-ups to show showcase their businesses to potential investors and obtain funding. By harnessing various innovative technologies such as distributed computing, big data and artificial intelligence and by developing a robust system for managing risk, Xinghuo Letou has developed an efficient system for its users to source funding. The company’s mobile application also allows start-ups and investors to discuss potential products, exchange views and collaborate in other ways to grow their businesses.

Technologies Mobile computing

Big data

Proportion of technical personnel Distributed computing

Quantitative model

Artificial intelligence

Overview Tags Big data, auti-fraud, Vc service, Fintech Location Beijing

Key investors

Valuation

Time of incorporation 2016 Website http://www.hcspark.com

VCSPARK

¥¥¥ ¥ ¥

Business Crowdfunding App name Vcspark (app)

Core teams Ji Juan Founder CEO

Wang Yaodong Product director

Li Tao

Zhang Hui

Ren Zheng

Technical director

Director of operation

Financial Investment Director

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

63

Zipeiyi

证券投资人工智能(SIAI)

Company Description Established in 2014, Beijing Zipeiyi Investment Consultancy Co., Ltd. (Zipeiyi) develops artificial intelligence systems for securities and other financial services companies. Based on the concept of making asset allocation more straightforward and efficient, the company applies artificial intelligence technology to the asset management industry. Its main product is its Securities Investment Artificial Intelligence (SIAI) system, which is widely used by securities and asset manage companies in China. It employs many full-time staff, whose backgrounds are mostly in financial services and IT. Most of its staff are educated to masters degree level or above. Zipeiyi is a member of China’s Fund Industry Association, the Securities Association of China and the Insurance Asset management Association of China.

Technologies

Proportion of technical personnel Mobile computing

Machine learning

Big data

Artificial intelligence

Cloud services

Overview Tags Securities investment, Artificial intelligence Location Beijing

Key investors Series A1 financing completed

Valuation

Time of incorporation 2014 Website http://www.zipeiyi.com/

Undisclosed

¥¥¥ ¥ ¥

Business Investment management App name

Core teams Zhang Jialin

Founder Chairman

Zhang Ziheng

Li Xin

Chen Feng

Teng Xiaoji

COO

CFO

Architect

Intelligent Securities Investment (app+web), Artificial Intelligence Fund Management (app+web), AI-Trader Intelligent Transaction System (app+web)

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

64

Zhongan Insurance

Company Description Founded by Jack Ma, Pony Ma and Ma Mingzhe in November 2013, Zhongan Online Property Insurance Co., Ltd. (Zhongan Insurance) is an Internet insurance company and is headquartered in Shanghai. Zhongan Insurance applies mobile Internet, cloud computing, big data and other new technologies for a variety of different purposes including product design, automatic claims settlement, market positioning analysis, risk control and back-end claims services. Its services help users search for insurance products for a variety of purposes including travel, shopping, medical treatment and investment.

Technologies Big data

Cloud services

Proportion of technical personnel Distributed computing

Artificial intelligence

Blockchain

Overview Tags Internet insurance, big data Location Shanghai

Key investors Series A financing completed ANT Financial, Tencent, Ping An Insurance, MSPE, CICC, CDH Investments, SAIF, Keywise

Valuation

Time of incorporation 2013 Website www.zhongan.com

¥¥¥ ¥ ¥

Business Internet insurance App name Zhongan Insurance (app)

Core teams Chen Jin

Xu Wei

Jiang Xing

Wu Ti

Bi Shiyu

COO

CTO

CMO

CFO

CEO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

65

Zuihuibao

Company Description Shanghai Zuihuibao Internet Technology Co., Ltd. was founded by Dr. Chen Wenzhi, former Chief Strategy Officer of AXA Tianping P&C Insurance Co., Ltd. on July 17th in 2014. Its core product is Zuihuibao, an online insurance trading platform for the automotive industry. Zuihuibao provides insurance companies and car owners with a range of online services including price comparison and payment and issuance services through its mobile application as well through WeChat.

Technologies Mobile computing

Big data

Proportion of technical personnel Quantitative model

Cloud services

Artificial intelligence

Overview Tags Internet insurance, on-line pricing Location Shanghai

Key investors Series A financing completed

Valuation

Time of incorporation 2014 Website http://zuihuibao.com/

Yaxia Auto

¥¥¥ ¥ ¥

Business Internet insurance App name Zuihuibao (app)

Core teams Chen Zhiwen

Ruan erqin

Yang Yi

Founder

Co- Founder

Co-Founder

Chairman

CEO

CTO

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

66

04 Appendix

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

67

Annex I Investment institutions list Investment Enterprises

Major Investment Institutions

9

Sequoia Capital

6

IDG

4

Tecent

3

MI

3

Matrix

3

CBC

3

JD

3

CICC

3

Zhen Fund

Anxindeli、Tigerbrokers、RQuest

3

CDH

Zhongan Insurance、Wacai、BBD

2

FOSUN

Feidee、QuantGroup

2

Renren

Anxindeli、JFZ.COM

2

CGC

2

Ant Financial

2

Shunwei Capital

2

Hillhouse

2

Qiming Venture

Tong Dun、Wacai

2

Linear Venture

Tong Dun、Ping ++

2

NLVC

Dianrong.com、TalkingData

2

SCC

Qudian、Feidee

2

Kunlun Tech

Qudian、Feidee

2

SIG

Invested Enterprise JD Finance、FUTUNN.COM、WeLab、100credit、Ping ++、 Rong360、QFPAY、Feidee、JFZ.COM

Tong Dun、Wei Zhong Shui Yin、Wacai、BAIFENDIAN、 100credit、Wecash Zhongan Insurance、WeBank、TENPAY.COM、FUTUNN.COM u51.com、PINTEC、Tigerbrokers PINTEC、FUTUNN.COM、QFPAY Tong Dun、Wacai、Ping ++ u51.com、ChinaScope、Juxinli Zhongan Insurance、Wacai、100credit

Tong Dun、QuantGroup Zhongan Insurance、Qudian u51.com、PINTEC BAIFENDIAN、100credit

u51.com、Wecash

Investment institution invested more than two of China Fintech 50 enterprise listed above, related information without verified, just from public or enterprises evaluated, for reference only. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

68

Appendix I International comparison of business models KPMG China Fintech 50 MSXF

Qudian

u51.com QuantGroup Wecash WeLab QUARK FINANCE

Consumer Affirm(USA) SoFi(USA) finance C2FO(USA) Salary Finance(GBR) Klarna(SWE) Credorax(USA) Funding Circle(USA) Lending

Souyidai Dianrong.com

Ping++ ChinaPnR QFpay 99Bill TENPAY.COM

KPMG Global Fintech 100(2015)

Types

OnDeck(USA) Avant(USA) Orchard(USA) Spotcap(DEU) SocietyOne(AUS) Moula(AUS) Kabbage(USA) Prosper(USA) Lending Club(USA) Blender(ISR)

YoYo Wallet(GBR) Ripple(USA) Fastacash(SGP) The Currency Cloud (GBR) Payment Valuto(POL) Square(USA) TransferWise(GBR) Prospa(AUS) Stripe(USA) and remittance Osper(GBR) Financeit(CAN) SlimPay(FRA) Adyen(NLD) iZettle(GBR) PayRange(USA) GoCardless(GBR) Revolut(GBR) PromisePay(AUS)

100credit Juxinli BBD BAIFENDIAN 3GOLDEN Suanhua Credit Big data/big Beagle Data ICE KREDIT YPCredit data credit Qumram(CHE) Wei Zhong Shui Yin ChinaScopeChinascope investigation Tong Dun TalkingData LENGJING INFO vcspark.com JFZ.COM Wacai Feidee

Zipeiyi

FUTUNN.COM Tigerbrokers Zhongan Insurance Zuihuibao

Crowdfundin AngelList(USA) Credithood solves(ISR) Equitise (AUS) MyMicroInvest (BEL) g LearnVest(USA) Property Partner(GBR) Syndicate Room(GBR) Wealth managemen Nutmeg(GBR) t OurCrowd(ISR) Acorns(USA) CircleUp(USA) Motif Investing(USA) Wealth Simply Wall St(AUS) Wealthfront(USA) eToro(GBR) Estimize(USA) investment and Betterment(USA) Personetics (USA) Personal Capital(USA) Stockspot(AUS) consulting

Transaction

Stockpile(USA) IEX(USA) Ebury(GBR)

Robinhood(USA)

Knip(CHE) Coverfox(IND) Collective Health(USA)

Insurance

Oscar(USA) Policybazaar.com(IND) Friendsurance (DEU)

Ideacome WeBank Ant Financial Baidu Finance PINTEC UCREDIT JD Finance LU.com RQest Rong360

Direct banking

Numoni(SGP) Atom(GBR) Fidor Bank(DEU) Number26(DEU) goHenry (GBR)

Comprehen Kreditech (DEU) sive financial service Information

Xignite(USA) Credit Karma(USA)

Meniga (ISL) Avoka(AUS) Bankable(GBR) Cinnober (SWE) ebankIT (PRT) Technologic Plaid(USA) Metamako (AUS) Colu(ISR) Coinbase (USA) Coinify(DNK) al systems

Taiyiyun Onchain

Yirongdeli

Elliptic(GBR) 21Inc (USA) Bitcoin blockchain SecureKey (CAN) Traity(USA) VivaReal (BRA) Others

BioCatch (ISR) Trulioo(CAN) Xero (NZL)

The above comparison has been prepared on an indicative basis and is for reference only. It does not suggest a perfect match for the businesses and services. For details, please refer to the companies’ websites or contact the companies directly. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

69

Appendix I I Updated laws and regulations Date of issuance

File No.

Policy name

Issuer

Official link

January

The Opinions on Promoting the Innovative Guo Fa Development of Cloud No. [2015] Computing and Fostering 5 New Business Prospects for the Information Industry

State Council

http://www.gov.cn/zhengce/content/201 5-01/30/content_9440.htm

February

The Zhongguancun Pilot Guo Ke Programme for Internet Huo Zi No. Fusion and Innovation in [2015] 50 National High-tech Zones (2015—2020)

Ministry of Science and Technology

http://www.most.gov.cn/gxjscykfq/wj/201 509/t20150902_121499.htm

CPC Central Committee and State Council

http://www.gov.cn/gongbao/content/201 5/content_2843767.htm

May

The Opinions on Guo Fa Accelerating the No. [2015] Development of 24 E-commerce to Foster New Economic Drivers

State Council

http://www.gov.cn/zhengce/content/201 5-05/07/content_9707.htm

June

The Opinions on Several Guo Fa Policies and Measures for No. [2015] Vigorously Advancing 32 Popular Entrepreneurship and Innovation

State Council

http://www.gov.cn/zhengce/content/201 5-06/16/content_9855.htm

July

The Guidelines of the Guo Fa State Council on Actively No. [2015] Promoting the “Internet 40 Plus” Action Plan

State Council

http://www.gov.cn/zhengce/content/201 5-07/04/content_10002.htm

July

The Guidelines on Yin Fa No. Promoting the Sound [2015] 221 Development of Internet Finance

Ten authorities including the central bank

http://www.gov.cn/xinwen/201507/18/content_2899360.htm

July

CIRC No. [2015] 69

QR code link

2015

March

August

/

The Opinions on Deepening the Reform of Systems and Mechanisms to Accelerate the Implementation of Innovation-driven Development Strategies

The Interim Measures for the Supervision of the Internet Insurance Business

The Provisions on Several Interpretat Issues concerning the ion No. Application of Law in the [2015] 18 Trial of Private Lending Cases

CIRC

http://www.circ.gov.cn/web/site0/tab517 6/info3968308.htm

Supreme People's Court

/

The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

70

Appendix I I Updated laws and regulations (continued) Date of issuance

File No.

Policy name

Issuer

Official link

QR code link

2015

August

September

/

The Provisions on Non-deposit Lenders (Discussion Draft)

State Council

http://www.chinalaw.gov.cn/article/cazjg g/201508/20150800478726.shtml

/

The Plan for the Implementation of Deepening the Science and Technology System Reform

CPC Central Committee and State Council

http://www.most.gov.cn/kjbgz/201509/t2 0150925_121771.htm

October

Guo Zhi Fa Guan Zi No. [2015]56

The Opinions on Further Strengthening the Application and Protection of Intellectual Property Rights to Promote Innovation and Entrepreneurship

State Intellectual Property Office and other authorities

November

Fa Gai Cai Jin NO. [2015] 2045

The Cooperation Memorandum on the Coordinated Supervision of and Joint Discipline and Penalty against Discredited Enterprises

National Development and Reform Commission

/

December

The Regulatory Guidelines Yin Fa No. on Credit Investigation [2015] 336 Institutions

Central Bank

http://www.creditsd.gov.cn/29/1120.html

State Council

http://www.gov.cn/xinwen/2015zccfh/40/ index.htm

December

The Administrative PBOC Measures for the Online Announce Payment Business of ment No. Non-Banking Payment [2015] 43 Institutions

Central bank

http://www.gov.cn/zhengce/201603/18/content_5055171.htm

December

The Announcement on Guo Fa Issuing the Plan for No. [2015] Promoting the 74 Development of Inclusive Finance (2016—2020)

State Council

http://www.gov.cn/zhengce/content/201 6-01/15/content_10602.htm

December

/

The Opinions on Further Increasing the Proportion of Direct Financing to Optimise the Financial Structure

http://www.cac.gov.cn/201510/12/c_1116800401.htm

The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

71

Appendix I I Updated laws and regulations (continued) Date of issuance

File No.

Policy name

Issuer

Official link

March

/

The 13th Five-Year Plan for National Economic and Social Development of the People's Republic of China

National People's Congress

http://www.miit.gov.cn/n1146290/n1146 392/c4676365/content.html

March

/

The Standards for Disclosure of Internet Central bank Financial Information (Draft)

QR code link

2016

http://www.miit.gov.cn/n1146290/n1146 392/c4676365/content.html

March

Guidelines on Increasing Yin Fa No. the Financial Support for [2016] 92 New Consumer Businesses

Central bank and CBRC

http://www.cbrc.gov.cn/chinese/home/d ocDOC_ReadView/FB21DA0230164DC 680DE56502CB573DD.html

March

The Opinions on Key Guo Fa Areas of Work Concerning No. [2016] Deepening the Reform of 21 the Economic System in 2016

State Council

http://www.gov.cn/zhengce/content/201 6-03/31/content_5060062.htm

April

Guidelines on Supporting Banking Financial CBRC Institutions to Enhance Notice No. Innovation to Implement [2016] 14 Investment-loan Linkage Pilot Programmes for Technological Startups

CBRC, Ministry of Science and Technology and central bank

http://www.cbrc.gov.cn/chinese/home/d ocDOC_ReadView/D9CB8D9B69D241 B1AB3AE54855BF5B55.html

National Development and Reform Commission and other authorities

http://www.gov.cn/xinwen/201605/31/content_5078335.htm

May

Fa Gai Ban Gao Ji No. [2016] 1284

May

/

May

Equities Exchange and Quotation Notice No. [2016] 36

The Notice on Promoting the Development of E-commerce-related Work

The Measures for the Administration of Decentralized Management of Companies listed on the National Equities Exchange and Quotations System for Small and Medium-sized Enterprises (For Trial Implementation) The Notice on Issues Concerning the Financing of Financial Enterprises Listed on the National Equities Exchange and Quotations System

National Equities http://www.neeq.com.cn/notice/2969.ht Exchange and Quotations Co. ml Ltd.

National Equities http://www.neeq.com.cn/notice/2968.ht Exchange and Quotations Co. ml Ltd.

The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

72

Appendix I I Updated laws and regulations (continued) Date of issuance

File No.

Policy name

Issuer

Official link

/

QR code link

2016 June

The Measures for the Yin Zheng Administration of the Credit Xin No. Investigation Business [2016] 5 (Draft)

Credit Investigation Bureau of the central bank

June

Zhong Zhi Xie Ji Biao Fa No. [2016] 1

The Guidelines on the Technologies for the Protection of Personal Information

Technical Standards Committee of http://www.pcac.org.cn/index.php?optio the Payment and Clearing nid=780&auto_id=2250 Association of China

June

Zhong Zhi Xie Ji Biao Fa No. [2016] 2

The Guidelines on IT Risk Management of Non-banking Payment Institutions

Technical Standards Committee of http://www.pcac.org.cn/index.php?optio the Payment and Clearing nid=706&auto_id=2241 Association of China

June

Zhong Zhi Xie Ji The Standard System for Biao Fa Non-banking Payment No. [2016] Institutions 3

June

/

The Provisions on the Administration of Mobile Internet Applications Information Services

/

The Opinions on the Regulatory Guidance for the Development of Information Technology in the Banking Sector for the 13th Five-year Period (Discussion Draft)

Technical Standards Committee of http://www.pcac.org.cn/index.php?optio the Payment and Clearing nid=706&auto_id=2240 Association of China State Internet Information Office

http://www.cac.gov.cn/201606/28/c_1119122192.htm

CBRC

http://www.cbrc.gov.cn/chinese/home/d ocView/1940BD4B2D7740CC90F4FE4 C6B3CD316.html

July

The Notice on Issuing the Guo Fa National Scientific and No. [2016] Technological Innovation 43 Plan for the 13th Five-year Period

State Council

http://www.gov.cn/zhengce/content/201 6-08/08/content_5098072.htm

August

The Interim Measures for CBRC the Administration of Order No. Business Activities of [2016] 1 Intermediaries for Internet Lending Information

CBRC

http://www.cbrc.gov.cn/chinese/home/d ocDOC_ReadView/D934AAE7E05849D 185CD497936D767CF.html

August

Decree [2016] No. 1 of the China Banking Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Internet Information Office

CBRC

http://www.cbrc.gov.cn/chinese/home/d ocDOC_ReadView/D934AAE7E05849D 185CD497936D767CF.html

July

Provisional Measures for Administration of Business Activities of Internet Lending Information Intermediaries

The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

73

Appendix IV KPMG China experts (partial y listed) Edwin Fung Vice Chairman, KPMG China +86 (10) 8508 7032 [email protected]

12

Simon Gleave Asia Pacific Partner-in-charge, Financial Services +86 (10) 8508 7007 [email protected]

13

1

Raymond Cheong Partner, Management Consulting +86 (10) 8508 5458 [email protected]

17

13

1

Lang Lang Xu Partner, Management Consulting +86 (10) 8508 5432 [email protected]

18

10

Edwina Li China Partner-in-charge, Financial Services Assurance +86 (21) 2212 3806 [email protected]

Thomas Chan Partner, Financial Services +86 (10) 8508 7014 [email protected]

13

6

Philip Ng Partner, IT Assurance +86 (755) 2547 3308 [email protected]

15

19

13

2

Eric Pang Partner, Financial Services +86 (21) 2212 2480 [email protected]

21

4

Arthur Wang Head of banking, KPMG China +86 (10) 8508 7014 [email protected]

6

James Chen Partner, Financial Services +86 (21) 2212 2424 [email protected]

11

7

8

Fintech Ivan Li Partner, Financial Services +86 (755) 2547 1218 [email protected]

6

13

5

Kevin Liu Partner, IT Assurance +86 (10) 8508 7094 [email protected]

10

21

9

12

1

10

James Mckeogh Partner, IT Assurance +852 2847 5018 [email protected]

13

14

Edward Dou Partner, Financial Services +86 (10) 8508 7056 [email protected]

13

Chris Wang Partner, Financial Risk Management +86 (10) 8508 7131 [email protected]

Experts

11

Walkman Lee Partner, Financial Services +86 (10) 8508 7043 [email protected]

Martin Zhang Partner, Advisory +86 (10) 8508 5909 [email protected]

50

Abby Wang Partner, Financial Services +86 (21) 2212 2428 [email protected]

12

Allen Lu Partner, Enterprise Services +86 (10) 8508 7805 [email protected]

9

7

16

14

Irene Chu Partner, Enterprise Services +852 2978 8151 [email protected]

21

2

20

Andrew Huang Partner, Financial Services +86 (10) 8508 7920 [email protected]

13

2

Larry Choi Partner, Financial Services +86 (20) 3813 8883 [email protected]

13

Felix Chen Partner, Advisory +86 (10) 8508 5433 [email protected]

3

Forrest Wu Partner, Financial Services +86 (755) 2547 3378 [email protected]

2

3

3

1

Financial sector

4

Supply chain finance

7

Crowdfunding

10

Credit investigation

13

Capital markets

16

Rish model

19

Cybersecurity

2

Internet lending

5

Internet securities

8

Third party payment

11

Internet wealth management

14

Cloud computing

17

Blockchain

20

Internet of Things

3

Consumer finance

Financial holding

9

Internet insurance

12

Venture capital

15

Smart 21 System architecture investment & consulting © 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with 74 KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 6

Big data

18

Appendix V Key terminology (partial y listed) No.

Abbreviation

Full Name

No.

Abbreviation

Full Name

1

AUS

The Commonwealth of Australia

22 23 24 25

KNB SIG Star VC GP Capital Oriental Innovation Investment

Khazanah Nasional Berhad Susquehanna International Group of Companies Star VC GP Industrial Capital Management Co., Ltd.

2

BEL

The Kingdom Of Belgium

3

BRA

The Federative Republic of Brazil

4

CAN

Canada

5

CHE

Swiss Confederation

26

6

DEU

The Federal Republic of Germany

27

Oriental Fuhai

7

DNK

The Kingdom of Denmark

28

CITIC Securities

29

PICC China Life CPIC China Taiping Ping An Insurance

8

FRA

The French Republic

9

GBR

The United Kingdom of Great Britain and NorthernIreland

10

IND

The Republic of India

11

ISL

The Republic of Iceland

12

ISR

The State of Israel

30 31 32 33

13

NLD

The Kingdom of Netherlands

34

CIFDIC

14

NZL

New Zealand

15

POL

The Republic of Poland

35

China Securities Credit Investmetn

16

PRT

Portugal,the Portuguese Republic

17

SGP

Republic of Singapore

36

CICC BOCGI Yunq YFC CFF Yaxia Auto

Oriental Innovation Investment Group Shenzhen Oriental Fuhai Investment Management Co., Ltd. CITIC Securities Co., Ltd. The People's Insurance Company (Group) of China Co., Ltd. China Life isurance (Group) Company China Pacific Insurance (Group) Co., Ltd. China Taiping Insurance Co., Ltd. Ping An Isurance China Investment Foreign Direct Investment Coproration Promotion Company Limited, a wholly owned subsidiary of CSI Capital Management letter (Shenzhen) Co., Ltd. China International Capital Co., Ltd. and related institutions Bank of China Group Investment Limited Yunq Partners Yunfeng Capital China FinTech Fund Yaxai Auto Equity Co., Ltd.

18

SWE

The Kingdom of Sweden

19

USA

The United States of America

20

IDG Capital

IDG Capital Partners

21

ING

International Netherlands Groups

37 38 39 40 41

No.

Abbreviation

Full Name

No.

Abbreviation

Full Name

42 43

JD Renren

63

CDB Capital

China Development Bank Financial Co., Ltd.

64

GTJA(HK)

44

Zhoncheng Fund

Beijing JD Financial Technology Holding Ltd. China InterActive Corp Beijing Zhoncheng Innovation Information Industial Investment Fund

65

Dingxin Liangzi

45

Oriza Holdings

Oriza Equity Investment Fund Management Co., Ltd.

66

Mobai Capital

46 47 48 49

GX Capital Everbright Sec LCP Lanting Invewstment Argriculture Credit Interact

GX Investmentl Management (Beijing) Co., Ltd. Everbright Securities Co., Ltd. Lightspeed China Partners Lanting Investment Internatinal Co., Ltd.

67

Fuxin Kunzhong Capital

50 51

Phonexit Xiangrui

52 53 54

Kaisibo Fund KPCB NLVC

55

CGC

Beijing Argriculture Credit Interact Technology Co., Ltd. Beijing Phoenix Xiangrun Internet Investment Fund (Limited Partnership) Kaisibo Investment Management Company KPCB Northern Light Venture Capital China Growth Capital Investment Management (Beijing)Co., Ltd.

68

CBC

Guotai Junan Securities (HongKong) Ltd. Chengdu Dingxin Liangzi Investment Management Co., Ltd. Shenzhen Qianhai Mobai Asset Management Co., Ltd. Shanghai Fuxin Kunzhong Equity Investment Management Co., Ltd. China Broadband Industrial Capital

69

China Commodities City

Zhejiang China Commodities City Group Co.,Ltd.

70 71 72 73 74

Xiaomi B&O Capital FreesFund Max Giant Capital CCB Trust

Beijiing Xiaomi Technology Co. LTD. Shenzhen B&O Capital Management Co., Ltd. Shanghai FreesFund Investment Center Max Giant Capital CCB Trust Co. LTD.

75

Hongdao Capital

76

Zhangjiang Huoju

77 78 79

Gobi Partners China Merchants Venture Trust Bridge

80

New Horizon Capital

81 82 83

Xinhu Zhongbao Kunlun Wanwei Yeepay Group

Beijing Honghe Investment Center (LP) Shanghai Zhangjiang Huojju Vebnture Investment Co., Ltd. Gobi Partners Co., Ltd. China Merchants Venture Management Co., Ltd. Trust Bridge Partners New Horizon Development (Tianjin) Equity Investment Management Co., Ltd. Xinhu Zhongbao Co., Ltd. BEIJING KUNLUN TECH CO.,LTD. Hunan Yeepay Group Data Service Co., Ltd.

57 58 59 60 61 62

Huarong Asset Managemen Huaxi Wu Capital Empower Investment Qiming Venture Harvest Fund Leading Capital

No.

Abbreviation

Full Name

No.

Abbreviation

Full Name

84 85

Primavera FSPDG

Primavera Capital Group Beijing Future Science Park Development Group

Li Ye Group

Shenzhen Li Ye Group Co., Ltd.

86

Shangqi Investment

Shanghai Shangqi Investment Center (LP)

87 88

Green Pin Capital MCBI

105 106 107 108 109 110

56

89 90 91 92 93 94 95 96 97

China Huarong Asset Management Co., Ltd. Jiangsu Huaxi Holding Ltd. Wu Capital Management Co., Ltd. Empower Investment Qiming Venture Partners Harvest Fund Management Co., Ltd. Beijing Leading venture Investment Co., Ltd.

Green Pin Capital Partners Co., Ltd. Mingsheng Commercial Bank International Holdings Ltd. Shanghai Ally Bridge Capital Investment Management Co., Ally Bridge Group Ltd. Hanking Family Office Hanking Family Office Zhejiang Daily Media Zhejiang Daily Media Group Co., Ltd. Haitong Haitong Securites Company Limited Bridge Capital Shenzhen Bridge capital Management Co., Ltd. SCPE Standard Chartered PrivateEquity Limited BPIH Bohai Financial Investment Holding Co., Ltd. Ningbo Yuanfeng Venture Investment Partner Business Source Code Capital (Limited Partnership) Wumart Group Beijing Wumart Group Inc

98

BYY Investment

Shenzhen Baiyeyuan Investment Ltd.

99 100 101 102 103 104

Baidu Shengjing Group Zhen Fund Prophet Capital SSF Vertex

Baidu.com, Inc Shengjing Group Internet Technology Co., Ltd. Zhen Fund Beijing Prophet Capital Management Co., Ltd. National Social Security Fund Vertex Holdings Limited

Yueke Finance

Technology Financial Group

Sequoia Capital

Sequoia Capital and related institutions

Linear venture

Shanghai Linear venture Management Co., Ltd.

Matrix

Matrix Partners China

Tiger Fund

Tiger Fund

111

Wanda Group

Dalian Wanda Group Co., Ltd.

112 113

Tencent

Shenzhen Tencent Domain Computer Network Co., Ltd.

Investec

Investec

114

Bluerun Ventures (BRV)

Tianjin Bluerun Xinhe Investment Center (Limited Partnership)

115 116

Ant Financial

Shanghai Yunxin Investment&Management Co., Ltd.

SCI

117

Morningside Ventures

118 119 120 121

Delta Capital

Sailing Capital International Shenzhen Morningside Venture Equity Investment Partner Business (Limited Partnership) Suzhou Delta Capital Management Co., Ltd.

Sunshine Isurance Group

Sunshine Isurance Group Co., Ltd.

122

Shunwei Capital

Beijing Shunwei Capital Investment Consulting Co., Ltd.

CBDL

Chongqing Department store Co., Ltd.

VCSPARK

Golden Sunflower Network Technology Co., Ltd.

123

Oriental Feima

Shanghai Oriental Feima Investment Management Ltd.

124

Banyan Capital

Beijing Banyan Capital Management&Consultation Co., Ltd.

125

Milestone Capital

Milestone Capital Management Limited

126

CDH Investments

Shanghai Dinghui Chuangtai Venture Investmetn Center (LP)

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

75

About KPMG KPMG: a Global Leader in Financial Services

Shenyang

Beijing Beijing Zhongguancun

Tianjin

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 154 countries and have more than 155,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Qingdao

Nanjing

Shanghai

Chengdu Hangzhou

Chongqing

Fuzhou

Shenzhen Guangzhou Foshan Macao

Xiamen

Hong Kong

Today, KPMG China has around 10,000 professionals working in 17 offices: Beijing, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Xiamen, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG China was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong office can trace its origins to 1945. This early commitment to the China market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in the Chinese member firm’s appointment by some of China’s most prestigious companies.

Thanks: 2016 China Fintech 50 Working Team

Selina Yang Project Director +86 (10) 8508 5688 [email protected] kpmg.com

Simon Zhou Project Manager +86 (10) 8508 5000 [email protected] kpmg.com

Jason Shan Joe Ma Silent Zhang Project Manager Engagement Manager Design Manager +86 (10) 8508 5000 +86 (10) 8508 5000 +86 (10) 8508 5074 [email protected] [email protected] [email protected] kpmg.com kpmg.com kpmg.com

Jasmine Ruan Designer +86 (21) 2212 2836 [email protected] kpmg.com

Ida Huang Project Staff +86 (10) 8508 5000 [email protected] kpmg.com

Holiday He Project Staff +86 (10) 8508 5000 [email protected] kpmg.com

© 2016 KPMG Advisory (China) Limited , a member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China.

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Contact us Mainland China Beijing

Beijing Zhongguancun

Chengdu

8th Floor, KPMG Tower, Oriental Plaza

Room 603, Flat B, China Electronic Plaza

17th Floor, Office Tower 1, IFS

1 East Chang An Avenue

No.3 Danling Street, Haidian District

No. 1, Section 3 Hongxing Road

Beijing 100738, China

Beijing 100080, China

Chengdu, 610021, China

Tel : +86 (10) 8508 5000

Tel : +86 (10) 5875 2555

Tel : +86 (28) 8673 3888

Fax : +86 (10) 8518 5111

Fax : +86 (10) 5875 2558

Fax : +86 (28) 8673 3838

Chongqing

Foshan

Fuzhou

Unit 1507, 15th Floor, Metropolitan Tower

8th Floor, One AIA Financial Center

Unit 1203A, 12th Floor, Xinhe Plaza

68 Zourong Road

1 East Denghu Road

137 Wu Si Road

Chongqing 400010, China

Foshan 528200, China

Fuzhou 350003, China

Tel : +86 (23) 6383 6318

Tel : +86 (757) 8163 0163

Tel : +86 (591) 8833 1000

Fax : +86 (23) 6383 6313

Fax : +86 (757) 8163 0168

Fax : +86 (591) 8833 1188

Guangzhou

Hangzhou

Nanjing

38th Floor, Teem Tower

8th Floor, West Tower, Julong Building

46th Floor, Zhujiang No.1 Plaza

208 Tianhe Road

9 Hangda Road

1 Zhujiang Road

Guangzhou 510620, China

Hangzhou 310007, China

Nanjing 210008, China

Tel : +86 (20) 3813 8000

Tel : +86 (571) 2803 8000

Tel : +86 (25) 8691 2888

Fax : +86 (20) 3813 7000

Fax : +86 (571) 2803 8111

Fax : +86 (25) 8691 2828

Qingdao

Shanghai

Shenyang

4th Floor, Inter Royal Building

50th Floor, Plaza 66

19th Floor, Tower E, Fortune Plaza A

15 Donghai West Road

1266 Nanjing West Road

61 Beizhan Road

Qingdao 266071, China

Shanghai 200040, China

Shenyang 110013, China

Tel : +86 (532) 8907 1688

Tel : +86 (21) 2212 2888

Tel : +86 (24) 3128 3888

Fax : +86 (532) 8907 1689

Fax : +86 (21) 6288 1889

Fax : +86 (24) 3128 3899

Shenzhen

Tianjin

Xiamen

9th Floor, China Resources Building

Unit 06, 40th Floor, Office Tower

12th Floor, International Plaza

5001 Shennan East Road

Tianjin World Financial Center

8 Lujiang Road

Shenzhen 518001, China

2 Dagu North Road

Xiamen 361001, China

Tel : +86 (755) 2547 1000

Tianjin 300020, China

Tel : +86 (592) 2150 888

Fax : +86 (755) 8266 8930

Tel : +86 (22) 2329 6238

Fax : +86 (592) 2150 999

Fax : +86 (22) 2329 6233

Hong Kong SAR and Macau SAR Hong Kong

Macau

8th Floor, Prince’s Building

24th Floor, B&C, Bank of China Building

10 Chater Road

Avenida Doutor Mario Soares

Central, Hong Kong

Macau

23rd Floor, Hysan Place

Tel : +853 2878 1092

500 Hennessy Road

Fax : +853 2878 1096

Causeway Bay, Hong Kong Tel : +852 2522 6022 Fax : +852 2845 2588

kpmg.com/cn The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2016 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. [Printed in China.] The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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2016 China Leading Fintech 50 - KPMG

2016 China Leading Fintech 50 KPMG China September 2016 Fintech 50 Survey Page KPMG WeChat 1 01 Disruption & breakthrough 02 Overview 03 The 50 0...

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