Mashang approved to issue financial bonds

Mashang Consumer Finance Co Ltd was approved on Monday to issue financial bonds not exceeding 2 billion yuan (US$286.9 million) in the national inter-bank bond market.

The approval was posted on the website of the Chongqing Banking and Insurance Regulatory Bureau.

In June 2019, Mashang Consumer Finance said the company had the qualification to apply for financial bonds issuance and was actively preparing for it.

After approval from the China Banking and Insurance Regulatory Commission, consumer finance companies need the relevant administrative license by the People's Bank of China before they can issue financial bonds.

The Chongqing-based consumer finance firm is the fifth player in the industry that has been allowed to issue financial bonds.

The others are BOC Consumer Finance, Home Credit Consumer Finance, Industrial Consumer Finance and Merchants Union Consumer Finance.