The announcement points out that there are four main reasons for Mijins benign liquidation: first, the industry environment continues to deteriorate and investorsconfidence is insufficient; second, according to the regulatory requirements of three declines, the business stock is compressed; third, the willingness of most borrowers to repay loans is reduced, and there is a subjective act of malicious debt evasion, which is positive for the platform. Regular operation has a significant negative impact; fourthly, regulatory policies continue to be unclear, while the cost of platform compliance has increased substantially.
Mijin staff confirmed the benign retirement of the platform to economic reporters in the 21st century: Because the platform does not meet the requirements of Hangzhou regulatory authorities, regulatory authorities require benign retirement, considering that the situation may be more serious later, so the platform also chose benign retirement. In the near future, the payment plan will be released on the platform APP. The other side did not disclose the specific failure of Mijin Society and the overdue situation.
According to Mijins official website, Mijin is affiliated to Hangzhou Yinmi Internet Financial Services Co., Ltd. and was founded in July 2015. It first paid 50 million yuan of registered capital, and officially launched into the depository of funds of New Internet Bank in May 2018. As of November 7, 2018, Mijin has accumulated 3.858 billion yuan in transactions (loans) and 157 million yuan in loans.
Source: Responsible Editor of Economic Reporting in the 21st Century: Wang Xiaowu_NF