September 02, 2014 11:03 AM ET

Diversified Financial Services

Company Overview of China Commercial Credit, Inc.

Company Overview

China Commercial Credit, Inc., through its subsidiaries, operates as a microcredit company in the People’s Republic of China. It provides direct loans, including secured loans comprising guarantee-backed loans, collateral-backed loans, and pledge-backed loans; and unsecured loans. The company also offers financial guarantee services to third party lenders. It serves small-to-medium sized businesses, farmers, and individuals in Wujiang, Jiangsu Province. The company was founded in 2008 and is based in Wujiang, the People’s Republic of China.

No. 1688, Yunli Road

Tongli

Wujiang,  

China

Founded in 2008

26 Employees

Phone:

86 512 6396 0022

Key Executives for China Commercial Credit, Inc.

Interim Chief Executive Officer
Age: 37
Total Annual Compensation: $79.0K
Compensation as of Fiscal Year 2013.

China Commercial Credit, Inc. Key Developments

China Commercial Credit, Inc. Announces Management Changes

On August 21, 2014, Mr. Huichun Qin notified China Commercial Credit, Inc. of his resignation from the board of directors of the company and as the Chief Executive Officer of the company effective immediately. Effective August 21, 2014, the Board appointed Mr. Long Yi, the company's Chief Financial Officer to serve as the interim Chief Executive Officer while the company actively searches for a permanent Chief Executive Officer as well replacements for the other vacancies created by Mr. Qin's resignation.

China Commercial Credit, Inc. announced delayed 10-Q filing

On 08/15/2014, China Commercial Credit, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

The Rosen Law Firm, P.A. Files Securities Class Action against China Commercial Credit, Inc

The Rosen Law Firm, P.A. announced that it has filed a class action lawsuit on behalf of all purchasers of China Commercial Credit, Inc. securities between November 14, 2013 and July 25, 2014. The lawsuit is seeking to recover damages for violations of the federal securities laws. According to the suit, China Commercial Credit, Inc. mislead investors about its involvement in risky loans and loan guarantee obligations. In a February 18, 2014 Forbes article, CCCR's CEO was quoted as saying that [highly risky loans] among microcredit companies [in China] are not widespread." On May 9, 2014, in a public offering, CCCR sold 1,650,386 of its shares at $3.99 per share, with net proceeds to it of $6.14 million. In the prospectus, dated May 8, 2014, CCCR represented that it estimates loss on its guarantee business to be about 1% of the contract amount. On July 25, 2014, CCCR issued a press release stating that (a) it had paid out $5.4 million in loan guarantees in the first quarter of 2014, and had received only $0.7 million in cash and $2.1 million in one-year notes from the borrowers, and (b) it had paid out $3.7 million in guarantees in second quarter of 2014, of which it had only recovered $1.1 million, and converted $1.6 million of it to one-year notes.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 28, 2014
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