Article from WeChat public account: alpha factory (ID: alpworks) , author: Du red , title map from: Oriental IC

51 credit card(HK:02051) The incident was not exhausted, and a credit collection company from Hunan rushed to submit an IPO offer in the US book.

34 operations centers in 9 cities, 10,915 collectors, 44.6 billion receivables, commission rates above 35.3%…

This prospectus is like a glimpse of the glory, which makes the outside world a glimpse of the mysterious collection of rivers and lakes.

The protagonist of IPO is Hunan Yongxiong, which is known as the largest collection company in China. How do we understand a collection company when collection is a business model?

01 Founder’s lawyer is born

The prospectus shows that Yongxiong Hunan was established in April 2014 and is headquartered in Changsha, Hunan, with approximately 11,500 employees. Based on the accounts receivable and the total commission for the first half of 2019, the company is the largest credit card receivable collection service provider in China.

The equity of Hunan Yongxiong is extremely concentrated. The founder and chairman of the company, Tan Man and his wife Zhou Xiaofang hold 97 respectively.