On January 13, the State Financial Regulatory Administration's Zhejiang Bureau issued an approval, granting Zhejiang Shaoxing Ruifeng Rural Commercial Bank the qualification to conduct credit asset securitization business.

The approval stipulates that Zhejiang Shaoxing Ruifeng Rural Commercial Bank must strictly adhere to relevant regulations, including the "Supervisory Measures for the Pilot Program of Credit Asset Securitization by Financial Institutions," to effectively prevent various risks. Furthermore, the bank is required to register information in accordance with the relevant notice from the China Banking and Insurance Regulatory Commission concerning information registration for credit asset securitization by banking financial institutions.

Zhejiang Shaoxing Ruifeng Rural Commercial Bank is also mandated to promptly report significant events and risk issues encountered during the operation of the business to the supervisory authorities.