Zuoli Kechuang Micro-finance Company (HKG:6866) said its 66%-owned unit, Hangzhou High-tech Zone (Binjiang) Xingyao Pu Hui Micro-finance, has changed its name and business scope, according to a Sept. 12 Hong Kong bourse filing.
Shares of the firm were down nearly 2% in Monday morning trade.
The subsidiary has been renamed Hangzhou Qiyue Trading and will now focus on trade brokerage. It previously operated microloan and consultancy services.
Zuoli said the change reflects a shareholder consensus to exit the microfinance market and gradually recover outstanding loans.
The move is aimed at reducing operating costs, the filing said.