A regulatory green light has officially concluded a nearly three-month executive reshuffle at a major consumer finance company. On August 5, the Chongqing Financial Regulatory Bureau issued an approval, confirming Jiang Ning’s qualifications to serve as a director, vice chairman, and general manager of Chongqing Minsheng Consumer Finance Co., Ltd. (referred to as "Minsheng Consumer Finance").

Public records show that Jiang Ning joined Minsheng Consumer Finance in 2016, holding roles such as executive deputy general manager, CTO, and chief information officer. Prior to this, he held senior technical positions at IBM, HP, Ping An Finance, and served as a technology executive at Alibaba-affiliated Yibao Network. In May, Minsheng Consumer Finance announced that Guo Jianni had resigned as general manager due to reaching retirement age, effective May 16, and the board appointed Jiang Ning as the new general manager. Concurrently, the company's legal representative was changed from Guo Jianni to Zhao Guoqing.

A Decade-Long Technology Veteran Steps In

This personnel change at Minsheng Consumer Finance originated from the resignation of former general manager Guo Jianni in May. At that time, the company announced that Guo Jianni, having reached retirement age, stepped down from her position, to be succeeded by the company's decade-long technology veteran, Jiang Ning. Simultaneously, the company completed key business registration changes, with founder and chairman Zhao Guoqing reassuming the role of legal representative. Guo Jianni, a former co-founder of Home Credit China and CFO of Home Credit Consumer Finance, became Minsheng Consumer Finance’s general manager in September 2020 and took over as legal representative in August 2021, replacing Zhao Guoqing, who remained chairman. Now, with Zhao Guoqing returning to the legal representative role, the industry believes this will strengthen top-level management coordination and streamline the internal governance structure. Jiang Ning’s appointment as general manager is viewed as the initiation of the company’s strategic transformation from "scale expansion" to "technology-driven" operations.

Public information indicates Jiang Ning has over 20 years of experience in internet architecture and fintech. Early in his career, he worked at IBM, HP, and Ping An Finance in senior technical management roles, leading the design of online transaction systems and core financial trading systems in the internet finance sector. In 2016, Jiang Ning joined Minsheng Consumer Finance, just one year after its founding, starting as chief information officer and gradually rising to deputy general manager, chief information officer, and executive deputy general manager, witnessing the company’s complete journey in building its proprietary technology system from scratch. During his tenure, Jiang Ning led the technical team to build a comprehensive, self-developed digital intelligence system covering pre-loan, during-loan, and post-loan processes, helping the company establish a distinctive development model driven by technology. His team has filed over 3,000 invention patent applications, and the company has been recognized as a National High-Tech Enterprise, National Enterprise Technology Center, and National Intellectual Property Advantage Enterprise. Notably, Jiang Ning is the core driving force behind Minsheng Consumer Finance’s self-developed financial large language model, "Tianjing." According to public information, "Tianjing" 3.0 has evolved from a routine auxiliary tool into an intelligent platform deeply involved in core business decisions like credit approval, customer service, and risk pricing, serving over 200 million users. In a previous public speech, Jiang Ning stated, "As a super employee of the digital age, the capabilities of large models will undoubtedly become the core force driving intelligent technology transformation for enterprises." Wang Pengbo, chief analyst at Botong Consulting, noted that Jiang Ning, having long served as a technology manager at Minsheng Consumer Finance, adheres to a technology-driven path, aligning closely with the company’s current strategic direction of betting on digital transformation and relying on proprietary risk control to navigate declining interest rates and rising non-performing loan pressures.

Comprehensive Transformation Under Industry Pressure

From a performance perspective, in 2025, Minsheng Consumer Finance achieved operating revenue of 15.534 billion yuan, a slight year-on-year increase of 2.54%, but net profit attributable to the parent company was 1.924 billion yuan, a year-on-year decline of 15.65%. This data ended the company’s trend of continuous net profit growth since 2020. In terms of asset scale, as of the end of 2025, the company’s total assets were 58.101 billion yuan, a year-on-year decrease of 11.38%, while loans and advances to customers were 45.866 billion yuan, down 14.53% year-on-year. Minsheng Consumer Finance officially commenced operations in June 2015, completed three rounds of capital increases in 2016, 2017, and 2018, and has a registered capital of 4 billion yuan. Its shareholders include Chongqing Department Store, Zhongkejin, Wumart Group, Bank of Chongqing, Sunshine Property Insurance, Zhejiang Yiwu Small Commodity Market, and Chongqing Liangjiang Industrial Group. The performance change at Minsheng Consumer Finance is largely driven by industry trends. In 2025, the licensed consumer finance industry as a whole moved away from rapid expansion, entering a new phase of stable and high-quality operations. The leading tier has shifted from "competing for growth rates" to "competing for quality." According to central bank data, as of the end of the first quarter of 2026, consumer loans excluding individual housing loans totaled 20.97 trillion yuan, a year-on-year decrease of 0.2%. In the first four months of 2026, household short-term loans cumulatively decreased by 610.2 billion yuan, indicating a further intensification of the contraction trend. Additionally, on March 15, 2026, the National Financial Regulatory Administration and the People's Bank of China jointly issued the "Regulations on the Disclosure of Comprehensive Financing Costs for Personal Loan Business," effective from August 1, 2026. Currently, several consumer finance companies have sequentially lowered the annualized interest rate cap on new loans from 24% to 20%.

Against this backdrop, Minsheng Consumer Finance has already initiated a strategic transformation from within. Analyzing its 2025 financial report, the proportion of net interest income is declining, while net fee and commission income reached 5.72 billion yuan, a year-on-year increase of 5.93%, accounting for 37% of total revenue. Specifically, "user service fee income and others" stood at 6.025 billion yuan, a significant year-on-year increase of 35.97%. This indicates that Minsheng Consumer Finance is transitioning from a traditional lending model reliant on interest spreads to a comprehensive financial model driven by services and technology. In terms of risk clearance, since 2026, Minsheng Consumer Finance has repeatedly listed personal non-performing loan packages for transfer. As of mid-May, the scale of non-performing loans transferred during the year had exceeded 2.5 billion yuan. On July 20, the company listed its 8th batch of personal non-performing loan bulk transfer projects, with a total claim amount of 918 million yuan. Across the industry, in the first quarter of 2026, licensed consumer finance companies listed approximately 21.5 billion yuan in principal of personal non-performing loans for transfer, a year-on-year increase of 141%, accounting for 54% of the total personal non-performing loan bulk transfer market in the same period, surpassing commercial banks for the first time to become the largest supplier. Wang Pengbo analyzed that Jiang Ning’s appointment can accelerate Minsheng Consumer Finance’s progress in digital strategies like human-machine collaboration and large-scale model implementation, driving continuous iteration of full-chain risk control and operational systems. By leveraging its proprietary technology base, it can optimize the efficiency of its self-operated business, help the company reduce reliance on external partnerships, and promote technology output business to explore a second growth curve. "However, the risks are also prominent. The continued increase in technology investment implies that R&D expenditure will remain high, further squeezing profit margins in an environment of narrowing industry interest spreads. Furthermore, technology optimization can only improve processes, not fundamentally resolve long-term operational pain points such as asset quality of lower-tier customer groups and weak scenario expansion. The effectiveness of the transformation remains uncertain," Wang Pengbo believes.