The investment entails a senior loan to Chongqing Xiaomi Microfinance Co., Ltd. (“Xiaomi MCC”, or the “Company”). Xiaomi MCC, wholly owned by Xiaomi Corporation, was established in June 2015.
Xiaomi MCC provides consumer loans and installment loans using its big data-based credit assessment methodology. Along with its new retail strategy, Xiaomi MCC is expanding its product offering to micro, small, and medium enterprises (“MSMEs”). The proposed senior loan will be on-lent to MSMEs in low tier cities and counties to support their business operation.
Xiaomi MCC is registered in Chongqing, China, and provides loans to borrowers throughout the country. The IFC Loan will be used for on-lending to MSMEs located in low tier cities and counties to support their business operation.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Xiaomi MCC is indirectly wholly owned by Xiaomi Corporation, through Xiaomi Finance Inc. and Xiaomi Finance HK Limited. Founded by Mr. Lei Jun in 2010, Xiaomi Corporation is a mobile internet company developing smartphones and smart hardware/devices and providing internet services. Xiaomi Corporation was listed in HK Stock Exchange on July 9, 2018.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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1/ The Project Contact
Chongqing Xiaomi Microfinance Co., Ltd.
Ms. Yuru Yang
2/The IFC Contact
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/