Huiyuan Technology plans to go public in Hong Kong: Just fined and confiscated 24.31 million, now facing numerous installment mall deduction complaints

Recently, Beijing Huiyuan Network Technology Co., Ltd. (hereinafter referred to as “Huiyuan Technology”), a company listed on the New Third Board, announced that the company’s eighth meeting of the fourth board of directors approved the proposal to issue H-shares. This issuance of H-shares still requires approval from the shareholders’ meeting and the necessary approval or verification from relevant government and regulatory agencies. The success of Huiyuan Technology’s H-share issuance remains uncertain.

According to its official website, Huiyuan Technology was established in 2008 and provides integrated payment system solutions, agency revenue-sharing accounts, prepaid card systems, private domain traffic management, coupon marketing systems, member benefits enhancement services, contactless parking fee systems, blockchain notarization, and smart contracts, offering comprehensive one-stop payment technology services and value-added operational management services.

Financial reports show that in the first half of 2025, Huiyuan Technology achieved revenue of 99.021 million yuan, a decrease of 13.42% year-on-year; net profit attributable to the parent was 10.2978 million yuan, down 75.18% year-on-year. Operating cash flow reached 353 million yuan, a year-on-year increase of 208.35%. From 2022 to 2024, Huiyuan Technology achieved revenues of 121 million yuan, 248 million yuan, and 224 million yuan, respectively, with net profits attributable to the parent of -11.31 million yuan, 74.59 million yuan, and 82.24 million yuan.

Notably, in June 2025, Huiyuan Technology’s subsidiary Huiyuan Yintong was fined 24.3142 million yuan by the Beijing branch of the People’s Bank of China. The violations involved included using prepaid cards at uncontracted merchants, irregular management of payment interfaces, unauthorized transfers between different names, failure to strictly implement real-name registration for account opening, failure to enforce payment account limits, and failure to strictly enforce merchant real-name registration. Additionally, Yin, then deputy general manager of Huiyuan Payment, was directly responsible for some illegal activities and was issued a warning along with a fine of 150,000 yuan.

However, Huiyuan Yintong continues to engage in frequent suspicious collaborations with consumer finance shopping malls, often making unauthorized deductions. For example, complaints about Huiyuan Yintong frequently appear on a platform called Jin Lizhi.

On March 5, a user reported borrowing on Jin Lizhi. Huiyuan Yintong’s HuiFuBao deducted fees recklessly. Over 1,400 yuan was deducted in 15 days, and the user demanded a refund.

On March 3, another user complained: using a credit limit on Jin Lizhi to purchase a 3,998 yuan travel card, claiming to receive a 3,000 yuan Alipay red envelope cashback, but only received 3,000 yuan, with the remaining 998 yuan explained as “benefit fee,” deducted by Huiyuan Yintong. According to reports from Kai Jia Finance, the operating entity of Jin Lizhi is Ningbo Fangyi Yuan Information Technology Co., Ltd., which is highly similar in registration location, interface design, and product structure to another app called Jin Mango, operated by Ningbo Dongli Information Technology Co., Ltd. Additionally, Jin Mango directs traffic to Jin Lizhi, indicating a clear connection between the two.

Although both apps are called “shopping malls,” they are essentially geared toward lending activities. Both display a “maximum limit of 28,000 yuan” on their homepage, with Jin Mango showing an annual interest rate of 7.2%-23.9%, and Jin Lizhi ranging from 7.2%-35%. One popular promotion is a “Guilin 5-day 4-night tour—plus a 2,000 yuan Alipay red envelope” priced at 2,688 yuan, with a usage period of 15 days.

The package details show that the 2,000 yuan red envelope can be used to pay off credit cards, Huabei, or scan code payments; the travel package includes transportation, meals, and tour guide services, but requires “advance booking, excluding round-trip transportation and personal expenses.” In reality, the 688 yuan price difference paid by users is more like interest for borrowing 2,000 yuan over 15 days, and the travel products are similar to “membership benefits,” essentially disguising high-interest loans.

This seemingly shopping mall business is actually a high-interest lending scheme disguised as installment shopping, fundamentally a variant of “714 high-interest payday loans”: the platform induces users to “shop” under the guise of travel cards and benefit fees, but the actual annualized interest rate on the loans can reach 35%, far exceeding regulatory limits. The 688 yuan “difference” is an invisible interest on a 15-day 2,000 yuan loan, which can severely infringe on borrowers’ rights and create debt traps.

In this business model, the role of payment companies like Huiyuan Yintong in withholding payments is crucial; without the payment company’s involvement, these shopping malls cannot complete their business cycle. In such cases, payment companies often act as accomplices, later disconnecting due to lax merchant qualification reviews. However, these malls often use low-cost “masks” to endlessly switch identities, already profiting immensely.