Insiders: Chongqing region has halted the issuance of asset-backed securities and asset-backed notes by small loan companies within its jurisdiction.

Chongqing, once an important coordinate in China's microfinance industry. Meituan, JD.com, Baidu, Ctrip... Most of the top Internet platforms' microfinance companies are registered in Chongqing. During its peak, they extended the reach of consumer credit to every mobile phone with the help of a nationwide network of online microfinance licenses. This landscape is quietly changing. Recently, industry insiders have stated that the Chongqing region has halted the issuance of asset-backed securities and asset-backed notes by microfinance companies within its jurisdiction. At the same time, larger regional microfinance companies are accelerating their "slimming down". Taking Chongqing as an example, the Chongqing Regulatory Bureau recently released two sets of data simultaneously, one being the "List of Microfinance Companies in Chongqing Municipality", with 11 microfinance companies having had their qualifications for online lending suspended, and the other being the "Public Announcement of Chongqing Municipality Microfinance Companies Exiting the Industry in January to March 2026", which clearly states that 21 microfinance companies have officially exited the industry.