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China Commercial Credit, Inc.

China Commercial Credit, Inc.

Sector: Foreign Trade And International Banking Institutions Region: China


: | Nasdaq: CCCR


China Commercial Credit, Inc. (Nasdaq: CCCR) is a leading microcredit company providing loans and loan guarantees in Jiangsu Province, China, and is the first China-based microcredit company to become public in the U.S. The company was founded in 2008 as a result of banking reform authorizing the proliferation of credit companies designed to issue competitive-interest loans to small-to-medium sized enterprises (SMEs), farmers and individuals – groups which, although accounting for eight of ten jobs in China and 60 percent of the nation’s GDP, had historically been excluded from borrowing funds from China’s State-owned and commercial banks.

Since 2008, spurred by ongoing government legislation, China’s microcredit industry has seen rapid expansion. According to data supplied by Peoples Bank of China (PBOC), in June 2013 the nation had 7,086 microcredit companies with outstanding loans of $115 billion compared to only 1,940 microcredit companies with outstanding loans of $21 billion three years earlier. Jiangsu Province has seen the fastest growth of any province in China during this period, with the number of microcredit firms rising 4.3 times to 529 and outstanding loans growing six times to $18 billion. Wujiang City, CCC’s base, has prospered as well, becoming one of China’s most economically successful cities and home to an increasing number of the world’s leading exporters of electronic equipment, chemicals and textiles – many of which have utilized microfinance loans.

Growth of the China microcredit industry is likely to continue due in part to three government policies. The first are the June 2013 credit tightening measures on the nation’s State-owned banks, which are expected to drive additional loan applicants into the microcredit sector. Second is the increased government pressure on China’s private, high-interest underground lenders, many of whom have charged SMEs 50 percent interest or more. The third are government moves to block banks’ off-balance sheet “back-door” loans to small-to-medium enterprises, thereby increasing SME reliance on microcredit companies.

Since inception, CCC has achieved substantial expansion, delivering compound annual net revenue growth of 22 percent and compound annual pre-tax income growth of 34 percent. Further growth will likely result from increased lending capacity derived from increasing the company’s registered capital. This capital will come from funds raised in the company’s $8.9 million IPO in August 2013 – expected to raise lending capital from $98 million to $130 million – and potentially from funds derived from issuing additional equity or debt in the U.S. and Hong Kong. CCC also maintains a credit line with Agricultural Bank of China and other State-owned banks.

At the end of 2012, the company had issued $85.8 million worth of outstanding secured loans to 248 borrowers, as well as $86.4 million in loan guarantees for 116 borrowers.

China Commercial Credit is led by CEO, Chairman and founder Mr. Huichun Qin, a former PBOC Vice President and State Foreign Exchange Deputy Director with 27 years executive level banking industry experience.

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Executives

Huichun Qin, Chairman of the Board of Directors, Chief Executive Officer
Mr. Huichun Qin   is one of founders of Wujiang Luxiang and has served as Chairman of our Board of Directors (the "Board") and the Chief Executive Officer of CCC since August 7, 2012. From 1981 to 2008, Mr. Huichun Qin worked at PBOC, where he served as deputy director of accounting and finance section from 2002 to 2006. From 2006 to 2008 Mr. Qin was the vice president of Wujiang Brach of PBOC, and at the same time he also served as a deputy director of Wujian State Administration of Foreign Exchange, where he was responsible for implementing a program relating to anti-money laundering management, in charge of management and monitoring local and foreign currency; foreign currency reserve and exchange, investigation, statistics, analysis and monitoring other financial institution in Wujiang area.  He received a bachelor degree from Southwest Tech University in Mianyang, China.  Mr. Qin’s extensive experience in the banking industry, his acute vision and outstanding leadership capability, as well as his commitment to the Company since its inception make him well-qualified in the Board’s opinion to serve as our CEO and Chairman of the Board.
Long Yi, Chief Financial Officer and Secretary
Mr. Long Yi was appointed as the Chief Financial Officer and Secretary of CCC on January 1, 2013. Prior to joining CCC, Mr. Yi was the senior financial manager in Sutor Technology Group Ltd. (Nasdaq: SUTR) since 2008. He served as an accounting manager at Forterra Inc. in Canada from 2006 to 2008.  He is a Certified Public Accountant in the State of Illinois.  Mr. Yi has a Bachelor’s degree in Accounting from Northeastern University and a Master’s degree in Accounting and Finance from University of Rotterdam. He also obtained a graduate diploma in accounting from McGill University.
Jianmin Yin, Director
Mr. Jianmin Yin will be appointed as a director of CCC upon the consummation of this offering .   Mr. Yin has forty years of work experience in tax, treasury, and finance. From 2009 to 2012, Mr. Yin served as the branch chief of Wujiang sub-branch of PBOC. From 1989 to 2009, he served as a president of the PBOC Wuxian City Branch and the city of Wujiang Branch. Mr. Qi brings a wealth of local banking knowledge to our Board of Directors.
Jingeng Ling, Director
Mr. Jingeng Ling will be appointed as a director of CCC upon the consummation of this offering . From 2003 to 2012, he served as a chairman of the board of directors of Suzhou Dingli Real Estate Co. Ltd., one of the largest real estate development companies in the city of Wujiang. Mr. Liang’s business aptitude and strong analytical skills, qualify him for his position as one of our directors.
Xiangdong Xiao, Director
Mr. Xiangdong Xiao will be appointed as a director of CCC upon the consummation of this offering .  Mr. Xiao has over forty years of work experience in PBOC, and has long been engaged in the financial industry management work. Since 2010, he has served as the Secretary-General of Suzhou Rural Microcredit Association since he retired from Jiangsu Yun Dong International Consultation and Assessment Company Suzhou Branch where he served as a general manager from 2000 to 2006. From 1998 to 2000, he served as a team leader of the loan department, section chief of the financial management department with PBOC’s Suzhou Branch.  Mr. Xiao graduated from Nanjing Jiangsu Fiscal and Finance College, majoring in Banking.  Mr. Xiao’s  substantial institutional knowledge of banking business and micro-lending industry makes him well positioned for his role as one of our directors.
John F. Levy, Director
Mr. John F. Levy   will be appointed as a director of CCC upon the consummation of this offering . Since May 2005, Mr. Levy has served as the Chief Executive Officer of Board Advisory, a consulting firm which advises public companies in the areas of corporate governance, corporate compliance, financial reporting and financial strategies.  Mr. Levy currently serves on the board of directors of three public companies. Mr. Levy has been a director of Applied Minerals, Inc. (AMNL) a publicly traded exploration stage natural resource and mining company since January 2008, and has served as chairman since August 2009.  Mr. Levy has been a director and audit committee member of Applied Energetics, Inc. (AERG), a publicly traded company that specializes in the development and application of high power lasers, high voltage electronics, advanced optical systems and energy management systems technologies, since June 2009. Mr. Levy has been a director, and chair of the audit committee of Gilman Ciocia, Inc. (GTAX), a publicly traded financial planning and tax preparation firm, since October 2006 and has served as lead director since September 2007.  From September 2010 to October 2012, he served as director of Brightpoint, Inc. (CELL), a publicly traded company that provides supply chain solutions to leading stakeholders in the wireless industry. From November 2008 through June 2010, he served as a director of Applied Natural Gas Fuels, Inc. (formerly PNG Ventures, Inc.). From March 2006 to April 2010, Mr. Levy served as a director and Audit Committee chairman of Take Two Interactive Software, Inc., a public company which is a global developer and publisher of video games best known for the Grand Theft Auto franchise. Mr. Levy served as Interim Chief Financial Officer from November 2005 to March 2006 for Universal   Food &Beverage; Company,which filed a voluntary petition under the provisions of Chapter 11 of the United States Bankruptcy Act on August 31, 2007.  Mr. Levy is a Certified Public Accountant with nine years experience with the national public accounting firms of Ernst & Young, Laventhol & Horwath and Grant Thornton. Mr. Levy is a frequent speaker on the roles and responsibilities of Board members and audit committee members. He has authored  The 21st Century Director: Ethical and Legal Responsibilities of Board Members , Acquisitions to Grow the Business: Structure, Due Diligence, Financing, Creating the Best Projections You Can: Insights and Techniques and Ethics and Sustainability: A 4-way Path to Success.   All four courses have initially been presented to various state accounting societies.  Mr. Levy has a B.S. degree in economics from the Wharton School of the University of Pennsylvania and received his M.B.A. from St. Joseph’s University in Philadelphia.  Mr. Levy brings to our board vast financial experiences as a Certified Public Accountant, former Chief Financial Officer of several companies and as Chief Executive Officer of a consulting firm which advises public companies in the areas of corporate governance, corporate compliance, financial reporting and financial strategies. In addition, Mr. Levy brings to our board, substantial experience with complex accounting and reporting issues, financial strategies, SEC filings, corporate governance and corporate transactions.

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