According to news on March 15, CCTV’s 315 Gala exposed Tongcheng Financial’s App gift card routine. Borrowing more than 40,000 yuan can only get more than 20,000 yuan. Many consumers complained that Tongcheng Financial was a disguised cash loan. Based on the reported information, reporters at the 315 Party found the complainant whose pseudonym was Xiao Li. According to Xiao Li, "Through netizens, I learned that Tongcheng Finance App allows you to borrow money. I told you to buy its gift cards online, then recycled and sold the gift cards through the mall, filled in your own payment account, and then sent the money to me." However, "the total price of purchasing the gift package was more than 40,000 yuan, but the actual amount I received was only more than 28,000 yuan."
After a complex gift package and a rebranded recycling, nearly one-third of Xiao Li's money was "digested" by Tongcheng Finance, but the repayment amount was a real more than 40,000 yuan. He also had to pay for other products that were forcibly bundled with the gift package. One of the facial cleansing towels by Hui Youyan was priced at 145 yuan, but the actual price of the product was less than 30 yuan.
According to CCTV Finance, there are still many consumers who have been trapped by Tongcheng Financial App. They have complained online about Tongcheng Financial App, a gift package product that is disguised as a loan shark. On one complaint platform alone, there were as many as 36,755 complaints about Tongcheng Financial App, including: Tongcheng Financial loan sharking, Tongcheng Financial bundled sales, etc.
Tianyancha App shows that Shanghai Lvji Technology Co., Ltd., an affiliate of Tongcheng Financial App, was established in December 2017. The legal representative is Ye Nanxing, with a registered capital of 100 million yuan. Its business scope includes computer and communication equipment leasing, mechanical equipment leasing, office equipment leasing services, etc., and is wholly owned by Guangzhou Lvji Technology Co., Ltd.
In addition, Guangzhou Firefly Microfinance Co., Ltd., a microfinance company affiliated with Tongcheng Finance, was established in April 2016. The legal representative is also Ye Nanxing, with a registered capital of 600 million yuan. Its business scope includes financing consulting services, corporate management consulting, financial consulting, small loan business, etc. The company is also wholly owned by Guangzhou Lujin Technology Co., Ltd. Tianyan risk information shows that the company has been involved in multiple legal disputes, mostly involving small loan contract disputes and financial loan contract disputes.