Fourth Personal Credit Bureau Established in Shanghai: Exploring New Business Models (AI Translation)
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文｜财新 张宇哲
By Zhang Yuzhe, Caixin
[Finance News / Zhang Yuzhe] Following Baihang Credit in Shenzhen, Pudao Credit in Beijing, and Qiantang Credit in Hangzhou, a fourth personal credit reporting agency is expected to be established in Shanghai.
2025年6月18日，中国人民银行行长潘功胜在“2025陆家嘴论坛”上宣布，将在上海设立个人征信机构，为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体系。
On June 18, 2025, Pan Gongsheng, Governor of the People’s Bank of China, announced at the “2025 Lujiazui Forum” that a personal credit reporting agency would be established in Shanghai. The agency aims to provide financial institutions with diversified and differentiated personal credit products, further improving the nation’s credit reporting system.
具体业务模式方面，上海这家个人征信公司区别于之前成立的几家个人征信公司，或将主要探索公共政务数据的整合和市场化输出。
In terms of its specific business model, this Shanghai-based personal credit reporting company distinguishes itself from previously established counterparts, and is expected to focus primarily on the integration of public government data and its commercialization in the market.
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- Shanghai is set to establish China's fourth personal credit bureau, led by state-owned Shanghai Data Group, with expected state ownership at 70% or higher.
- The bureau will focus on integrating and commercializing public government data, differing from existing peers that mainly use internet data.
- Previous three bureaus—Baihang, Pudao, and Qiantang—have seen increasing state ownership, reflecting regulatory shifts towards stronger government control over credit data.
The article reports on the emergence of a fourth personal credit bureau set to be established in Shanghai, following the earlier launch of similar institutions in Shenzhen, Beijing, and Hangzhou. On June 18, 2025, Pan Gongsheng, the governor of the People’s Bank of China, announced at the “2025 Lujiazui Forum” that this institution would provide diversified and differentiated personal credit products for financial institutions, thereby further improving the national credit system [para. 1]. Uniquely, this Shanghai-based credit bureau will focus on integrating and commercializing public governmental data, distinguishing itself from previous credit bureaus that primarily used internet-sourced data [para. 1]. The new entity will be state-owned enterprise (SOE)-led, with up to 70% of its equity potentially held by SOEs, and only minority stakes, if any, allotted to leading internet companies—a structure markedly different from its predecessors [para. 1].
The initiative is spearheaded by Shanghai Data Group Co., Ltd., which will act as the chief promoter and principal stakeholder of the new credit bureau [para. 1]. While prominent internet firms such as 360 Digitech are being courted as possible minority investors, these companies express reluctance to participate unless they secure greater influence over operations, citing concerns over profitability and control [para. 1]. The Shanghai government had been seeking a credit bureau license since at least 2018, reflecting its long-term commitment to digital transformation and data-driven development. The 2022 founding of Shanghai Data Group marked a key step, as the company was established as a primary municipal SOE tasked with advancing data-centric business and big data trading markets, in line with China's designation of data as the "fifth factor of production" [para. 1].
Shanghai Data Group aims to support citywide big data resource governance and public data operations. Its business is organized into four major segments: data infrastructure services, data operations, digital services for government and enterprises, and development of the data ecosystem [para. 1]. The company controls multiple SOEs across diverse data and fintech areas, and by July 2024 had connected to over 100 entities nationwide, creating a "data community" and "data application ecosystem" of considerable scale [para. 1].
If awarded a credit license, Shanghai Data Group will become the first entity licensed for both corporate and personal credit business. Experts predict its new bureau will draw largely on public/governmental data, potentially enabling richer and more diverse credit products than those based on conventional internet or private data [para. 2]. This marks a potential solution to the common challenge of isolated government data—Shanghai Data Group’s mission being to both unlock government data resources and ensure effective data sharing and application across public and private sectors [para. 2].
Compared to earlier credit bureaus, the Shanghai model reflects a decisive regulatory shift toward state leadership. As regulatory scrutiny over the fintech and personal credit industry has tightened in recent years, interest among leading internet companies has waned. For example, ByteDance and Meituan declined participation due to concerns about regulatory risks and the suitability of their business models [para. 3]. The trend over time has been for increasing SOE stakes in new credit bureaus—while the first, Baihang Credit, saw relatively balanced ownership between SOEs and internet firms, subsequent entities (Pudao and Qiantang Credit) featured majority state ownership and more controlled roles for fintech companies [para. 3]. For Shanghai’s new credit bureau, the current plan suggests at least a 70% SOE share, with internet firms relegated to junior partners [para. 3].
In summary, the launch of Shanghai’s personal credit bureau signals a new phase of state-centric, data-driven credit infrastructure in China [para. 1][para. 2][para. 3].
- Shanghai Data Group Co., Ltd.
- Shanghai Data Group Co., Ltd. (SDG) is positioned to lead the establishment of Shanghai's fourth personal credit reporting agency, likely becoming its largest shareholder. SDG is a state-owned enterprise formed in 2022 to spearhead Shanghai's digital transformation. It aims to integrate public government data and monetize it, distinguishing its approach from previous credit reporting agencies.
- 360 DigiTech
- 360 DigiTech is being considered as a potential investor in Shanghai's new personal credit reporting agency, led by Shanghai Data Group. However, 360 DigiTech is reportedly hesitant to participate if their stake is small and they have no influence on operations or profitability, preferring not to be a mere financial investor.
- Shanghai International Group
- Shanghai International Group was initially considered by the Shanghai government to lead the application for a personal credit reporting company. However, with the establishment of Shanghai Data Group in 2022, the plan shifted. Shanghai International Group is now likely to be a minority shareholder in the new personal credit reporting company, which is expected to be led by Shanghai Data Group.
- ByteDance
- ByteDance, a prominent internet company, was previously interested in becoming a shareholder in a personal credit reporting company in Shanghai in 2018. However, due to international business pressures, particularly concerns about US government scrutiny over personal information collection, ByteDance decided not to pursue this opportunity.
- Meituan
- Meituan, a major internet company, was approached to participate in a personal credit scoring company in Shanghai but declined. This decision aligns with Meituan's generally conservative approach to financial services, as it has been among the slower internet giants to enter the fintech sector.
- Didi
- Didi was a potential investor in Shanghai's proposed personal credit reporting agency, but the company's interest waned due to the agency's state-owned dominant shareholding structure. The article states that Didi, along with other internet companies, was eager to invest in 2018. However, recent regulatory changes and the proposed shareholding structure, with state-owned enterprises holding 70% of the shares, reduce the attractiveness for these tech giants to participate.
- Bairong Inc.
- Baorong Inc. (百融云创) is a leading big data risk control company. It was interested in acquiring a stake in the personal credit reporting company that the Shanghai municipal government intended to establish, but this did not materialize. The new personal credit reporting company will be state-owned, with private enterprises having limited equity.
- Shanghai Certificate Authority Co., Ltd.
- Shanghai Certificate Authority Co., Ltd. is one of eight state-controlled enterprises under the Shanghai Data Group. The Shanghai Data Group's mission is to be a world-class data-driven enterprise that governs, develops, and promotes data resources to facilitate digital transformation. Shanghai Certificate Authority Co., Ltd. contributes to the group's foundational business of providing data infrastructure services.
- Shanghai E-Port
- Shanghai E-Port is a state-owned enterprise under Shanghai Data Group. It is involved in building the Shanghai International Port Logistics Information System.
- Shanghai Big Data Co., Ltd.
- Shanghai Big Data Co., Ltd. (上海大数据股份有限公司) is one of eight state-owned holding enterprises under Shanghai Data Group. Its official website positions the company as a leading provider of public big data management and value mining solutions. It focuses on meeting the demands of digital government construction, bridging government and enterprise data, enhancing public data governance, empowering urban management, and improving public services.
- Shanghai United Credit Information Services Co., Ltd.
- Shanghai United Credit Information Services Co., Ltd. is an enterprise credit reporting company affiliated with Shanghai Data Group. It provides public data calling services to financial institutions, supporting approximately 680 billion yuan in credit. The company is actively involved in integrating public and government data to improve data governance and serve as a bridge for data fusion between government and enterprises.
- Shanghai Data Group Financial Technology Co., Ltd.
- Shanghai Data Group Financial Technology Co., Ltd. (上数金科) is a wholly-owned subsidiary of Shanghai Data Group. Established in May 2023, its core focus is leveraging public data to empower the financial sector. It aims to provide comprehensive financial technology solutions based on these data resources.
- Yangtze River Delta Digital Chain (Shanghai) Network Infrastructure Co., Ltd.
- 长三角数链（上海）网络基础设施有限公司 (Yangtze River Delta Digital Chain (Shanghai) Network Infrastructure Co., Ltd.) is one of eight state-controlled enterprises under the Shanghai Data Group. The Shanghai Data Group is set to lead the establishment of a new personal credit reporting company in Shanghai. Changjiang Delta Digital Chain (Shanghai) Network Infrastructure Co., Ltd. is not the primary company.
- Shanghai Pujiang Digital Chain Technology Co., Ltd.
- Shanghai Pujiang Digital Chain Technology Co., Ltd. is one of eight state-owned holding enterprises under Shanghai Data Group. It is involved in the "data ecological development service" business segment, which focuses on building data communities and driving data ecosystem innovation. It is also an entity that the article mentions in the context of Shanghai Data Group's comprehensive data business.
- Shanghai Data Research Institute
- Shanghai Data Research Institute is an entity under the Shanghai Data Group, which is a state-owned enterprise in Shanghai. The Shanghai Data Group aims to be a world-class data-centric enterprise with four main business segments. The Institute contributes to the group's efforts in data governance, resource development, digital transformation, and fostering a data ecosystem.
- Shanghai Data Exchange
- The Shanghai Data Exchange is a key entity partially owned by the Shanghai Data Group, a state-owned enterprise. It aims to facilitate data trading and contribute to Shanghai's digital transformation. The exchange is part of a broader initiative to position data as a crucial economic factor, aligning with national strategies for data market development.
- Shanghai Intelligent Computing Power Technology Co., Ltd.
- Shanghai Intelligent Computing Power Technology Co., Ltd. is one of three companies in which Shanghai Data Group holds a participating interest. This shows its connection to the broader data and technology initiatives led by Shanghai Data Group.
- Shanghai Cooperates Technology Co., Ltd.
- Shanghai Cooperates Technology Co., Ltd. is listed as one of three companies in which Shanghai Data Group has an equity interest. Shanghai Data Group is a state-owned enterprise in Shanghai, China, focused on data-related businesses, and is poised to lead the establishment of a new personal credit reporting agency in Shanghai.
- Beijing Financial Holdings Group Co., Ltd.
- Beijing Financial Holdings Group Co., Ltd. is a local state-owned enterprise in Beijing and a shareholder in Pudao Credit, holding 35% of its shares. Pudao Credit is the second personal credit reporting company in China, established in 2020.
- JD Digits Technology Holding Co., Ltd.
- JD Digits Technology Holding Co., Ltd. (JDD) significantly holds a 25% stake in the personal credit reporting agency, Pudao Credit. This makes JDD a major shareholder in Pudao Credit, alongside Beijing Financial Holdings Group Co., Ltd.
- Xiaomi
- Xiaomi holds a 17.5% stake in朴道征信 (Pudao Credit), the second personal credit reporting agency established in China. Pudao Credit's equity structure, with state-owned enterprises and internet giants as shareholders, reflects the government's approach to balancing marketization and regulation in the personal credit reporting sector.
- Megvii Technology
- Megvii Technology holds a 17.5% stake in Pulao Credit, one of China's personal credit reporting agencies. This ownership makes Megvii an indirect player in the personal credit reporting market in China.
- Beijing Juxin Youxiang Enterprise Management Center (Limited Partnership)
- Beijing Juxin Youxiang Enterprise Management Center (Limited Partnership) holds a 5% stake in Pudao Credit, the second personal credit reporting company established in China. This ownership structure sets it apart from other companies, which are largely state-owned or dominated by major tech firms.
- Ant Group
- Ant Group, an affiliate of Alibaba, was an 8% shareholder in Baihang Credit, China's first personal credit agency. However, its involvement, along with that of other tech giants like Tencent, did not lead to the expected contribution of data, suggesting a reluctance among these companies to fully support collaborative data-sharing platforms where they do not hold a dominant stake.
- Tencent Credit
- The provided article does not contain information about "Tencent Credit." It mentions "Tencent Credit" only in the context of it being one of eight companies that each held an 8% stake in Baihang Credit, the first personal credit reporting agency approved by China's central bank.
- Shenzhen Qianhai Credit
- Shenzhen Qianhai Credit is one of the eight companies that each hold an 8% share in Baihang Credit, China's first personal credit agency. Baihang Credit was approved by the central bank in January 2018.
- Pengyuan Credit
- Pengyuan Credit was one of eight companies that initially held an 8% stake in Baihang Credit, the first personal credit reporting agency approved by the People's Bank of China in 2018. However, the exact role and activities of Pengyuan Credit beyond this initial shareholding are not detailed in the provided text.
- China Chengxin Credit
- While "中诚信征信" (China Chengxin Credit) is mentioned in the article, the content does not provide specific details about this entity. It is listed as one of the eight companies that each hold an 8% stake in Baihang Credit, the first personal credit reporting company approved by the central bank in China.
- Koala Credit
- Koala Credit was one of eight companies that initially held an 8% stake in Baihang Credit, China's first personal credit agency. Over time, Baihang Credit's operational effectiveness was not as expected, prompting discussions and potential reconfigurations of its shareholder structure.
- Zhongzhicheng Credit
- Zhongzhicheng Credit is one of the eight companies that each hold an 8% stake in Baihang Credit, China's first personal credit agency. It plays a unique role, providing technical support to Baihang Credit. However, despite its contributions, the overall effectiveness of Baihang Credit has been hampered by various factors, including the differing interests of its shareholders.
- Beijing Huadao Credit
- Beijing Huadao Credit is one of the eight companies that each hold an 8% stake in Baihang Credit, China's first personal credit agency. It is one of the several internet financial giants that were expected to actively support Baihang Credit but did not.
- Tencent Finance
- Tencent Finance (腾讯数科) was an 8% equity holder in Baihang Credit, the first personal credit reporting agency approved by the PBOC. Despite holding significant user data, Tencent and Ant Group were reportedly not active contributors to Baihang due to internal competition and differing self-interests.
- Zhejiang Provincial Tourism Investment Group Co., Ltd.
- Zhejiang Provincial Tourism Investment Group Co., Ltd. is a state-owned enterprise. It is the largest shareholder of Qiantang Credit, holding 40.1% of its shares. Qiantang Credit is one of the personal credit reporting agencies in China.
- Zhejiang Rongxin Network Technology Co., Ltd.
- Zhejiang Rongxin Network Technology Co., Ltd. is a wholly-owned subsidiary of Ant Group. It holds a 29.9% stake in Qiantang Credit, making it the second-largest shareholder. Initially, Ant Group, through another entity, was set to be co-largest shareholder, but the shareholding was adjusted to its current structure.
- Hangzhou Xishu Enterprise Management Partnership (Limited Partnership)
- Hangzhou Xishu Enterprise Management Partnership (Limited Partnership) is a private enterprise that holds a 10% stake in Qiancheng Credit, making it the third-largest shareholder. Qiancheng Credit is one of the personal credit reporting companies in China.
- Transfar Group Co., Ltd.
- Transfar Group Co., Ltd. is a privately owned enterprise. It is the fourth-largest shareholder in Qiantang Credit, holding a 7% stake. Qiantang Credit is one of China's personal credit reporting agencies, formed by a mix of state-owned and private enterprises.
- Hangzhou Financial Investment Group Co., Ltd.
- Hangzhou Financial Investment Group Co., Ltd. is a state-owned enterprise. It is the fifth-largest shareholder in Qiantang Credit, holding a 6.5% stake.
- Zhejiang E-Port Co., Ltd.
- Zhejiang E-Port Co., Ltd. is a state-owned enterprise, and one of the five largest shareholders of Qiantang Credit. It holds 6.5% of the shares, alongside Hangzhou Financial Investment Group Co., Ltd.
- January 2018：
- Baihang Credit received the first personal credit reporting license approved by the People’s Bank of China.
- 2018：
- Shanghai actively aimed to develop a personal credit bureau while Baihang Credit was being established in Shenzhen.
- March 2020：
- The Central Committee of the Communist Party of China and the State Council issued the 'Opinions on Building a More Complete Factor Market Allocation System and Mechanism', defining data as the fifth key production factor.
- 2020：
- Pudao Credit, the second personal credit reporting company, was established with a clarified equity structure involving state-owned and internet companies.
- September 2022：
- The Shanghai Municipal Party Committee and Municipal Government approved the establishment of Shanghai Data Group.
- May 2023：
- Shangshu JinKe, a wholly owned subsidiary initiated by Shanghai Data Group, was established.
- By July 2024：
- Shanghai Data Group had connected data resources from more than 100 entities and partnered with 155 businesses to develop 132 data products.
- June 18, 2025：
- Pan Gongsheng, Governor of the People’s Bank of China, announced at the '2025 Lujiazui Forum' that a personal credit reporting agency would be established in Shanghai.
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