Over 30k complaints! Zhenxin Loan and Shiyi Loan with high interest rates are linked to a series of scams, Zhongguancun Bank cannot escape blame

Recently, two platforms in the internet loan sector—Shiyi Dai and Zhenxin Dai—have drawn market attention due to their ongoing high overall borrowing costs and concentrated consumer complaints regarding their business compliance. Data shows that both platforms have multiple connections in terms of equity, operations, and funding channels, and both have formed loan assistance collaborations with Beijing Zhongguancun Bank. Under the background of ongoing regulatory efforts to standardize internet lending and clarify comprehensive financing cost calculation rules, their business models and interest fee structures warrant scrutiny.

Recently, two platforms in the internet loan sector—Shiyi Dai and Zhenxin Dai—have drawn market attention due to their ongoing high overall borrowing costs and concentrated consumer complaints regarding their business compliance. Data shows that both platforms have multiple connections in terms of equity, operations, and funding channels, and both have formed loan assistance collaborations with Beijing Zhongguancun Bank. Under the background of ongoing regulatory efforts to standardize internet lending and clarify comprehensive financing cost calculation rules, their business models and interest fee structures warrant scrutiny.

Multiple Borrowings with Total Costs Approaching 36%, Unclear Fee Breakdown

According to financial consumer complaint information, during 2025, multiple users took out loans on the Shiyi Dai platform, with the lender being Zhongguancun Bank. The calculated comprehensive financing costs generally approached 36%. In May 2025, a user borrowed 7,700 yuan, with the platform charging a fixed monthly amount for financing guarantee services, without fully disclosing this fee before the loan was taken out. The calculation shows the annualized comprehensive interest rate for this loan was approximately 35.94%. In June and August of the same year, other users obtained two loans via referral channels on Shiyi Dai, with amounts of 13,200 yuan and 26,800 yuan, both repaid over six installments, with each installment including interest and service fees. Using internal rate of return calculations, both loans had an annualized comprehensive interest rate of 35.99%. In February 2025, a user borrowed 4,000 yuan over 12 installments, with a total repayment of 4,815.27 yuan, resulting in an estimated annualized rate of 35.71%.

Regarding Zhenxin Dai, consumer complaints similarly focus on high interest rates and opaque fee disclosures. Multiple complaints in 2025 indicate that the platform’s comprehensive interest rate also approaches 36%, with issues such as high overdue penalty interest calculation standards, discrepancies between contract information and actual repayment amounts, and difficulty in querying loan contracts. One user borrowed 19,600 yuan, incurring 673.89 yuan in penalty interest after 14 days overdue; another repaid 332 yuan but was overdue for half a month, accruing 105 yuan in penalty interest. The penalty interest rules were not clearly disclosed in advance. As of March 2026, Zhenxin Dai had accumulated over 33k complaints, with more than 2,200 complaints in the past 30 days. While Shiyi Dai’s complaint volume is relatively smaller, the complaints are highly consistent, mainly pointing to high interest rates, vague fee categories, and insufficient protection of consumers’ right to information.

Deep Connections in Equity and Operations, Essentially “Sibling Platforms”

Business registration information shows that the operating entity of Shiyi Dai is Shenzhen Zhihongsheng Technology Co., Ltd., established in September 2023 with a registered capital of 1 million yuan. The legal representative and sole shareholder is Wu Haisen. The company was formerly known as Shenzhen Huizhiqi Technology Co., Ltd. Zhenxin Dai’s operating entity is Kangzhi Technology (Shenzhen) Co., Ltd., established in June 2018 with a registered capital of 25.5 million yuan, with Deng Xiurui as legal representative.

There are clear connections between the two companies: Zhihongsheng Technology and Kangzhi Technology have highly similar registered addresses, suggesting they may share office space. Additionally, Wu Haisen and Deng Xiurui jointly hold shares in Shenzhen Jiaqinda Electronic Commerce Co., Ltd., with Deng Xiurui holding 99% and Wu Haisen 1%, forming cross-shareholding relationships. At the operational level, both platforms direct traffic through similar loan marketplace platforms, with highly overlapping customer acquisition channels, and their core funding providers include Zhongguancun Bank. From product design, fee models, to cooperation channels, both platforms exhibit highly similar operational features, indicating they are deeply connected internet lending platforms.

Disclosure of Zhongguancun Bank’s Loan Assistance Cooperation List and Focus on Compliance Review Obligations

On March 30, 2026, Zhongguancun Bank disclosed on its official website the list of platform operators and credit enhancement service providers it cooperates with, showing that the bank has partnered with 32 platform institutions and 26 credit enhancement agencies for loan assistance, covering multiple referral channels. Shiyi Dai, Zhenxin Dai, and their related referral platforms are all within this cooperation scope.

According to the 2025 regulatory requirements issued by the national financial supervision department for internet loan assistance businesses, commercial banks should strengthen access management of cooperation agencies, implement a list-based management system with full information disclosure, and include all related fees in the calculation of comprehensive financing costs. They must not split fees to artificially inflate interest rates. Regulatory rules clearly require banks to fully understand the fee charges of cooperation agencies, ensure that the comprehensive cost of each loan complies with regulations, and fully disclose key information such as the loan provider, actual annualized interest rate, and credit enhancement agencies to protect consumers’ right to information.

From complaint data, both Shiyi Dai and Zhenxin Dai have issues with incomplete interest and fee disclosures, forced bundling of financing guarantee service fees, and failure to clearly inform consumers of the comprehensive annualized cost. Some users reported being charged service fees without full prior disclosure. These situations clearly diverge from regulatory requirements and have raised questions about whether Zhongguancun Bank has fulfilled its obligations for compliance review and risk control throughout the cooperation process.

Tighter Loan Assistance Regulations and Rising Risks of High-Interest Models

Since 2025, regulators have continued to tighten rules on internet lending and loan assistance businesses, clarifying that commercial banks are responsible for the compliance of loan assistance activities, and prohibiting cooperation with unlisted institutions or providing funding channels for non-compliant platforms. The judicial protection upper limit for private lending interest rates is set at four times the one-year LPR, which has generally ranged from 12% to 14.6% in 2025. Licensed financial institutions are not directly constrained by this upper limit, but regulations specify that the comprehensive annualized interest rate should be reasonably capped at 24%, and it is strictly forbidden to circumvent this limit through fees such as service or consulting fees.

Shiyi Dai and Zhenxin Dai split interest and financing guarantee service fees to keep the overall cost near 36%, essentially engaging in high-interest models to evade regulation. Under the trend of regulatory transparency and penetration, such models face significant compliance risks. As fund providers, Zhongguancun Bank’s long-term cooperation with these platforms, which have high complaint volumes and high interest fees, raises questions about the adequacy of their access standards, risk control procedures, and interest fee monitoring mechanisms.

Currently, the internet loan industry is accelerating its regulatory transformation, with stricter requirements for fee transparency, consumer protection, and cooperation management. For platforms like Shiyi Dai and Zhenxin Dai, operating with high fees and low transparency no longer aligns with regulatory direction; for licensed institutions like Zhongguancun Bank, strengthening compliance screening, standardizing comprehensive cost calculation, and improving information disclosure are essential not only for fulfilling their responsibilities but also for preventing compliance and reputational risks. To date, neither platform nor Zhongguancun Bank has issued public responses regarding related complaints or compliance issues.

Source: Jiuzhou Business Observation

Author: Jiuqiu Xiaomei

Disclaimer: This article is for informational sharing only and does not constitute any investment advice. Anyone making investment decisions based on this information bears the risks themselves.