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Originally known as Baotou City Baoyin Consumer Finance Co., Ltd., the company was established on December 21, 2016. It was the first consumer finance company in Inner Mongolia and the 17th to be approved and opened by the China Banking Regulatory Commission. The company's founding was initiated and controlled by Baoshang Bank. Liu Xin was the initial chairman. The company's initial vision was to be a "consumer financial service provider for online life," focusing on the changing lifestyles and values of a new generation of consumers rather than simply lending money.

In March 2021, the company officially changed its name to Inner Mongolia Mengshang Consumer Finance Co., Ltd., following the bankruptcy of its parent company, Baoshang Bank. Mengshang Bank became the new majority shareholder, and Yin Zhicheng, a supervisor at Mengshang Bank, took over as the new chairman and general manager. The company's registered capital was increased from 300 million to 500 million RMB in June 2019, which brought in Weimeng Kuake Internet Technology (China) Co., a subsidiary of Sina Weibo, as a significant new shareholder. This positioned the company with Mengshang Bank as the largest shareholder (44.16%), followed by the Sina Weibo subsidiary (40%), and Shenzhen Samoyed Internet Technology Co. (15.60%).

The firm provides consumer credit services, featuring fast approvals and no required collateral. Its product offerings have included "Bao Ni Huan" and "Bao Ni Dai" (later renamed "Meng Xiang Jin"), which aim to provide low-interest, convenient, and flexible consumer finance services. It utilizes big data, artificial intelligence, and cloud computing to build a data-driven risk control system. The business model focuses on integrating into diverse consumption scenarios to provide inclusive financial services, particularly for younger, online-savvy consumers. Revenue is generated from interest and fees on its loan products.

Keywords: consumer finance, personal loans, online lending, fintech, consumer credit, inclusive finance, financial services, data-driven risk control, Inner Mongolia, Mengshang Bank, Baoshang Bank, Sina Weibo, Liu Xin, Yin Zhicheng, Meng Xiang Jin, Bao Ni Dai