The Coal Bosses Financial Club is the nickname within the circle for the Jin Province branch of Huaxia Internet Finance Industry Association.
The Huaxia Internet Finance Industry Association itself is an offshore-type imitation organization.
Offshore means this thing is registered overseas where regulations are lax, but operates domestically under the guise of a social organization.
The purpose of doing this is to circumvent domestic laws such as the "Administrative Regulations on the Registration of Social Organizations" and "Interim Regulations on the Registration and Administration of Private Non-enterprise Units", instead only being governed by the "Law on the Management of Domestic Activities of Overseas Non-Governmental Organizations".
Simply put, without doing it this way, such an association could never be registered.
