Zhang Yida looked at Hong Haibo, general manager of the consumer finance and wealth management business group, and nodded at him.

Hong Haibo smiled faintly and said: "Yongbei and Loanbei have lent more than 20 billion yuan throughout the year, the asset quality performance is very stable, and the bad debt rate has been controlled within 1%.

At present, the source of loan funds is half of the group's own funds and bank credit funds.

Our actions this year are: continue to expand the channels of capital cooperation, optimize the capital structure, cooperate with trusts and insurance companies, and try to issue the first ABS bonds. ”

It has been relying on free funds to lend, and the scale can easily reach the upper limit, so it is not sustainable for a long time.

The Consumer Finance & Wealth Management Business Group knows how to optimize the capital structure, which makes Zhang Yida very satisfied.

"You're doing a very good job, you have to learn to leverage and use other people's money to make money for us," he commented.

At this point, we have to learn from Leech Gold.

Whether it is to carry out a trust plan, or to obtain credit from a bank or insurance company to carry out a joint loan, we only need to issue 10%-20% of the inferior funds or guarantee funds, and we can leverage 5 times or even 10 times the capital leverage.

We provide customer acquisition, risk control review, loan disbursement and other links, and licensed financial institutions provide funds, so that everyone can make money, and this cooperation model can be maintained for a long time.

It's not a good thing to eat alone, and the cake doesn't make much. ”

Speaking of this, Zhang Yida looked at Hong Haibo and instructed: "Your 16-year task is to make the business as big as possible under the condition of controlling the quality of assets.

In addition, funding institutions must continue to optimize, and the proportion of their own funds must be reduced to less than 20%. ”

Hong Haibo nodded with a smile: "There is indeed a set of leech gold suits, and we must be on par with them."

If the bank doesn't change, we change the bank. ”

Zhang Yida did not comment on this sentence, in his opinion, it is just a slogan.

Leech Financial Services has had a good life in the past two years, using various means to evade supervision.

Leech's two small loan licenses, one small and micro loan license to operate Huabei, and one Shangcheng small loan license to operate borrowing.

Both licenses are registered in Chongqing, and the leverage limit is 2.3 times, and the financing balance of the microfinance company shall not exceed 2.3 times the company's net capital.

The total registered capital of Leech's two small loan licenses is currently 3.8 billion yuan, but it has leveraged hundreds of billions of ABS funds, dozens of times leverage, and counting money is also a cramp.

Leech Financial Services has completed off-balance sheet financing through the issuance of credit ABS, avoiding regulatory loopholes, and it is also very cunning, and Chinese businessmen have first-class ability to exploit loopholes.

The specific process of ABS issuance is as follows: Leech Financial Services issues loans to Huabei/borrowers through its licensed microfinance companies to form credit assets;

Then the credit assets will be packaged and transferred to the asset-backed special plan SPV designed and managed by the securities company;

The securities company will structure the cash flow generated by the asset pool in the future, and divide it into several levels, such as priority, subordinate, and inferior.

Then the ABS bonds are listed on the exchange for issuance, and are subscribed by institutional or individual investors, with a minimum investment of 1 million, and the number of people cannot exceed 200.

To some extent, it can be regarded as a large hybrid P2P, but it is very safe and needs to go through multiple reviews before ABS bonds can be issued.

In addition, ABS sponsors have to buy inferior rated bonds that account for 5%-20% of the bond issuance.

It is equivalent to backing priority and secondary investors or institutions. When distributing income, priority is given to senior and subordinate investors to meet their expected returns, and then it is the turn of inferior investors;

When it loses, it is also the first to lose the inferior and then the secondary, and then the secondary, the priority.

However, the risk control of Leech Financial Services is good, and the asset quality is very stable, and it can't lose money if you want to.

After the assets are securitized, the balance of loans for borrowing and Huabei will be reduced, and the transfer of credit assets from on-balance sheet to off-balance sheet will be successfully completed, and the regulator will not be able to control them......

After the investors purchased the ABS shares, the on-balance sheet loans of the borrowers and Huabei were converted into cash, and the two microcredit companies received sufficient cash return and could continue to lend.

Lending forms new credit assets, ABS can be issued again, and then the balance sheet is completed again.

In this cycle, leeches took 3.8 billion yuan and released hundreds of billions of credit balances......

The senior interest rate of ABS bonds is generally 4%-6%, and the interest rate is 8% after counting the subordinated and inferior grades.

The interest rates of Huabei and borrowing are between 8% and 21%, with an average of about 15% and 16%.

The interest rate difference of seven or eight points, the loan volume of two or three hundred billion yuan a year, and the revenue of one or two hundred billion yuan.

"Mr. Zhang~Mr. Zhang~"

Hong Haibo shouted several times before Zhang Yida came back to his senses, smiled awkwardly, and said, "I just wanted to go to the leech golden suit." ”

"By the way, we have been preparing for the issuance of the first ABS bond for several months, when will the issuance start?" Zhang Yida asked Hong Haibo again.

"Law firms, accounting firms, rating agencies, and appraisal agencies have all made the materials and declared them together.

Now we are waiting for the approval of the Shanghai Stock Exchange, and if it is fast, we can start the roadshow this month. ”

Hong Haibo continued: "This issue of ABS is issued by Hanzhou Securities, and ICBC is responsible for fund custody.

It was named "Hanzhou Securities-Ruixiang Jinke Phase 1 Asset-backed Special Plan", with a total issuance scale of 1 billion yuan.

Among them, 80% of the priority A ratings are rated AAA, and the coupon rate is 4.0%;

Priority B, in fact, is subordinate, called priority B, accounting for 12.5%, rated AA+, with a coupon rate of 4.6%;

The inferior grade accounts for 7.5%, which is subscribed by ourselves, and does not make a rating and does not set an expected rate of return. ”

"Okay, hurry up, don't the meat has been eaten by the leeches, and the soup hasn't caught up with a bite. ”

Zhang Yida turned the pen in his hand and played, leaving such a sentence.

"Mr. Zhang, don't worry, just rush to our assets and funds, which are not inferior to Leech Financial Services, and put them in the market, which is a piece of fragrant bait, and there is no shortage of investors at all. ”

"Alright, don't show off. Let's take a look at the financial report of Leech Financial. Zhang Yida commanded again.

Hong Haibo put out the PPT again and said: "According to the agreement that Ahri can share 37.5% of the pre-tax profit of Leech Financial, through Ahri's financial report, we can see the pre-tax profit of Leech Financial in the past two years.

In 2014, it was 5.7 billion yuan, and in the four quarters of 2015, it was 709 million yuan, 971 million yuan, 1.235 billion yuan, and 1.339 billion yuan respectively.

The total profit in 2015 was only 4.2 billion yuan, 1.5 billion yuan less than in 2014.

Why is this happening?

In fact, the situation is similar to ours, and Leech Financial Services is investing heavily in research and development, as well as increasing subsidies for mobile payment users. ”

"We are different from them, their cash cow is the consumer finance business, and we are the seven major financial supermarkets.

Through this speculative financial report, we can see how vast a market consumer finance is.

Therefore, in the context of the slowdown in the growth of financial supermarkets, the consumer finance business will surely become an important growth engine for our group's revenue. ”

Speaking of this, Zhang Yida reversed and said: "Of course, we also have to pay attention to the technology business. I don't want to give the outside world the impression that Ruixiang is a financial company.

Just like Leech Financial Services, the income from financial business can be described as technology income.

It's to advertise itself as a technology company.

Technology companies have a price-to-earnings ratio of 350 times, while financial companies have 10 times and 8 times. ”

Everyone laughed, everyone is an expert, and naturally knows all kinds of small methods of leech gold.

"Lan Lan, let's report on the operation of the overseas business group!"

As soon as Zhang Yida's voice fell, Lan Lan, who is also the general manager of the overseas business business group, stood up and said:

"At present, Ruixiang's mobile payment has landed in 5 countries, Toss in South Korea, PayPay in RB, GrabPay in Singapore, RPay in Indonesia, and BBPay in India.

India is the second most populous country in the world, and Indonesia is the fourth most populous country in the world.

The markets of these two countries are undoubtedly the largest. At the same time, RPay and BBPay are also the two joint ventures in which we have the most shares and the most control.

I think we need to increase the skew of resources for these two companies. ”

After she finished speaking, Zhang Yida said: "Okay, this year we have another important goal - Africa.

At present, I have negotiated the investment in Transsion mobile phones. This mobile phone company is specifically targeting the African market and has a 30% share of the mobile phone market in Africa.

In the next step, we will cooperate with them to pre-install the mobile APP.

Lan Lan, you can start thinking about organizing a team to send to Africa. ”

"Isn't there some chaos in Africa, war, disease, poverty...... Is such a place suitable for promoting mobile payment?" Wang Lina asked.

"There are some countries in Africa that are very chaotic, but there are also political stability, such as Egypt and South Africa.

We enter from the safe country first, and expand outward little by little. ”

Zhang Yida is quite helpless, Africa is quite noisy, and there are really few countries that are safe.

"With the call of the Belt and Road Initiative, many domestic factory owners have gone to Africa to open factories, and some are doing trade.

They can go, so why can't we?"

Lan Lan said very resolutely, the men present, including Zhang Yida, were very convinced after hearing this, and he was a ruthless character.

"Let's start with the tourist market that China used to travel to, and make cross-border payments.

For the local business, I suggest that it should develop steadily. ”

Lin Zhenyang's face was worried, and he said: "I mean that if any country is in chaos, all the initial investment will be wasted." ”

"I agree that try not to burn money in the early stage, or burn less money. If something happens, you can afford to lose. Gu Panpan also expressed his opinion.

"Yes, I don't ask for results in a short time, let's plant a flag first. Ruixiang now needs globalization to enhance our intrinsic value. ”

Zhang Yida didn't expect the African market to play any tricks, just occupy a hill first.

"By the way, on the side of the industrial fund, if there are invested companies that want to sell old shares, we will also sell some appropriately. ”

Lan Lan was a little puzzled by Zhang Yida's approach, and asked, "Why?

"In recent years, the equity investment market has been too prosperous, and once it is booming, there will be many bubbles, and it is not surprising that the valuation of the primary market and the secondary market has been inverted.

We also need to diversify our investment risks. ”

Of course, Zhang Yida would not tell her about the frequent listing of unicorns in the next few years, so he casually found a reason to diversify investment risks.

"Well, if there is a suitable opportunity, I will make a move and return the funds appropriately. ”

Speaking of this, Lan Lan said with an embarrassed face: "Mr. Zhang, we invested 330 million US dollars, isn't it too much?"

We are not involved in the e-commerce industry ourselves, so we can't play such a big game, right?"