On August 24, 2016, the China Banking Regulatory Commission (CBRC) held a press conference on the Interim Measures for the Management of Business Activities of Online Lending Information Intermediaries.

This means that the first business regulation policy in the P2P online lending industry has been officially launched.

The Interim Measures were jointly issued by the China Banking Regulatory Commission, the Ministry of Public Security, the Ministry of Industry and Information Technology, and the Internet Information Office.

After Zhang Yida received the news, he rushed back to China as soon as possible.

He has two P2P companies, Yimin Netfinance and Ruimin Wealth Management, all of which need to take corresponding countermeasures.

In a conference room, Mr. Zhang convened a meeting of people from both companies.

"What do you think of the Interim Measures?"

Facing Zhang Yida's question, Fan Hongyang and Fang Yuhan glanced at each other, and finally Fan Hongyang spoke first:

"I note that an article has been added to the negative list, which explicitly prohibits P2P from transferring creditor's rights, that is, P2P shall not engage in asset securitization business or realize the transfer of creditor's rights in the form of packaged assets, securitized assets, trust assets, fund shares, etc.

In addition, the prohibition of related-party transactions has been cancelled, turning into a ban on self-financing and disguised self-financing, and offline stores are also prohibited, prohibiting offline publicity and promotion of financing.

Note that the "offline store" here refers to the capital store, which means that P2P financial management promotion is not allowed offline. ”

Zhang Yida nodded and sighed: "What are the specific impacts on Yimin Netgold?"

Fan Hongyang put on a face and said: "We don't have offline capital stores, and they have no impact on us."

However, the ban on P2P issuance of ABS claims will have a big impact on us, and we are all ready to issue the first ABS claims.

Now it's okay, all the preparatory work done in the early stage has been done in vain.

Loss fees and audit fees are trivial, and the biggest problem is that cheap funding channels are cut off.

In addition, trust funds cannot be docked.

Rongcheng Bank also called, saying that the financial cooperation had been slowed down. ”

"If it really doesn't work, set up a separate company as the main body of bank financing. ”

Fan Hongyang shook his head violently, "It's useless, our main business is P2P, and we have the name of the first P2P stock."

Any small action will be observed under a magnifying glass by media reporters and even peers. ”

Zhang Yida couldn't help but smile bitterly after hearing this, the name of the first share of mutual finance was grabbed, which really strengthened the brand appeal.

But if you want to wear a crown, you must bear its weight!

"If there is no issuance of ABS creditor's rights, as well as funds for connecting banks, trusts and other financial institutions.

It will cause us two problems, the first is that the loan is not well funded, and the second is the high cost of funding. ”

Zhang Yida took a long breath and asked, "What is the funding gap, and what is the current cost of capital?"

Fan Hongyang replied: "At present, the balance of our company is 41.2 billion yuan, and the annual loan volume is more than 60 billion yuan. There is a credit funding gap of nearly $20 billion.

In terms of capital cost, excluding online advertising, only the interest issued by the platform, as well as various interest rate hike coupons and red envelopes, the average cost of capital is between 10% and 10.5%.

Counting online advertising, the cost of capital is more than 12%. ”

"12 Ah, but also add employee salaries, various research and development expenses, and bad debt provisions.

The interest rate must be at least 20% or more, right?"

Fan Hongyang nodded, and said: "In fact, the interest rate of 20% is not high, and the interest rate of many peers has already reached forty or fifty percent, or even more than one hundred percent.

This does not include the group of people who put online IOUs, I mean some size of peers, such institutions with hundreds of millions of monthly loans. ”

Zhang Yida waved his hand and said: "We can't compare with them, they just run away with a penny, and they don't consider the brand at all."

We want to make it a century-old store, not to mention anything else, at least more than Ahri, who is "claimed to have survived for 102 years and lasted for 3 centuries"!"

Fan Hongyang laughed, Mr. Zhang was by Ahri once last time, and now he likes to use Ahri to make fun of Ahri.

"Yes, we have to think about the brand, but also about the user lifecycle. ”

Speaking of this, Fan Hongyang's face changed, and he said solemnly: "Mr. Zhang, we must raise the interest rate for some users." ”

"What's the situation? ”

Zhang Yida also knows that Fan Hongyang has a stable personality, and a targeted person will not raise interest rates for no reason.

"P2P has been on the rise since 13, and online lending has been on the rise since 15.

Strictly speaking, users of consumer finance are secondary users that banks do not want.

These people have a very weak ability to resist risks, and basically rely on salary income to support early consumption.

Once something happens, such as unemployment, industry recession, economic downturn, their ability to repay will be problematic.

Even if these situations do not happen, the life cycle of a consumer finance user will not exceed 3 years.

If a person's self-control is too poor, it is easy to lose himself after falling into the trap of consumption upgrading.

Constantly borrowing money to spend, the ability to repay is getting worse and worse.

After the salary could not support the monthly loan repayment, he began to borrow new money to pay off the old and cash out his credit card.

Until the debt grows higher and higher, and finally there is an "explosion". This would also create a large credit bubble.

Because the loans of banks and other financial institutions will be entered into the credit information of the central bank, while P2P and general online loans are not qualified.

Likely to be the last pick-up man!

My brother lent money out of an institution like ours and used it to pay off the bank or credit card loan......"

"Then what do you mean that the interest rate is also raised to ward off the subprime mortgage crisis that may break out in the future?"

Fan Hongyang waved his hand, "It's not that serious, as long as the manufacturing industry in our country is still there, and the low-end jobs are still there, we can always find a job."

What I mean by this is that for this part of the users who borrow frequently, squeeze out the last trace of utilization value, and then dump it on other financial institutions.

Otherwise, it is impossible for a borrower to use it only once, when the cost of customer acquisition is high. ”

Although this is true, including the banks do it, there will inevitably be some cruelty.

But this path is also chosen by some young people who do not know how to control their desires.

If you borrow once or twice a year, you may start a business or encounter some problems.

People who are borrowing every month are either really desperate to spend, or they are really desperate.

Seeing that Zhang Yida was silent, Fan Hongyang reminded again: "Mr. Zhang, in our business, we must not be idealistic.

If you talk about feelings, you will go to benefit farmers.

Doing consumer finance is for the purpose of making money. At the same time, as a P2P company, we are also responsible for the lenders on the other end. ”

"Okay!"

Zhang Yida specially reminded: "Pay attention to the interest rate, and you must not exceed the red line of 36%."

Even now, many people use equal principal and interest to cut off their heads to play side balls.

We can't do that, it's the bottom line!"

"I know that customers who are too risky will not even be granted a loan with an annual interest rate of 36%, so we will refuse it directly. ”

Zhang Yida looked at Fang Yuhan again and asked, "What about you?"

Fang Yuhan said with a wry smile: "The upper limit of the loan balance of the same natural person on the same online lending information intermediary platform shall not exceed RMB 200,000;

The maximum loan balance of the same legal person or other organization on the same online lending information intermediary platform shall not exceed RMB 1 million;

The total balance of the same natural person's borrowings on different online lending information intermediary platforms does not exceed RMB 1 million;

The total balance of loans borrowed by the same legal person or other organization on different online lending information intermediary platforms shall not exceed RMB 5 million.

This means that P2P companies will issue loans of up to 200,000 yuan to individual borrowers and up to 1 million yuan to corporate borrowers.

The total borrowing of individual borrowers in all P2P companies cannot exceed 1 million yuan, and the cumulative borrowing of corporate borrowers is 5 million yuan.

This policy has a great impact on the supply chain finance of Ruimin Wealth Management.

Our clients are all corporate customers, and loans of up to 1 million yuan can only be granted to very small and micro enterprises.

The survival of such a small company is in question, and it is very dangerous to give them a loan.

The state has repeatedly ordered banks to do small and micro finance and support small and micro enterprises.

Why, this has become the wind in the ears?

It is because banks are more willing to issue loans of 100 million yuan to a large enterprise than to issue a loan of 1 million yuan to each of 100 small and micro enterprises.

And this large enterprise is best a state-owned enterprise, and if something happens, the meat will rot in the pot.

The risk control of small and micro enterprises is too difficult to master, and the financial system at the beginning of the establishment is not sound, and there is no way to conduct effective risk assessment.

In addition, the survival rate of domestic small and micro enterprises within three years is basically only 10%.

With such a low survival rate, there is no way to adjust it with risk pricing.

If we can judge which small and micro enterprises can survive, what kind of loans do we have, and go directly to angel investment. ”

Zhang Yida said with a smile: "The purpose of the state's regulations is to let P2P companies specializing in corporate loans cultivate small and micro enterprise loans.

Only when small and micro enterprises are developed can the country's economy be active. ”

"However, there are no ways to avoid it, and as far as I know, many of my peers have already begun to deal with it.

If the loan amount of a personal platform does not exceed 200,000 yuan, he will also bring his wife and the elderly at home, and there is a way to make up the amount.

If you are a business, it will not cost you much to register a company. ”

Zhang Yida shook his head, "This is all crooked and heretical, I still want Ruimin Financial Management to cultivate small and micro finance." ”

Fang Yuhan spread his hands, "But in addition to being able to raise funds, we don't have any outstanding skills in the field of corporate loans. ”

"How's Xinglong Loan going?"

Fang Yuhan was silent for a long time before he said: "It's not good yet, the data is not perfect at all."

As a corporate loan product, it is difficult for us to break away from the supply chain system and carry out retail business, except for cooperating with the upstream and downstream suppliers of several large manufacturing groups.

At present, the number of enterprises and cooperative banks in the small and micro tax bank platform launched by us is also insufficient.

There is no way to collect too rich enterprise data, and the risk control model made is just an empty shelf.

It is not a superficial appearance, and the practical ability is not strong at all. ”

"In any case, this small and micro tax bank platform must be built. ”

Fang Yuhan said: "In fact, there is no need to do this kind of wheel-making work, there is a company in Pengcheng that does tax bank credit big data and does a very good job."

I feel like we can buy them out and complement our business. ”

"Have you touched them?"

Fang Yuhan nodded, "There have been exchanges, I think Mr. Zhang, you can make an appointment to meet their team." ”

"Okay, you can arrange it. ”