Ding Le looked at the Huangpu River outside the window and was slightly distracted, and there was a faint sound of the whistle of the boats on the river in his ears, it had been two days since he returned to the magic capital in Hong Kong, and he was still reminiscing about the good times with Xia Xiao during the work break.

After the two of them traveled to Lion Rock at night, it was midnight when they returned to the hotel, Xiao Biesheng was newly married, and the two fell asleep after a long drought......

The next afternoon, accompanied by Ding Le, Xia Xiao came to the UBS Hong Kong office, where her private investment manager, Ding Zihui, warmly received the two.

Ding Zihui graduated from Columbia University and has worked at McKinsey and Citigroup.

"Miss Xia, according to your entrustment, we have used 50% of the funds to buy Penguin shares, according to today's closing price of 69 Hong Kong dollars, your investment has a 15% return, we believe that Penguin's share price has peaked, short-term chasing high risk is greater, so we recommend a bond investment product to you......"

Ding Zihui explained in standard Mandarin that Xia Xiao was her important customer, and she wanted to gain Xia Xiao's trust through her profession so that she could buy the products she recommended.

After last night's moisturization, Xia Xiao's gestures added a soft and indifferent atmosphere, and after listening to Ding Zihui's introduction, she was not moved.

"I need to transfer $500,000 to the mainland, and the procedures are entrusted to you, and the rest of the funds will continue to build a position in Penguin's stocks, which can be bought for less than 60 Hong Kong dollars!"

The stocks recommended by Ding Le, she has always been brainless and blindly followed. US$500,000 is equivalent to more than 3 million yuan at the current average exchange rate, and she will bring this money back to China to improve the lives of her family.

Ding Zihui didn't say much after listening, she took it just right, Xia Xiao signed several business contracts one after another, and after completing the authorization, she went with Ding Le to visit the Black Panther Fund.

Originally, Ding Le wanted to stay in Hong Kong for two more days, but Xia Xiao was eager to return home, so he had to give up.

After the plane arrived in the magic capital, Ding Le arranged for the company's business car to send Xia Xiao back to Haizhou, while he stayed, because the one-month time agreed with Fei Yang and Chang Dong was almost up.

On April 22, after the stamp duty was adjusted back to one thousandth, the Shanghai Composite Index did not reverse as expected, except for some smart funds to buy two days in advance, there is ample room for profit, until the beginning of June, there are basically no profit opportunities in the market.

In the days when Ding Le was away, Ding Jianye would appear in the company on time at 10 o'clock in the morning every day, take a turn around each office, and after drinking a cup of tea, he walked away with his feet crossed, and his whereabouts were strange.

Because Ding Le has previously explained, Galaxy Investment will not build a position in the short term, and several analysts have turned their attention to the primary market in addition to normal industry research and analysis.

On the day of the whole month, Fei Yang and Chang Dong really kept their promises and appeared in Ding Le's office on time.

After a month of "undercover", the two are already quite familiar with the operation and management model of P2P companies, and they also specially prepared a PPT to introduce the results of this month to Ding Le and other investment managers.

The borrower publishes the borrowing information, lists the reason, amount, interest rate and term of the loan in detail, the lender participates in the bidding, and the lower interest rate wins the bid, and the company's profit mainly comes from intermediary service fees.

If the total amount of bidding funds meets the borrower's needs during the fund-raising period, the borrower will be declared successful this time, and the website will automatically generate an electronic IOU, and the borrower must repay the principal and interest to the lender on a monthly basis. If the required funds are not raised within the prescribed period, the loan plan will be disapproved.

In terms of risk control, Paipai uses multiple lenders to lend a small amount of money to the same borrower to diversify risks. The borrower repays the principal and interest on a monthly basis, so that the monthly repayment amount is very small, and the repayment pressure is small. Lenders can receive monthly repayments with less risk.

In terms of credit review, using big data analysis, Paipai Loan conducts credit assessment of borrowers through its own credit system, and borrowers are required to provide ID cards, household registration books, marriage certificates, academic certificates, etc., but these materials do not need to provide originals, and their authenticity is difficult to be effectively guaranteed.

In the case of overdue repayment, the company will only refund the lender's handling fee, and the company will not compensate the lender's economic losses, and the potential risk of fund recovery can only be borne by the lender. Lenders and borrowers trade entirely on their own, and Paipai only exists as a witness and trading platform.

Different from Paipai Loan, Qifang.com is a platform that focuses on student lending, and is known as an "open student aid platform".

Qifang.com adopts the mode of cooperation with the school, and students need to pass the relevant certification before releasing the help information, such as uploading the student ID, ID card and other information, and the cooperative school will also help confirm the authenticity of the student's relevant information.

After the loan is completed, the funds are transferred to the account of the student's school, and then the school releases the money to the borrowing student, thereby reducing the occurrence of false help messages.

Qifang.com also cooperates with third-party companies to effectively monitor and manage every use of student loans through the other party's micropayment system, consumer card and other product technology.

The company's profit model basically relies on website advertising and handling fees in repayment interest.

After listening to Fei Yang and Chang Dong's introductions, Ding Le roughly outlined the future development model of Orion in his heart, and the development model of Paipai Loan and Qifangwang was not what he wanted.

"Tell me, is there a problem with the operating model of these two companies!" Ding Le handed over the initiative to the two.

"The verification of the borrower's information is a hidden risk, and I can use fake information to pass their review and borrow funds!" After all, Fei Yang has worked as an account manager in the bank, and Fei Yang does not recognize the risk control model of Paipai Loan.

"There is no problem for customers to access Qifang.com, but the loan process is very cumbersome, and the dependence on the school is greater through the school account and then to the student account, so the company's operational efficiency will be very low!" Chang Dong said unhurriedly.

"As far as the current credit environment in China is concerned, many key personal information such as credit investigation, social security, and tax payment of the People's Bank of China cannot be obtained, and there is not enough data as the underlying support, and the establishment of a pure online credit approval model is just empty talk!"

During the "undercover" period, Fei Yang and Chang Dong shared an apartment, and when they came home from work every day, the most discussed thing by the two was risk control, which is the first issue to consider when doing P2P online loans.

"We can learn from B2C thinking, integrate the model of Paipai Loan and Qifang.com, and adopt a combination of online and offline operation, let's start with the bank...... Ding Le began to describe the P2P company model in his heart.

In recent years, with the expansion of the development scale of banks, the capital of banks is seriously lacking, and at the same time, in order to circumvent the capital requirements and provision requirements of supervision, and bypass the hard leverage of deposits and loans, almost all banks have a strong desire to sell assets off the balance sheet.

Ding Le's idea is to undertake the bank's credit assets through Orion's capital and make table services for the bank. Specifically, it is to pay for the bank's credit assets, help the bank take the assets out of the balance sheet, and turn the assets from credit assets into investment assets, so as to meet some regulatory requirements and bypass the regulatory restrictions on the deposit-loan ratio, industry or regional scale.

For Orion, the bank has done due diligence on these assets, and the project risk is relatively controllable, and the contract signed with the bank will also stipulate a fallback clause, if the project cannot repay the principal and interest on time in addition to the problem, the bank will bear joint and several liability.

After purchasing the asset package from the bank, it is then divided and packaged, and finally listed on the company's website, and the C-end customers bid for investment purchase. Orion makes a profit by earning a mid-interest rate spread as well as charging a service fee.

"This is a great idea, which not only solves the pain point of bank assets off the balance sheet, but also satisfies customers' pursuit of high-quality assets!" After listening to Ding Le's introduction, Fei Yang was the first to react.

"Practice is the only criterion for testing the truth, and the matter of company registration will be left to the two of you!" Ding Le waved his hand and habitually started to be the shopkeeper......