After participating in the celebration banquet of the crew of "Ode to Joy", Zheng Wentong and Bai Xiaolu attended the finale banquet of "Ordinary Glory".

Xu Ru was helping Zheng Wentong greet the crew, and when she saw Zheng Wentong and his girlfriend coming over, she was relieved, "The heroine and the chief producer are not here, and we can't be lively here, Mr. Zheng." ”

Director Lu Xing came over with a wine glass to toast Zheng Wentong, "Although Director Lu is young, his directing skills are quite good. We've got a couple of good books, which are very suitable for adaptation into online dramas, and we look forward to continuing to work together. ”

Lu Xing took the lead, and the actors took turns to come up to toast, Zheng Wentong first encouraged Zhao Youting and his wife Gao Yuanyuan to learn Mandarin well, the mainland market is very large, and the original voice is definitely more popular than dubbing.

When he arrived at Wei Daxun's side, Zheng Wentong sent out an invitation to the film, "Daxun, I heard from Producer Li and Director Lu here, your performance in the play has indeed made a big breakthrough." Noon Sunshine will make a tribute film for reform and opening up next year, called "Big River", which is also our highlight next year. ”

"There is a character called Yang Xun, in fact, it is quite suitable for you to play, I will send you the script in advance, you can study it carefully, and it will be directed by Director Kong Sheng at that time, the opportunity is rare, don't miss it." Zheng Wentong said.

Wei Daxun obviously knew the gold content of Director Kong Sheng and the tribute drama, and he was very surprised, "Thank you, Mr. Zheng, you can take a look!" ”

Zheng Wentong has seen the original version of Dajiang Dahe, Song Yunhui played by Wang Kai, Lei Dongbao played by Yang Shuo are all outstanding, although Yang Xun played by Dong Zijian Although he performed the cunning of the little people, but he did not play the arrogance of the little people after they once achieved their ambitions, Xiao Yang is indeed the most suitable candidate, but others have made it clear that they are unwilling to play the supporting role in the TV series. Zheng Wentong retreated to the second best place and settled on Wei Daxun, after all, the role of Yang Xun actually has its own sense of joy, and Wei Daxun's character image is actually in line with the original.

At the end of the finale dinner of "Ordinary Glory", everyone took a group photo together, and Zheng Wentong and his girlfriend were still standing in the C position. After the group photo, there was a small episode, the waiter at the Peninsula Hotel recognized Bai Xiaolu and asked Xiaolu to help her sign it, because the waiter was holding a blank piece of paper, so Zheng Wentong helped his girlfriend refuse, and finally Bai Xiaolu and the waiter took a group photo alone to comfort the fans.

Demon Museum

Bai Xiaolu released the finale of "Ordinary Glory" on Weitoutiao: "Hope is always a little more than disappointment, and every end is the starting point." "Ordinary Glory", happy finishing! ”

The ratings of "Ode to Joy" on Dragon TV broke 2, with a market share of 6%, and the ratings of Blueberry Channel also exceeded 1.5%, achieving a perfect ending. Blueberry Channel has officially announced that Bai Xiaolu will appear in the fourth season of Running Man and record a variety show as a flying guest.

Yang Zi and Bai Xiaolu have flown to Daocheng Yading to record the first episode of the first season of "Longing for Life", and the guests in this issue are Gao Yalin, Zhang Yishan, Yang Zi and Bai Xiaolu. Yang Zi and Bai Xiaolu plan to go on a trip first, and then record the variety show by the way.

On May 15, Pinduoduo users discovered that a new feature was launched in the app, called Xiaopin. The vast majority of users will grant a small amount of credit, ranging from 500 yuan to 10,000 yuan.

Some Alipay users immediately understood, isn't this the Pinduoduo version of Huabei? When they buy something on Pinduoduo, they can pay through the Xiaopinduo credit. After the users click on the small spelling limit, read the terms and conditions, and know that Puhai Huaxin Microfinance Co., Ltd. provides this service.

Before Zheng Wentong got the license of CEFC Small Loan, he had already thought about how to carry out the lending business. Of course, Zheng Wentong can't open offline stores like Yixin Financial and engage in small loans with a maximum amount of 200,000 yuan.

Because this kind of borrowing cycle is long, the risk is high, and the funds come more from the financial platform, it is also prone to the risk of thunderstorms.

Hou Hongbo didn't understand why Zheng Wentong didn't buy the financial management platform of sack wealth management together, Zheng Wentong was not interested at all, he had channels to solve the funds, and more channels to do business, there was no need to cause a fuss.

Before winning the small loan license, Zheng Wentong had already contacted Huang Zheng and said that he wanted to launch the small spell business. Huang Zheng considered that if there is a small spelling quota, it is actually beneficial to both merchants and Pinduoduo, after all, it can increase Pinduoduo's GMV and facilitate further financing of Pinduoduo, so he agreed to this cooperation.

Huaxin Microfinance Co., Ltd. provides Pinduoduo users with Pinduoduo services, and Pinduoduo will open some user data to Huaxin Microfinance, including shopping records, delivery addresses, recipient addresses, etc.

CEFC Microfinance and Pinduoduo signed a 36-month cooperation agreement to become the exclusive technology provider of Xiaopin's services. According to the agreement, CEFC Microfinance cannot open the data and personal information of Pinduoduo users to other companies in the slope system, and must strictly fulfill its confidentiality obligations.

On the 1st of each month, a small bill will be issued, and the last repayment date will be fixed on the 10th of each month. If it is a consumption in the current month, after the next month's small bill comes out, the bill will be paid off before the last repayment date, and no interest will be paid. Like credit cards, there is an interest-free period of up to 40 days.

If users feel stressed to repay their bills in the current month, they can also choose to pay in installments, which are 3, 6, 9 and 12 installments. The handling fee is 2.4% for 3 installments, 4.2% for 6 installments, 6.3% for 9 installments, and 8.4% for 12 installments.

For example, the user consumes 1,500 yuan and returns it in 3 installments, 512 yuan should be repaid in each period, and a total of 1,536 yuan is repaid in 3 installments.

If the user consumes 10,000 yuan and repays in 12 installments, then 903.33 yuan should be repaid in each period, and a total of 10,840 yuan needs to be returned, of which 903.34 yuan needs to be returned in the first installment.

Although the target of Xiaopin is Huabei, the handling fee of Xiaopin is a little lower than that of Huabei, Huabei 3, 6, 9, 12 The handling fee is 2.5%, 4.5%, 6.5% and 8.8% respectively.

The quota of Huabei is 500 to 50,000, but the quota of Xiaopin is 500 to 10,000. For Pinduoduo users, the reason why they choose Pinduoduo is to buy cheaper goods, so they will be more sensitive to price.

Xiaopin users will highly overlap with Huabei users,When they use it for a period of time,After repaying in installments,They will feel that Xiaopin's installment,In fact, it is cheaper than Huabei's installment,This is Zheng Wentong's Yangmou。

Alipay started to launch the Huabei business in April 15, and it is very popular with consumers born in the 80s and 90s. Pinduoduo launched the small spelling business in many ways, in fact, it was a year later than Huabei.

CEFC Micro Loan focuses on small consumption loans, not providing cash loans, but giving Pinduoduo users a consumption limit.

Pinduoduo's GMV in 17 years is 141.2 billion, and the data for 16 years has not been released, but Zheng Wentong, as a shareholder of Pinduoduo, understands that in 2016, Pinduoduo's GMV in the first quarter exceeded 15 billion yuan, and the annual GMV is expected to exceed 70 billion.

So from May to the Spring Festival, Pinduoduo's GMV should be between 50 billion and 60 billion yuan, assuming that 20% of the GMV is contributed by the Pinry business, then the cumulative amount of loans in a year is more than 10 billion yuan.

The annual handling fee of the small spelling business is 8.4%, the consumption is 10,000 yuan, divided into 12 installments, and the annual handling fee is 840, with an average of 70 yuan per month.

Because the repayment of principal and interest is equal, the actual annual interest rate has exceeded 15%.Suppose there is 5 billion in the 10 billion small loan loans, and the user chooses to install. Then, according to the annual interest rate of 15%, it can actually bring more than 700 million yuan of interest income to CEFC Micro Loan. The revenue of 700 million yuan has exceeded that of most small loan companies, and the loan of China Transcription in 2015 was close to 7 billion, and the company's annual income was less than 300 million, which is the gap in business model.

Like Huabei, CEFC Microfinance also raises funds through ABS securitization, and the ABS financing project of CEFC Microfinance has been submitted for approval on the Shanghai Stock Exchange, and is issued by Huafu Securities on behalf of Huafu Securities, with the first phase of financing amounting to RMB 1 billion.

The so-called ABS securitization is a project financing method in which project assets are packaged and raised funds by issuing bonds in the capital market with the expected benefits that the project assets can bring as the guarantee.

CEFC Microfinance is actually a package of the bills that Xiaopong users need to repay in the next year, and then securitize the assets. There is a famous saying on Wall Street in the United States, "as long as you have a stable cash flow, then you can securitize it". The essence of asset securitization is to realize future cash flows in the present.

The asset securitization of ABS must meet four conditions: the underlying assets are legal and compliant, the ownership of the underlying assets is clear, the underlying assets can generate stable, independent and predictable cash flows, and the underlying assets are subject to a negative list system.

Therefore, the small spell business perfectly meets these four requirements, the assets are legal and compliant, there is a small loan license, and the business is legally developed. The ownership is clear, and the users owe CEFC Micro Loan the receivables. The monthly repayment record of Xiaopong users is a stable, independent and predictable cash flow.

Alipay began to implement ABS asset securitization in April 16, issuing Huabei ABS and borrowing ABS, with this precedent, so the small spell ABS business submitted by CEFC Small Loan will soon be approved.

Of course, some people may not understand, since Zheng Wentong expects that by 16 years, the cumulative loan of the small spell business will be about 10 billion, and he will only apply for 1 billion yuan of small spelling ABS.

In fact, people who have worked in the Internet finance industry can understand the secret. Because users will repay the loan every installment, after they repay the money, they can immediately lend it to other users to achieve rolling circular lending. If the cumulative loan scale of Xiaopin's business next year exceeds 50 billion, then CEFC Microfinance needs to apply for the issuance of 5 billion Xiaopong ABS securities on the Shanghai Stock Exchange.

Zheng Wentong remembered that before his rebirth, Pinduoduo did not carry out a business similar to Huabei, and at most only used WeChat's first-enjoy-later-pay business. As long as the credit score of WeChat is sufficient, you can place an order on Pinduoduo first, and then deduct the payment from WeChat after you receive the goods.

Later, Ant Group went public, and one of the most criticized points is that Ant Group used a principal of 3 billion yuan to repeatedly increase leverage, and Huabei lent a total of 300 billion yuan.

In fact, another important reason why the Shanghai Stock Exchange suspended the listing of Ant Group is that Ant Group has always positioned itself as a financial + technology Internet company, so as to obtain a higher listing valuation.

Sci-tech internet companies are typically valued at 30 to 50 times the price-to-earnings ratio, while bank stocks are typically traded at 8 to 10 times the price-to-earnings ratio. If the valuation of Internet companies is based on the valuation of Internet companies, the market value of Ant Group is properly exceeded one trillion yuan, and if it is valued by financial institutions, it will be between 150 billion yuan and 200 billion yuan.

Later finance. In order to prevent systemic financial risks, the Commission stipulated that a group like Ant Group must apply for a financial holding group license, and the first financial holding license was issued to Yongan Group, a large central enterprise, to establish Yongan Financial Holdings Co., Ltd.

Zheng Wentong does not plan to copy an Ant Group, the registered capital of CEFC Small Loan is 300 million, and Zheng Wentong does not plan to increase leverage like Ant Group, after all, Pinduoduo has so much GMV, and it is impossible for him to lend hundreds of billions through Xiaopin's business.

Zheng Wentong will strictly control the scale of lending in accordance with the standards of financial institutions, if CEFC Micro Loan's own funds are 1 billion, then the scale of ABS will not exceed 10 billion, and the leverage ratio will be strictly controlled within 10 times, self-restraint, so as to facilitate compliance with regulatory requirements.

Zheng Wentong still hopes to help CEFC Microfinance achieve stable operating income and profits through the small spelling business, so that after next year, it will begin to meet the conditions for applying for Consumer Finance Co., Ltd.

After the establishment of CEFC Consumer Finance Co., Ltd., Micro Ke Information Technology has also obtained a third-party payment license. Zheng Wentong can officially launch the cash loan business through Weitoutiao and Weiyin, and the product name of the cash loan is called Micro Loan, with a maximum amount of 200,000 yuan and an annual interest rate of up to 21.6%, which is much lower than the 23.9% annual interest rate of other licensed consumer finance companies.

If the highest annual interest rate of 21.6% is followed, then the daily interest rate is 6/10,000, borrowing 100,000 yuan, repaying in 12 installments, equal principal and interest, and the monthly repayment should be 9340.2 yuan, with a total repayment of 112082.4 yuan in a year, and the interest for a year is less than 12100 yuan. Moreover, the interest is calculated on a daily basis, borrowed and repaid at any time, and there is no penalty for early repayment.

In contrast, the annual interest of the loan of 100,000 yuan is 23,900 yuan, which is still the annual interest after rectification. In fact, the highest interest rate of a regular consumer limited company is lower than that of all small loan companies and online loan platforms in the market.

For individual businesses, small and micro business owners and ordinary netizens who cannot borrow money in the bank, Consumer Finance Co., Ltd. is undoubtedly a better choice than small loan companies and online lending platforms.

So for many people, they actually hate that kind of routine loan or usurious online loan. Alipay users are not averse to Huabei business and borrowing business, first, it is more flexible, and second, it can indeed solve urgent needs.

It can be said that the establishment of CEFC Small Loan and the launch of Xiaopong business have completed 50% of Zheng Wentong's financial layout, and Zheng Wentong's goal is to win the consumer finance limited license in 17 years and the bank license in 18 years!