Closed Tide Impact Peer-to-peer network loan industry

This year, Peer-to-peer network loan industry is extremely hot, showing a daily line of three or four of barbaric growth posture. These enterprises frequently 10% or even 20% of the high yield, so that many investors are excited.

In the wake of the swarmed boom, however, investors are not reaping surprises, but bad news. With the frequent occurrence of enterprise bankruptcy, the boss to flee the phenomenon, most investors have no return, want to cry without tears. Peer-to-peer Industry false Prosperity Veil was opened, in the "no threshold, no industry standards, no supervision," The three principles, the industry is a mixed bag, chaos, not only the Ponzi scheme of the platform, but also the majority of enterprises tread on the policy red Line in the dance.

As the most active areas of private lending, peer-to-peer network lending is the way of the sunshine of private borrowing, peer-to-peer industry to ease the small micro-enterprises financing difficulties, has a small role. And how to guide these enterprises to standardize, orderly and efficient development, especially key.

September 2013 mid-June, located in Shenzhen CBD excellent Times Square 23 floor of the "net win the World" company door locked, from the Mid-Autumn festival there are several days, the company posted a holiday announcement early, this let from Shanghai to "collect debt" Feng (alias) feel bad.

1 months ago, Feng to the newly established Peer-to-peer platform "net wins the world" cast 155,000 yuan, according to the 22.4%-year rate of calculation, he one months to get nearly 3000 yuan of income. Feng 20 days and 1 months of "standard", that is, 20 days or one months will be able to recover principal and gain. But the date of payment has been passed, Feng was told that "the company for operation and other reasons, temporarily unable to withdraw cash from the platform."

In the exchange with investors, Feng found that other investors have also encountered overdue problems, with the understanding of the industry, Feng aware that the platform may have problems. The news of the inability to present was quickly spread, the panic was spreading, and investors were asking to withdraw or withdraw cash from the loans, but they did not get it.

Into the October, the net won the world to declare bankruptcy, the only operating 4 months of Peer-to-peer network loan platform, the absorption of capital of 780 million yuan. Like the forest wind, the investors were cheated from all over the country to the net to win the office, but already empty, helpless, they had to Shenzhen public Security collective report. According to incomplete statistics, the number of people cheated is up to thousands, the amount involved is as high as 168 million yuan.

After the incident, the platform founder Zhongwenzin has issued a notice, is willing to personal name of all the property as a platform for joint and several security, he also proposed to share the repayment scheme, but these commitments have not been implemented, Zhongwenzin by the Shenzhen Municipal Public Security Bureau as a "criminal detention at large."

NET wins the world's collapse is not the only, but because of the large number of involved, the amount of huge concern. According to the statistics of the net loan house, since this year, there have been 64 peer-to-peer platforms in crisis, the October concentration of the outbreak of about 20, "Tian Li loan", "Oriental Venture", "Wanli Venture", "Silver real loans", "business loans" and other platforms. While the concept of investment continued to heat up, despite the crisis, there are more platforms on the line, the industry is expected to have a huge crisis in the industry, it is likely to explode in the near future.

Self-melting platform on fire

Peer-to-peer lending is the abbreviation of peer to peer, in which peer is a personal meaning, also referred to as "everyone loan", is a very small amount of money gathered to borrow money to the needs of the people's business model. In this transaction, the Peer-to-peer platform is responsible for matchmaking, lending money to other borrowers who need it. In addition to paying a certain amount of interest, the borrower also needs to pay a certain intermediary fee to the Peer-to-peer platform. With the development of Internet and the rise of private loan, peer-to-peer lending has gradually developed into a new financial model.

"Net wins the world" is the recently closed Peer-to-peer Company in the largest one. The company was founded on March 28, 2013. Company registered capital of 20 million yuan, is Shenzhen China Resources through Photovoltaic Co., Ltd. (hereinafter referred to as "China Resources Tong") founded the network lending platform. Its borrowing period ranged from 1 months to 6 months, with an annual interest rate of 22.4% and a minimum of 20%.

Feng to the It times, July 18, the net won the world to launch a total amount of 12 million yuan ' superscript ' ("superscript" refers to the network loan platform issued by the relevant borrowing information, including the amount of money required by the borrower, repayment capacity, use and interest, if the investors feel that the appropriate, can be based on this information, Lending funds through a network loan platform. "Tian Mark" refers to days as the unit, less than one months of the standard, the period is 20 days, the yield of 3.35%.

High-yielding investment often has high risk, Feng want to "bet a", but the result of their own lost money-the "sky standard" has not expired, the platform has closed. Another investor, Sir, dropped 2.6 million yuan on the net-loan platform, and also made water drift.

With the net to win the closure of the world, the company as a self-melting platform of the essence of the surface gradually surfaced. "Self-integration" refers to those who have the funds need to set up a network loan platform, the purpose is to solve the company itself or affiliated companies financial problems. To win the world as an example, it was created by China Resources Company. "It Times" reporters from the net to win investors in the hands of a borrower to obtain information that the information confirms that the so-called "borrower" is actually Zhongwenzin and his company, belong to a typical platform.

An investor discloses, the borrower Zhong Shuying actually is Zhongwenzin's sister, she takes the name of Shenzhen Investment Development Limited Company to win the world from the net to borrow more than 8 million. Borrower He Senqing (NET win World ID for wytx_dfkj), to Shenzhen East Fu Technology Co., Ltd. borrowed more than 3 million, his true identity is the workers on the pipeline of China Resources. and Zhong Wenxin to Shenzhen run Qualcomm and the company and his name borrowed more than 20 million. "Financing for itself, from the policy that there is a suspicion of illegal fund-raising." "The Investor's table.

The central bank stipulated that the enterprise uses the Peer-to-peer platform to issue the false high borrowing standard to raise the fund, and adopts in the early period borrows the new loan to repay the old loan the scam pattern, in short time raises the massive fund to use for own production operation, some operators even rolls the money to abscond.

Such patterns are suspected of illegally absorbing public deposits and fund-raising scams, which are typical Ponzi schemes. NET wins the world founder Zhongwenzin by Shenzhen Police initially identified as illegal fund-raising crime.

Exposure to industry ills

A stone stirred thousands of layers of waves, along with the network to win the emergence of the world crisis, peer-to-peer industry, the disease is exposed.

Shenzhen is the domestic peer-to-peer network loans The most developed areas, according to the net loan home statistics, Shenzhen is currently active network loan platform about 70. The National network loan platform has about 500, roughly estimated, this year, the problem platform accounted for nearly 7% of the platform stock.

According to Feng, he was unlucky and stepped on four "thunder". In addition to the net win the world outside, he in the East Ventures, copper loans, wo Jia Chuang three peer-to-peer platform to cast 10,000 to 50,000 of the money, is currently missing. East Venture in the boss Deng Liang after the incident, has gone to Shenzhen Public Security Bureau surrendered, but reportedly he surrendered to the assets before the transfer, investors to take back the principal is hopeless.

The collapse of copper is Feng unexpected. Copper is the Tongling of Anhui Province, the Peer-to-peer platform, opened in May this year, after a short period of one months of time, daily trading volume soared, loan stock from millions of yuan rose to over billion. Copper is the rapid rise of credit, was once considered to be the net loan industry rapid growth, strong platform, but into the November, the platform suddenly closed. Copper Capital legal representative Chen Yugen and operations director have been detained by local police. According to people familiar with the situation, Chen Yugen is likely to put a large amount of money on the platform to land development, originally expected land projects will have a very rich return, then can return to the borrower, but did not expect investors to focus on the present, Chen Yugen take not to pay, crisis.

Wo Jia Venture also issued a notice, said temporarily unable to present, and announced the recent repayment scheme. Feng said, wait and see, no words directly report.

The survey found that in the past, more than 10 peer-to-peer companies, there are three main categories: first, pure fraud company; Since October, the collapse of many of the self-melting platform.

It is reported that these net loan platform basically has two main characteristics. The first is to attract people with high interest, and commitment to capital preservation Pausi. According to the net loan home statistics, the problem platform, there are half of the 4 points above the monthly, that is, more than 48% of the annual income, the greater the risk of higher profits. The second is a very short term, even the situation of the dismantling of the standard. Peer-to-peer platform investment period between 2 months to two years, but most of the platform period is three months, or even a lot of problems on the platform to borrow less than a week, then "second Standard" (the shortest day in the repayment). As the October 15 on the line of "Fu Xiang Venture", is to use the "second standard" to attract investors, but the opening less than a week then closed.

"Bid" refers to the long-term borrowing of the target of the short term, the large amount of funds to be small. For example, a company wants to borrow 10 million yuan for a period of 1 years, but because of long term and high amount, investors dare not invest. These platforms are designed to cater to investors by dismantling them into a number of January. When the first January mark expires, use the second January target investor's money to return the money of the last investor.

When investors to peer-to-peer platform to generate mistrust, will be from the platform to focus on the platform can not get funds, resulting in a run on the storm. Everyone Enrichment CEO Xu Jianwen once talked about, only false peer-to-peer only run risk. If investors don't mention it, the money will keep rolling. But in the focus of the moment, the platform can not get funds, resulting in problems and even closed.

He said that the formal peer-to-peer does not exist, how long investors have been in the bid, the borrower will be back. Unless there is a large area of bad debts can not be honoured. Under normal circumstances, the platform can withstand 1%-5% of the bad debt rate, the use of the intermediary fees charged can be covered.

Dancing on the Red Line

Peer-to-peer Network loan is not a new concept, the world's first Peer-to-peer network loan platform, as early as 2005 in the United Kingdom appeared. Because of the dislocation of information asymmetry among borrowers in the society, if the borrower can not find the borrower, or the borrower can not find the situation, so the basic model of Peer-to-peer network loans between the borrower and the borrower as a platform, matching both transactions, lending two parties to the platform a certain fee.

Small micro-enterprises financing difficulties and common people's narrow investment channels and other factors, to promote the industry's fiery development. According to a Shenzhen government report, Shenzhen Small and medium-sized micro-enterprises financing demand is 1.5 trillion, the traditional financial institutions can solve 800 billion yuan, there are more than 600 billion yuan funding gap. If we look at it nationally, this number must be astronomical; In addition, the research company Sofres data shows that as of 2012, China's disposable assets of more than 100,000 U.S. dollars in the number of households more than 3 million, the national total private capital of more than 30 trillion yuan.

Compared with the traditional financial institutions using asymmetric information to win profits, Peer-to-peer network loan platform is to break this asymmetry, the complex financial process simplification, so that more ordinary people enjoy rapid and convenient financial services. In a sense, the use of the Internet platform to quickly and efficiently solve the problem of borrowing, the general direction is correct.

However, due to the low entry threshold, lack of regulation and risk control, there are many deviations from the nature of the platform. Peer-to-peer Network lending platform, in China seems to be built crooked. Peer-to-peer Network loan platform is a kind of intermediary business, so the registration and start-up threshold is lower, operators need only tens of thousands of dollars to complete the formalities and obtain a license, and then use a small amount of money to buy the website procedures, a total of less than 100,000 yuan of investment can be opened. These companies may not have enough capital reserves, professional projects to assess talent and improve the investment process, creating potential pitfalls.

Low threshold coupled with the fiery Internet finance, so that the influx of investment in this field more and more in the Peer-to-peer network loan business, has become a trend.

Today, there are 3 or so Peer-to-peer network loan platform online, the influx of many of the industry for young entrepreneurs. There are also some entrepreneurs who resign from internet companies and see the rise of internet finance and plunge in without thinking. As entrepreneurs get together, many of the problems in the industry are emerging and growing.

Peer-to-peer domain because of the financial and intermediary business, with natural fuzzy attribute, lack of corresponding laws and regulations, peer-to-peer network loans from normal lending intermediary business into an illegal financing platform. Peer-to-peer Network loans to infiltrate the self-financial platform (such as Net win the world), in order to attract customers, often using a high interest rate to retain borrowers, and the high level of borrowing in the form of a split into small loan subcontract, with the money in front of the back, this way, and finally a tragedy.

In addition to the above mentioned net wins world, 2012 burst the Sheng on-line self-directed self-acting event, is also a realistic example. The site suspected of using a large number of vests borrow money, two years accumulated loans billion. Industry suspected that the owner of the vest is the site's actual control of Liu Zhijun (Sheng account for Tonyliu), and later Sheng online internal personnel confirmed. Although there is no accident at the end of the line, but the platform operators themselves to borrow money, their own audit, hidden huge potential risks. Later, the central bank had imposed restrictions on such behaviour, but the situation was no more.

The problem of risk control is difficult to solve

The most difficult thing to do in the financial intermediary business is risk control, in the traditional financial lending business, wind control is the first and most cost of a necessary procedure. The use of Internet technology to replace artificial risk control, originally is reasonable, but Peer-to-peer network loan platform is generally small investment, technical force is weak, there is no way to develop the applicable system to meet user needs. In the absence of appropriate technical means to improve efficiency, the site will be too much risk on their own, so at any time may be crushed by risk.

Although such as everyone loans and many platforms to make 100% advance commitments, but this commitment can be fulfilled in the end is still unknown, the platform fell all equal to zero. There are also a number of platforms to use the guarantee company's services, but this does not solve the problem, the guarantee company will also face the risk of lack of capacity, if the Non-performing loans exceed the scope of the bear, the same will face the outcome of bankruptcy liquidation.

To win the world as an example, the reporter found that the net win the world's guarantee company there is suspicion of fraud. Among them, Shenzhen Financing Guarantee Co., Ltd. is a formal guarantee company, but after the incident the company said they won the world's business does not know, but also with the net win the world No business dealings. and Hualong days Investment guarantee Company, China Branch Hongye Guarantee Company is actually Zhongwenzin own founder of the company, in which the company's registered address and the net to win the office of the same place.

It is reported that in the second half of last year, peer-to-peer industry risk began to emerge, many third-party payment enterprises to stop for Peer-to-peer platform to provide business services, and Third-party hosting is very few companies involved. This is fatal to Peer-to-peer industries.

In addition, Peer-to-peer network loan platform business is an intermediary form of microfinance companies, than the banks have higher interest rates, and therefore bear the corresponding risk of bad debts is greater. and small loan Company's bad debt rate and recovery rate are not high compared to many Peer-to-peer network loan platform, these two indicators are above the line. The fundamental reason is that the technical means that could be used to enhance efficiency have not been followed, leading to high tech-born online lending, the efficiency of trading processes and links, and even the traditional intermediary and lending business are not comparable, more often rely on manual operation.

China Peer-to-peer Network lending in the trading process, the average proportion of manual audits in the United States, the proportion of 20%. The best sample in this field is Ali small loans, the basic can do 100% automation, simply to the borrower's online credit rating, activity and operating conditions such as the machine analysis of the indicators can be concluded. A double crown Taobao shopkeeper, or a year to pay tens of thousands of yuan of the integrity of customers, is not for a sum of tens of thousands of yuan of small loans and pay no return. Although Ali small loan is not a peer-to-peer model, more like the b2p mode, but its operating mode can still give Peer-to-peer network loan platform operators to enlighten.

Lack of supervision as industry's biggest weakness

In view of the recent frequent Peer-to-peer network loan platform failure phenomenon, the central bank began to reorganize the market.

November 25, by the CBRC-led nine ministries to dispose of illegal fund-raising joint meeting, the central bank set the red line for the Peer-to-peer network loan platform, clearly pointed out that three kinds of behaviors are the key rectification objects: First, for the current fairly common financial-capital pool model, and the other is the illegal financing risk caused by unqualified borrowers; The third is the Ponzi scheme.

Some people think, under the vigorous reorganization, the Peer-to-peer Network loan platform will again appear large-scale collapse tide. In fact, the reorganization of peer-to-peer industry and industry collapse of the association is not large, if the industry is playing the edge or cross-border development, rather than let it become a financial risk, as early as possible to manage.

Building Block Box CEO Dong Jun said in an interview that the recent central bank's clear risk warning is an important signal of peer-to-peer sunshine, combined with the background of frequent failure of the platform, it illustrates the government's confidence in the industry health model. Three red lines effectively help the financial people choose the platform to follow the rules, but also let the industry self-discipline has a clearer bottom line.

The "Money pool model" proposed by the central bank means that some peer-to-peer platforms sell the loan demand to the lender by designing the financing products, or return the set of funds first, and then look for the borrower, so that the lender funds enter the intermediate account of the platform and generate the pool of funds. This restriction by the central bank actually limits the occurrence of high-risk. This is because, Peer-to-peer Network loan platform is the most suitable for small loans, because it is point-to-point lending, small amount of borrowing, can make the risk of decentralization, but the net win the world and other enterprises to take the practice, is essentially doing a capital pool, the risk is set in one, easy to appear crisis.

How to ensure that Peer-to-peer platform can return to the essence of intermediary transaction? The central bank proposed the plan is to establish the Platform fund third party trusteeship Mechanism. "Platform does not directly handle the collection of customer funds, nor the right to use the funds entrusted by the third party, so that peer-to-peer network lending platform to return to the essence of the mediation transaction." ”

This vision is good, but it is not easy to establish a third-party hosting mechanism for platform funds. In the past, in the absence of trusteeship, it is easy to have the platform misappropriation of customer funds phenomenon. After the risk emerges in the industry, most web lending platforms are willing to use banks as a custodian of funds to gain the trust of users. But banks with high levels of credit are, at the very most, competitors to these peer-to-peer platforms, and they have little inclination to facilitate their operations. And for the initial stage of Peer-to-peer network loan platform, for the fund to find a safe place for customers to feel the trust is not easy, need to have a certain cost expenditure.

Let Peer-to-peer network loan industry into the central bank credit system has been the industry's call. At present, the new Peer-to-peer network loan industry has not been the central bank into the construction of credit system, so, do not say that investors themselves, even if the Peer-to-peer platform can not be a comprehensive understanding of the borrower's credibility.

This March, opened less than one months of the public Credit network announced bankruptcy, the main reason is that the borrower has not been able to find the collateral has been a number of mortgages, the borrower with money "run" after the public credit net had to pay for investors from their own pockets.

The head of the racket loan said, it is expected that the domestic network investment industry can set up a sound credit management system as soon as possible, build a unified and effective evaluation of the implementation of the standard, including the blacklist exchange mechanism and other information sharing, and is willing to actively promote and external credit system docking, to achieve the communication between different industries.

July 1, Deputy central bank governor Liu in Beijing, held a "Network credit symposium", said that the net credit records into the central bank credit system, and allow the network loan enterprises to query the industry calls, the central bank will be studied and reported to the State Council. In early August, the Shanghai Credit Center, which was held by the Central bank's credit centre, announced that the country's first network financial credit system was officially online, used to collect information on loans and repayments generated in the network loan business, and to provide inquiry services to the network lending institutions.

The above signals indicate that the central bank is preparing for the subsequent incorporation of Internet lending into central bank credit. Central bank also began to pay attention to peer-to-peer industry, has standardized to aid Peer-to-peer network loan industry development.

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