P2P chaos, running into a routine?

A new wave of P2P closures tide has been opened to lose money, in June there have been 6 network loan platform was detonated. As for the brutal growth of P2P net loan industry, the rapid expansion at the same time, it is clear that chaos.

P2P's pattern is still chaos.

A new wave of P2P closures tide began to appear, this month there have been 6 network loan platform was burst out of way. For the brutal growth of P2P network credit industry, in the high-speed expansion, chaos. So far, there have been 148 platforms that have brought in and lost money , difficulties and failures. As a result, tens of thousands of investors have lost everything. For the current P 2P chaos and frequent runway incidents, Du Xiaoshan, chairman of China Microcredit Union believes that P2P industry in the "three noes" --- no entry threshold, no rules of operation, no supervision, So lead to industry confusion. The Central University of Finance and Law professor, founder of the Internet Financial Thousands of thousands of people in an interview with Southern Reporter pointed out that "the platform is running a pseudo P2P platform."

Many domestic P 2P platform in fact played a "quasi-financial institutions" role, absorbing funds and explore investment projects. If the P 2P platform and then pooled funds into a pool of funds for other purposes, resulting in user funds and the user does not match the bidding on the platform, and P 2P platform itself lack of professional risk control means, hidden great risk. The influx of entrepreneurs, ghost whims and self-financing, fraud suspects, have been P 2P financial high-hanging high appetite, reckless investors, as well as investors who have the most preeminent "leaders" are P 2P rivers and lakes show their wonderful.

P2P running has become the norm

Another platform accident! Last Friday, investors who invested in Hengjin Loan found that the official QQ group was dissolved when the registered official website of Hengjin Loan, located in Taizhou, Zhejiang Province, could not log in. Investors then further understand that this platform, not only legal representative Su Zhonggui "lost contact", all the information on the website is fake.

The news once again triggered a huge industry concern, not only because this is the sixth runway platform since this month, up to now the 148th runway platform, but also because the platform from the line to the "lost contact" only one day - - - On the morning of June 27, the platform was launched and the 3-day stopwatch was held, attracting a large number of second visitors. But no one is expected, the afternoon the boss was lost, seconds off the collective thunder, many of them have been in other platforms have been tricked investors. The constant gold loan has also set a new record speed of net loans runway.

Yesterday, reporters in the south of gold investors Hengrong rights activist group saw investors in all parts of the country to each other to talk about their painful experience. "Loss of association" and "cash withdrawal difficulties" are almost the beginning of the tragedy of most P2P platform investors. "Suddenly the company website can not be opened, and then the legal person can not find it." Ms. Huang, a Beijing investor, is an investor in the platform network Campbell that just ran this month, 25 million investment in the network Campbell, June 4, Miss Huang suddenly found that "Campbell" site can not be opened, "Campbell" customer service hotline has not been connected, "Campbell" QQ customer service is not displayed Online, even changed the name. Ms. Wong realizes she has encountered the legendary P2P runway.

Ms Yang told reporters in Beijing that she had a nightmare on Branch News Network beginning on June 9, and she found that morning, Branch News Network could not open it and hit more than 500,000 yuan that she had thrown into. "The money, the children are waiting for college." Ms. Yang told the Southern reporter crying on the phone, so far she did not dare to tell her husband.

"P2P road running has become a norm." Shenzhen network loan platform everyone Ju Cai CEO in an interview with Southern Metropolis Daily said.

According to the statistics of Home Loan, up to now, there are 148 platforms that have difficulties in withdrawing cash, running on roads and going bankrupt. In terms of time, the outbreak started in October last year. Among them, 77 platforms were closed down last year, More than 1.5 billion yuan of funds, but this year, as of now 55 platforms have problems, involving more than 600 million yuan in value. According to incomplete statistics from Southern Metropolis Daily, up to 19 platforms in Guangdong have problems this year, accounting for 37% of the total, followed by Zhejiang, Shanghai and Jiangsu.

Investors' rights protection is difficult

P2P platform closed down in the original place in each platform in the most prominent position of "guaranteed interest," became empty talk, investors lose everything, is brewing one after another family tragedy. In the early morning of April 25 this year, Miss Li, 51, jumped from a residential building in Songyu Xili, Chaoyang District, Beijing to end her own life. What triggered this tragedy was the result of the European platform Winnipeh.

In late February of this year, Central and Winton were exposed to "disappearance" of Li Xiaoyong, chief of the Beijing branch. As a result, over 2,000 investors could not redeem their funds. "The total amount involved is more than 500 million yuan." Mr. Peng, a Beijing-based investor who also invested in Central Europe and Winton, told Southern Metropolis Press that in the past 3 months, Mr. Peng and more than 2,000 investors from Central and Winton have adopted various means including self-financing Please private investigators to investigate the flow of funds, criminal evidence, but they found that most of the funds have now flowed overseas, investors are very unlikely to recover the funds.

It is reported that the current platform for the accident despite the investors are still struggling to find a solution to the law, but the road full of hardships. For the qualitative P2P runway, Dacheng law firm Xiao Sa told reporters on the South are likely to be sentenced to capital fraud if the platform due to financial and other road runs, or because assets can not cover the debt run, if the platform guarantees that the company does not pay Starting, or because of bad debt can not afford to pay high, the judgment of illegal possession of public deposits is highly likely.

As the first case of P2P net loan to run, the final trial of NetEase case is bound to have a great impact on the industry. Xiao Sa believes that from the 2012 incident until now, if convicted, may be the benchmark for subsequent cases.

P2P characters are alienated

"The second half will surely usher in a new wave of closures tide." A Beijing P2P platform CEO told Southern reporter, last year's tide of closures began in October, because the more the end of the fund more nervous, often is a P2P problem The peak period.

In the face of frequent occurrences of P2P roadblocks, Huang Zhen, a professor at the Central University of Finance and Economics and founder of the Internet Financial Thousands Association, said to reporters from the south that "platforms running are all pseudo-P2P platforms." Huang Zhen said P2P platforms are the largest Is characterized by a third-party platform, providing information intermediary functions, and should not be the capital pooling of funds, but also can not use the client's funds illegally stored, nor direct lending. However, from the current point of view of P2P, almost all involved in the pool of funds and illegal storage, is a pseudo-platform.

Huang Zhen's point of view by many people in the industry resonance. In foreign countries, the P2P platform is only an information platform that matches investors and borrowers, and charges intermediary fees only.

However, after entering China, P2P has been alienated. "Many domestic P2P platforms actually play the role of 'quasi-financial institutions', absorbing funds and discovering investment projects." A CEO of a peer-to-peer P2P platform in Beijing told the Southern Metropolis reporter that P2P platforms pool funds into a pool of funds for use by others User funding does not match with the bidding action of the user on the platform, but the P2P platform itself lacks professional risk control means and poses great risks.

Guangzhou P2P platform PPM oney Hu Xin, general manager of wealth management platform for the Southern reporter, said the plane because of the accident there are two major risks: First, moral hazard, and second, technical risks. The so-called moral hazard is that P2P can evolve as a tool for misappropriating money due to the large amount of money that can be raised through the Internet. In the hands of some people who intend to engage in illegal fund-raising and fraud, many people set up P2P with the idea of ​​fishing away from others. And partly because of the tight flow of capital in their own industrial operations, funding is obtained through the establishment of P2P platforms. In addition, P2P, as the main representative of Internet finance, is not easy to operate in operation. Many platforms eventually collapse due to technology or wind control issues.

Many industry insiders pointed out in an interview that there were mainly three dozens of P2P companies that closed down in the past: one was a purely fraud company, the other was a self-financing platform and the other was a platform for poor management.

Pavement platform three sins

1 fraud

Coax a group of people, fishing a sum of money, patting ass leave

On Wednesday afternoon, reporters from the Southern Metropolis came to Room 506, Longfu International Financial Center, Tongzhou District, Beijing, where the headquarters of Rongxuobao, the online loan platform, was originally located. Through the door, the Southern reporter saw the office area in good order, the door of the announcement column neatly filled with promotional materials. Although all seems calm, the company has already declared runway with Suddenly "losing touch" with legal representative Mu Hainan.

"Every day, investors come to ask, I do not know when to go, the boss will certainly not come back." In the letter Po, a property management advisers dressed as investors in the South are reporters: "Do not come again. "However, investors through the letter Bao Bao QQ group, Southern reporter found that about 600 investors, the amount of about 80 million yuan loss.

It seems the industry view, this just happened runway cases, it is the typical case of the use of P2P fraud, this platform has the common characteristics --- coax a group of people, fishing a sum of money, delete the site, pat Ass leave.

"So basically the accident particularly fast, get the money left." Net Credit House founder and CMO, Guangdong Internet Finance Association vice president Zhu Mingchun told reporters on the South. Many industry insiders pointed out in an interview that such platforms generally attract investors with "high interest rates" and "short-term targets" and issue a large number of false targets. After attracting funds, they roll over "running roads" in the form of platforms suddenly unable to log in Or the person in charge disappears.

2 from the financial

Jiaotong three grottoes --- a boss, multiple platforms

The so-called P2P platform from the financial, refers to the people in need of funds, set up one or more P2P network lending platform for themselves or related businesses for financing "blood transfusion", the funds did not flow to the real borrower.

Zhongbao investment in the first half of this year is one of the typical problems. Zhou Hui, a legal representative of Zhongbao Investment, declared that Zhongbao Investment is a P2P platform for engaging in non-governmental network borrowings, attracting investors to create accounts and reload them, and subsequently frequent issuing fictitious loan agreements with more than 40 fake member accounts with high interest rates Attract investment.

After investigation, found that more than 90% of the projects released on the platform are made by Zhou Hui. Zhou Hui Zhongbao investment as its own financing platform, investors all funds into his personal bank account for the operation of his jewelry business, involving the amount of up to 300 million yuan.

In addition to the investment in Zhongbao, some enterprises suspect a platform for money to be too slow, and may even set up more than one platform to facilitate "more netting" to gather funds. Insiders suggest that the characteristics of such platforms focused on the performance are: high-interest short-term, not many lenders, but the loan amount of a single lender is very high. ZSM platform directly violated one of the four red lines delineated by China Banking Regulatory Commission (CBRC) --- not to illegally absorb public funds.

3 pool mode

Ponzi scheme start

Speaking of the accident P2P have to mention a word: capital pool. "The accident is almost entirely a pool mode." Xu Jianwen said.

Zhu Mingchun revealed that 70% -80% P2P platform to take this mode of operation. Xu Jianwen said lenders demand is generally 12 months or more, but most investors are more willing to invest from a risk point of view platform for a shorter period, so the platform after the accumulation of funds, through the way of short deposit and long loan demolition Funds mismatch.

Funding pool models are often brewing huge liquidity risk. Shanghai Lujiazui International Financial Assets and Equity Exchange Co., Ltd., chairman of accounting Kwai students recently accepted an interview with reporters in the Southern stressed that at present most of the reasons for the collapse of P2P credit risk is not, but the liquidity risk. The root cause is that many platforms mismatch the maturity of funds and earn more spreads through short deposit and long loan. Once the follow-up investors to invest less than the outflow of funds, it will lead to the capital chain rupture.

For the capital pool model, an in-depth study of P2P executives of micro-loan companies in Guangzhou told reporters on the south that, in fact, some of the platforms did not choose the capital pool model from the very beginning, but eventually forced them to do so. In the current platform for the protection of the interests of the case, when the adverse conditions beyond the platform can cover the case of funds, many platforms the most direct way is to take the way of a pool of funds to borrow funds to meet the maturity of the project to enter the Pang 'S scam, once the inflow of funds less than the outflow of funds, the platform game will end.

Chaos roots

No threshold, no supervision, no rules of operation

50,000 yuan to set up a P2P

For the current P2P chaos and frequent runway incidents, Du Xiaoshan, chairman of China Microcredit Union believes that P2P "three noes" --- no barriers to entry, no rules of operation, no regulation, leading to confusion in the industry. In his opinion, P2P registration threshold is low, but it can leveraging a lot of money, leverage is very high, very easy to go wrong.

Due to the fact that there is no license management in the P2P industry at present, and there is no specific category of P2P in the business registration, how many P2P platforms are on the market? According to China E-Commerce Research Center monitoring data show that as of early June this year, China has a total of 1275 P2P platform, of which the first five months of 2014 a total of 220 on-line. According to "China P2P Lending Services Industry White Paper (2014)" (hereinafter referred to as "White Paper") released on June 19 by Zero One Financial Industry, as of the end of 2013, the number of all kinds of online P2P lending platforms across the country was close to 700, The transaction value is about 110 billion yuan, up 10 times from 10 billion yuan in 2012.

Landmark Financial CE O Liu Xiaofeng told reporters on the South are, since the practitioners, his biggest emotion for the P 2 P industry are "chaos", "hot." "Every day someone enters this industry, the rapid development of the industry, we are like standing at the outlet." Liu Xiaofeng described. "Open a forum for Internet finance, I heard there are three local tyrants to discuss there, go back and go to open a P 2P platform." Which network CEO Wu Xiangyong told reporters interviewed Southern said that the industry has daily access , Many people do not even figure out what is coming in P2P.

For flocking entrepreneurs, Xu Jian-wen believes that there are three main factors. First, the gap between small and micro financial markets has long been very large, strong demand for funds gave birth to the industry supply. Second, long-term financial controls have made the returns of small and micro loans relatively high, attracting profit-seeking capital.

Through the pool of funds model, P2P platform can get very high spreads. A P2P platform leader told reporters in Southern Metropolis, at present the first-tier cities in Guangzhou-Shenzhen city, the annual interest rate of unsecured loans as high as 40% -60%, while the supply and demand more tense inland areas, the annualized interest higher, while the platform to investors 15 % Of the return on investment, you can easily get more than 25% spreads. After deducting various costs, the spread can be as high as 15% or more.

Meanwhile, the rapid expansion of the P2P industry has spawned a complete industrial support, so that the barriers to entry P2P lower and lower. Xu Jianwen south of the reporter revealed that there are currently specialized companies can help build the IT platform directly to the platform, there are special promotion team. Almost everything can be outsourced. Shenzhen, a P2P platform manager to the south all told reporters that while doing their own platform, but also let the technical team formed a technology company, specializing in external orders to help create a new platform.

Southern reporter found through Taobao search, you can get on Taobao network platform to build the source code, and the lowest price of such source code or even only a few dozen dollars. "Spend a few thousand dollars in the business sector can register a platform, you can open." The Shenzhen platform leader disclosed that 50,000 yuan is enough to set up a P2P platform for money.

High bad debt, high costs drag down P2P

However, without barriers, unsupervised P2P platform to operate is not so easy, there is a risk of some carelessness.

"Many entrepreneurs who really want to be good at the platform are blindly optimistic and underestimate the technology they need to make a platform." Xu Jianwen said improper operation is another important reason leading to P2P business risks.

Xu Jianwen said that for P2P operators, we must first face the high cost of IT and human resources investment. In addition, as an Internet company, P2P marketing costs are not low. In order to attract popularity, P2P platforms require a large amount of marketing investment to divert traffic. Shenzhen another platform leader told reporters on the South are that the platform investment in marketing of not less than 100,000 yuan per day per customer about 50 to 60 yuan / bit, but according to their understanding, such an investment is not considered the highest in the industry, Some platforms per capita customer about 100 yuan / bit.

In addition to coping with the business of continuously burning money, the growing risk of non-recurring loans is the biggest operational risk faced by Chinese-style P2P platforms that bear the guaranteed interest. At a forum held recently at the Golden Fairs, Ms. Kwai-kwong noticed the bad situation of credit loans during her keynote address. He said that making unsecured loans in the Chinese mainland market even with full sums could turn out to be 7% to 8% in a year or two if the institution's risk management is very good. Otherwise, the bad debt ratio will be as high as 15% To 20%.

Zhou Lingping, a longtime founder of Hongling Venture Capital that started the platform guarantee mode with "principal payment", disclosed to the reporter that the bad debt ratio of his small and micro loans had been as high as 7%.

"If the spread of the platform can not cover the poor, when the funds break, the platform will have liquidity risk." A platform leader in an interview with South also pointed out that the rapid development of P2P platform in the past year, and for some time in the future, not Less platform to raise funds gradually expired, the bad will be further released, the platform operating credit risk intensified, which or will be the next wave of P2P collapse the main reason.

P2P rivers and lakes glimpse

Addicted investors borrow money to invest

In this high-speed expansion of P2P industry, in addition to the influx of entrepreneurs, gossip self-financing, fraud suspects, P2P financial services has been high-yield high appetite, hesitant investors, as well as investors In a vying "leader" also built a part of this arena. From another perspective, irrational investors, the fueled by the leaders is precisely this wave of P2P closures can not be ignored in a force.

Frequent accidents on the P2P platform led to the loss of investors' income, involving a wide range of issues and great influence. However, it seems many people in the industry, the initial stage of development of the industry, chaos led to investor losses, many investors recruit because of their own irrational.

"I've looked down on any other wealth management product since I invested in P2P." Guangzhou investor Cai