Chaos: frequent and short-lived platform

P2P (Peer to peer) network loan platform soared, so that the number of road closures is also growing rapidly. There are two or three platforms born each day, and every two or three days there will be platform death. Many people in the industry analogy, P2P platform, unhealthy development like leeks, grow faster and faster cut, cut a crop of another crop. As life and death to become a P2P platform, a strange phenomenon.

Chaos: frequent and short-lived platform

China has surpassed the United States to become the largest P2P trading market in the world. However, under the maximum "aura", the domestic P2P platforms frequently appear out of line and withdraw cash difficulties. On the one hand, some new online platforms are misplaced by laws and regulations to seek a single foothold before the policy is put to the ground. On the other hand, investors' lack of awareness of safe haven for the pursuit of high profits has created a chaotic P2P industry in June.

According to the net credit day Eye Operations Center monitoring shows that in June the domestic running platform is still a lot, according to Tian Yan community platform exposure column statistics, June runway network loan platform as many as 7, the number although unchanged from last month, of which 3 Passage 4, suspected of fraud, but the first time in Beijing appeared to run platform, breaking the capital net credit industry safety and there is no platform to run the "superstition."

Even more noteworthy is that the "strange beings do not die" strange again. In June the fastest platform for running the country appeared, Zhejiang Heng Jin loan only half a day on the line will lose contact with the development of net loan industry to bring a shadow, the industry regulation still needs to be strengthened. For now, the platform for problems is mostly concentrated in the Shenzhen area of ​​Guangdong Province. The relatively short operation time on the line has become a new feature.

According to the net loan home statistics, in 2013 there are more than 70 P2P platforms suspected of fraud or running. According to incomplete statistics, since last October, almost one platform fell into an almost ruined or collapsed capital chain every day. January 1 this year - June 10, the number of P2P platforms that went bankrupt or "ran" reached as many as 46. Beijing Commercial Daily reporter noted after the rough statistics, as of now runway closed down, the number of fraud investigation platform should have been more than 50, of which the larger closure of the platform are: State Lin Venture, Qianhai Ventures, Want loans, Branch News Network, Network Campbell and so on.

The reasons for the road closures can be summarized as follows: First is the fraud and self-financing. That is, some platforms may be set up for the purpose of fraud and smoking for a while and then for suspicion of illegal fund-raising. For example, earlier this year Zhejiang began to investigate the P2P platform, of which there are 10 P2P have the suspicion of illegal fund-raising; the third is because of long-term mismatch of funds, the establishment of a pool of funds, leading to the platform can not support; the fourth team is poor management, have no experience Of the staff; the fifth is bad debt provoke blame, although many platforms have their own bad debt ratio is very low, affordable, but still frequently exposed hundreds of millions of bad debts.

For P2P platform frequently exposed runway reasons, the CEO of Siu Long Credit Wang Sicong that China's economy is in decline, the high cost of capital, so some borrowers may not be on the money, more importantly, the funding deadline, the amount of mismatch, Investors who lent money did not know. Opaque platform information, privately funded capital pool, leading to the imminent crisis of the platform.

Grasp risk control: platform only do not touch the money intermediary

"Half is the sea, half is the flame," many P2P platforms in the moment of the frequent deaths, there are quite a few relatively mature, more complete model of the platform one after another to win the favor of venture capital. In fact, in addition to the "pseudo-P2P" platform, the current domestic P2P platform mainly has three modes: The first is a pure online model, on behalf of the company in 2007 in Shanghai on the pat loan, that is, capital demand side and funding providers in the network platform On the direct docking; The second is the online and offline mode of integration in 2010 in Beijing on the line of people to adopt this loan, there are pterosaurs loan; the other is the platform only play a mediator role with third-party agencies (small Loan companies, and guarantee companies) on behalf of the company, including the gathering of all people on-line in Shenzhen in 2011 and the profit-making network launched last year.

Per capita crowd CEO Xu Jianwen introduction, pat loan such P2P platform is actually the most "authentic" pure platform, which mimics the first P2P platform launched in the UK in 2005, but because of the domestic credit system is not perfect, Breach of penalties is not enough to deter the occurrence of breach of contract.

In fact, P2P as a financial industry, wind control is the core. "Now every day 35 platforms on the line, but a large part of them disappeared in less than six months or dying, a great ups and downs when the group buy trend .P2P platform not only rely on tens of thousands of yuan to buy a set of software systems, take a Shelf can do, if you really want to P2P platform, do a good job of wind control is the key. "Silver guest president Lin Enmin think.

How to effectively control the risk? In an interview with the Beijing Commercial Daily, Lin Enmin said bluntly that "cooperation with a reliable guarantee company is an effective way to control the risk.The guarantee company after the first layer of review and assessment will be the borrower's family situation, corporate information, Bank flow, the past there is no overdue and other relevant information to us, in order to ensure the authenticity of the project, we will re-examine a relevant information, so as to ensure the authenticity of the borrower, borrowing process without problems, collateral or repayment of borrowers Ability and repayment willingness to be verified, then the fulfillment of these conditions by one project justifies the project. "

In addition, the platform "does not touch the money" is also a big move of the P2P industry to control risks. My corporate loan COO Yang Zhuo think, first of all, network lending platform operators only responsible for platform operations; second, the money management to third-party fund custody platform; Finally, the risk management to the financing of security companies. This kind of "wind power control model of separation of powers" keeps the power and interests of the three parties in mutual restraint, so that investors' funds do not have the technical conditions of "running the road" and thus maximize the interests of investors. Yang Zhuo explained that the so-called third-party fund custody refers to the investor's funds through a third-party fund custody platform for direct transfer to corporate accounts, the platform only as an intermediary for information intermediation in the middle of the whole transaction process are not in contact with both funds, Eliminate the possibility of funds misappropriation of the platform.

Regulatory clear thinking: the definition of four red lines

Surging turbulent chaos, the formal network platform for credit loans, "seeking regulatory" voice is getting higher and higher. In fact, the CBRC has already begun to pay attention to P2P industry, CBRC website will find out. On August 23, 2011, the CBRC General Office issued the Notice on Risks Related to Renren Loans and has since been paying attention to and observing the development of the industry. Earlier this year, the State Council has clearly taken the lead by the China Banking Regulatory Commission to undertake research on P2P regulation. Relevant principals of the China Banking Regulatory Commission also expressed the current regulatory opinions on various occasions.

Since the beginning of this year, the CBRC has convened several well-known leaders of P2P platforms to hold forums to solicit opinions on the content of P2P industry access, system selection and fund custody.

Relevant participants said that the P2P industry is regulated by the CBRC, and the specific rules and regulations should be released before the end of next year.

Relevant person in charge of the China Banking Regulatory Commission also published a regulatory opinion on the P2P platform recently and made it clear that the four red lines should be reasonably set on the business boundary. The first is to clarify the platform's intermediation; the other is to make sure that the platform itself can not provide guarantee; the third is not to engage in funds Pool; fourth is not allowed to illegally absorb public deposits, and after the implementation of industry standards, the CBRC and banks or third-party payment agencies or will carry out fund custody business.

There are indications that after P2P industry free innovation, the era of brutal growth will end, the pace of regulation has become closer and closer.

Lu Hongyi, chief executive of Guofa Bao, also believes that over the past few years, P2P net loan industry has been in a "no entry barrier, no industry standards, no regulatory agencies," the "three noes" status, leading to the rapid development of the industry The same time, accidents. If the introduction of third-party hosting will undoubtedly make P2P return to the nature of intermediaries, return to service the intermediate nature of private lending.

In addition, many people in the industry believe that the multiple occurrences of P2P industry risk events will not only accelerate the introduction of regulatory details, but will also speed up the industry's major reshuffle. Wang Sicong believes that the second half of the industry may usher in the reshuffle will, on the one hand will certainly have the policy of "straw" down; the other hand, economic downturn, many liabilities, many late last year, the newly established platform will face Large-scale funds to pay the pressure. The relevant person in charge of home loan also said that at present, the polarization of P2P industry is very serious. With the further clarification of the online loan policy, the barriers will be significantly increased while the industry can develop more standardized.

According to net credit day Eye Operations Center incomplete statistics, as of the end of June, the normal operation of the P2P platform nearly 880. The industry believes that if the regulatory details were released, the industry reshuffle, the real maturity of the formal platform may be only more than 200.

Beijing Commercial Daily reporter Yan Jin / text