P2P zero threshold, all corners of the chaos eye-catching chaos

Hong 偌 Xin

On June 25, it was established in just two years, where it announced that it has won a strategic investment of GDB Sdn Bhd and will also cooperate with its parent GF Securities; on June 27, a company named Heng Gold loan platform opened in the morning and then lost in the afternoon, is simply refreshing the net loan pace of a new record speed ... However, in the P2P lending industry, so overjoyed story can be staged every day.

Because there is no operating license, the registered capital, as well as shareholders such as hard constraints, P2P industry in the short span of rapid expansion. According to the data from Zero One Financial Surveillance, as of the end of last year, the number of all kinds of online P2P platforms in the country has been approaching 700, up from 110 in 2012, an increase of more than 5 times.

Market-oriented development can be said that the P2P industry has injected vitality, but also get together all the way to the capital. According to the incomplete statistics of the "First Financial Daily", in the past two years, more than a dozen P2P platforms have been invested, and among them, the fastest nexus network was established in only 8 months to realize round A financing, 7 months after the completion of round b financing.

However, the other side of the coin is that Zero One's financial data show that at least 118 peer-to-peer lending platforms have been closed for rectification and withdrawal since the beginning of 2011 and the middle of April 2014, with difficulties such as withdrawals, bankruptcies, and even malicious runs, accounting for the current Statistics of P2P lending platform total sample size of about 16%.

Since the beginning of this year, the current situation of the development of P2P industry has also brought great attention to the regulators and the industry. P2P industry insiders generally agreed that breaking the "zero threshold" and setting some basic conditions for accession before the formal introduction of the industry regulatory policy Or will be an effective way to curb the current P2P chaos.

Low-cost business

June 27, the registered permanent address in Taizhou, Zhejiang Heng official website of the morning on the line and held three days of opening activities, but the afternoon of the platform site will not open, legal representatives and staff are "lost" and After the incident confirmed that the site's information on the company are fake.

From opening to losing contact only one day, Heng Jin credit refresh P2P net loan running speed of a new record. In addition, in June there are at least six platforms, including Branch News Network, Network Campbell, melt letter Bao was exposed problems. Most of them are due to malicious acts such as fraud and self-financing.

P2P "running" incident intensified, so "fishing" a vote of what is the cost? "Do you want to be able to simply do business, or fishing tickets left? If the former, then find a company registered an e-commerce company 4,000 yuan, to buy a set of third-party network loan system generally 40,000 ~ 10 Million, including the establishment of the site, post-maintenance, etc. "Senior P2P person Wang Yu (a pseudonym) skilled to the" First Financial Daily "reporter quote.

"To do a decent platform, more than ten million or to, including renting an office, equipped with financial, administrative and customer service, etc. Of course, if you want to get a fishing ticket left, just built a website as long as two or three thousand to get The company's registration information, information, office locations, etc. can be counterfeit. "He said.

"Because there is no rigid threshold, profitability and prospects are more impressive, more and more people try to get involved in P2P network credit industry in this one, both serious hope of starting a business, but also unwilling to want to get a ticket away. "In Wang Yu view," Dragon and Snake mixed "is the most realistic portrayal of net loan industry.

Although only 3 years into the job, but for a new industry, Wang Yu has become like friends around the world and many "tycoons" in the eyes of P2P experts. Almost every day to ask him how to build a P2P platform, there are a lot of boss directly dig a high price.

Wang Yu told the "First Financial Daily" reporter, at the same time with him, and even junior colleagues have switched to a new platform, both in level and salary have greatly improved. "Second- and second-tier P2P platform, senior staff can go to the new platform to be a senior manager, grassroots credit officers to the new platform is at least a regional manager."

As a young industry, the rapid expansion of the P2P market has brought the talent shortage. Including Credit, Renren Loan, Hongling Ventures and a number of "old" P2P, traditional financial institutions, electricity, IT, and small loans, guarantees and other private financial institutions have become the new platform for competition for the object.

Taking Hongling Venture Capital as an example, the CEOs including Huitong Easy Loan and Gaoxin Sheng are all former businesspeople; the chief operating officer of Raycom and Rongtong Assets is the former technical staff; Wei Hetei Fortune, House CEO is its shareholders.

Shanghai P2P lending platform, told reporters that the head, the industry expanded too fast, almost every day there are new platforms appear, as a more senior company, its staff is also the platform "to dig" the focus of the object. Directly double the wages of grassroots employees, executives are to provide equity shares.

"Many of our employees, investors and even borrowers have appeared in the list of other P2P platform executives." The official told this reporter, although P2P industry access threshold is relatively low, but the actual business threshold is Not low.

In his opinion, the development of P2P industry was originally a relatively short period of time, expecting to invest hundreds of thousands of people through one or two experienced staff to start a platform is not feasible, but looking forward to the moment a lot of P2P platforms are so Fast food "combination.

How to set the threshold

In the face of industry chaos, more and more P2P industry insiders suggest to assist industry regulation by setting some basic access conditions. So, P2P industry should set the threshold?

Shanghai P2P platform chairman believes that with the development of P2P industry, the future industry should set a certain threshold of access. For example, from the minimum registered capital, the degree of professionalism of practitioners, the qualification of the major shareholders and so on.

"The absence of a rigid access threshold does not mean that there is no threshold. In fact, operating a good-sized P2P lending platform is not only expensive, investment in risk management, debt development, marketing, IT support and other aspects are sustained And huge. "Shanghai, a P2P platform chairman said.

According to him, P2P platform requires a minimum of 15 million to 20 million yuan in its initial investment. The most expensive one is the manpower cost, including the technical team and the risk control personnel. If the platform is its own development credit, then a large number of front-line credit officers will be required.

The chairman told this reporter that the core of operating P2P lending platform lies in risk control. A complete risk control process includes user development, trial review, rating, pricing, post-lending management, overdue collection and risk mitigation, etc. A system is not easy, good financial control staff is also heavily employed by the traditional financial institutions.

In addition to the threshold of establishing a registered capital, the professionalism of the operator is the one most mentioned. Zhou Zhihan, deputy general manager of Kaixin Loan, suggested that senior executives in charge of risk control and operations should have more than 5 years of financial experience.

In fact, from the current P2P platforms that have obtained strategic investments, it is not hard to find out the resumes of senior management teams. It is clear that the senior management team with its corollary aura or financial background is also more favored by capital market participants.

For example, the earliest successful financing pat-loan, most of its senior management team graduated from Shanghai Jiaotong University, and earlier this year access to the world's largest single-funded Internet finance companies, all the people, most of its chief executives team from Peking University, Tsinghua University.

A PE partner told the "First Financial Daily" reporter, as a new industry, P2P development there is still a great deal of uncertainty, and in the choice of companies cast more by the ability and quality of their team to assess the price And the company's development prospects.

He said that after seeing a lot of P2P platforms, he found that different professional backgrounds and professional experiences also directly affect the style of their operation of P2P platforms. As the industry becomes increasingly competitive, only the platform with continuous innovation and steady operation can win.

In addition, in view of the emerging self-financing risk nowadays, that is, P2P lending platform shareholders or shareholders' affiliates as investors borrow funds to investors, the funds obtained mainly for the development of existing enterprises, many people in the industry also proposed the establishment of P2P platform Need to review its shareholder qualification.

Net loan supply and demand uneven "hunger" investors how to rational investment

Wang Ying

According to Baidu search engine data, the average monthly search volume of loan information exceeds 10 million with a daily average of more than 300,000, and the monthly search volume of investment and wealth management information exceeds 30 million with a daily average of more than 1 million. "Baidu Financials Yan Liping, director of sales, recently disclosed in the P2P forum on cross-strait banking in 2014.

Insiders said that, including P2P network credit, the Internet finance industry is in short supply, investors have less choice of short-term state, stimulated by high yields, investors tend to ignore the quality of platform projects.

Today, when frequent P2P bankruptcies are staged, how to invest investors rationally and not be burdened by "running waves" has become an important issue for boosting the sound development of the industry.

Nearly half of lenders prefer an annualized yield of over 36% of the platform

According to the net loan home in 2013 statistics show that the annualized yield of 20% ~ 25% of the net loan platform most favored by the net loan lenders, 20% of the borrowers will be the capital allocation in this interest rate range of net loan platform on. However, at the same time, nearly 45% of lenders still invest in platforms with a monthly interest rate of 3 points (36% annualized yield) and they are trying to gain high returns by playing new and diversified investments.

"The investors who win the profits are all similar, and the investors who step on the thunder have their own misfortunes." Xiao Sha, a lawyer at Dacheng Law Offices, said that so far she has received over 100 victimized investors, including one investor At the same time "stomp" up to 11. "I tracked the investor and found that the type of network platform he invested in was similar and mostly concentrated in Shenzhen and Zhejiang, both of which are illegal and heavily-funded areas."

It is understood that the interest rates of some big brand P2P platforms have now dropped to about 10% to 18%, which is becoming more and more reasonable. However, some new platforms often attract more than 30% or more than 40% of their annualized return. "Some lenders unilaterally pursued high yields, loosening their guard against risks and causing heavy losses in the 'closures'. Public figures show that 58% of lenders are willing to invest in new platforms within a month of getting online.

According to the judicial interpretation of the Supreme People's Court, the interest rate on private lending may not exceed 4 times the interest rate of a bank loan, and the excess will not be protected. The reporter of "First Financial Daily" combed the annualized interest rates of a number of online-loan platforms on the market and found that the nominal annualized yield of its marks has not exceeded 24%. However, a number of industry insiders told this reporter that in the actual operation of private lending, borrowers bear more than 24% of the cost of capital abound, while the excess part of the network credit platform to give lenders in the form of incentives.

"The law of the development of the industry can not be changed, the excessively high income certainly does not have the continuity." Super Hai Cai Jiang, general manager of love said.

Overdue rate defined a lack of uniform standards

Peer-to-peer P2P lending platform is good and bad, eye-catching high-yield platform emerge in an endless stream, for investors to choose the number of projects and investors do not match the needs of the case, rational, logical analyst more popular platform operators love , But also more able to "clear-up" in the wave of risks.

"For example, a platform with a total of 100 borrowing targets, but 5 have not yet paid off, but the platform is overdue 3%, the eligibility of investors can be acutely from borrowing customers to discover these problems, and then calculate And the benign interaction with the platform. "You and my credit president Yan Dinggui think that a good investor should be able to read some data, and treat it rationally and objectively.

Yan also said that at present, the platform for P2P lending platform and the lack of communication mechanisms for investors, standardized communication language can help investors determine the advantages and disadvantages of investment behavior, "the amount of good or small is good? Is the default rate of 5% is bad, And 0.5% is good? This is not necessarily true, but there is really not a single consensus about the default rate. "

Because P2P companies are more sensitive to bad data such as overdue rates and bad debt ratios, most platforms are not to be disclosed. Peng Yong, chief financial officer of Huicheng, said that the data provided by the platform for the bad debt rate will depend to some extent on the platform's position on "bad debts." Currently, the term defined by the traditional bank for bad debts is more than three years. "If the platform finds that more than one year is considered a bad debt, but the platform was set up less than a year, where the bad debts?" Peng Yong told the "First Financial Daily" reporter said that those who claim their bad debt rate of 0 platform for its products There is no lack of ten million yuan level, "If a 30 million bad debts in the project will directly lead to the disappearance of an instant platform, and the platform of the bad debt rate from 0 to 100%."

"For less than the demand of the industry, consumers' milk is the mother." Yin Fei, president of the network Yinfei think that most of the Internet financial industry companies are still stuck in the production index of shortages production stage, few companies have formed and Reserve differentiated brand awareness and system.