Peer-to-peer companies are on the run

Absrtact: Since late September 2013, from now on, can be in the post bar, forum to see some investors mentioned a Peer-to-peer site has not opened, or a platform has run and so on, Peer-to-peer company run Tide. But in this kind of context, June 18, just on

Since late September 2013, can be posted in the post, the forum to see some investors to mention a Peer-to-peer site has not opened, or a platform has been running and so on, Peer-to-peer company run Tide.

In this context, however, on June 18, the 16-month-old online network announced that the B-round financing had been completed, and that only 91 finance had been financed by the second round, while the April Shanghai Racket Loan also conducted a B-round of 50 million dollar financing.

In such a situation, investors continue to use funds to intervene in the Internet financial companies, is the money to the bright or chestnuts?

At the same time, Xia, the honorary director of the National Research Center, stressed that the monitoring period was too long and the supervision was not timely, and that it was important to emphasize the coordinated research between the three-party, and only effective coordination and supervision could be effective.

Running and financing coexist

In the fiery Internet financial market, peer-to-peer companies are constantly staged running and financing of the tragedy.

According to the 0 financial release of the "2014 Chinese peer-to-peer Lending Service industry white paper," according to incomplete statistics, nearly every day since October 2013, almost 1 of the platform into the capital chain broken or closed.

However, in the escape, bankruptcy and other words around the peer-to-peer, but also constantly came peer-to-peer financing news.

Faced with a 16-month-old online network, it has been funded by Round B. According to the Caixin network reported that the beneficial net this round of the overall valuation of more than 2 billion yuan, is a round of 5 times times valuation, the financing amount of more than 50 million U.S. dollars, and last November, there was soft silver China led a round of investors to invest 10 million dollars in the favorable net.

Only a few days ago, as the Internet Financial Services platform of 91 finance also exposed a B-round financing has been completed, the valuation has been more than 1 billion yuan. And with the favorable network slightly similar to the pure intermediary platform Pat Loan in April also carried out a B round of financing, financing line is also 50 million U.S. dollars, however, as a pure intermediary platform for the launch of a loan for many years.

In the face of peer-to-peer companies continue to flee, illegal fund-raising, fraud and other events, many market people sigh, in the end is the internet finance is too hot, or money has been in chestnuts?

"The Internet is an advanced form of internationalization and globalisation," said Liu, a partner at Morningside Capital, the investment side. We think that embracing the whole trend of China's reform and opening-up, like China embracing reform and opening-up, I believe the financial industry will embrace the Internet. ”

"China's financial resources have a lot of mismatch phenomenon and local financial repression phenomenon, a large number of micro-enterprises, small and medium enterprises do not get good financial services." To help the economy become more efficient, this is the opportunity of the market, the local nature of the financial mismatch. It actually does not really do in line with the financial law of financial services, but to enlarge the information asymmetry to make quick money, this is the future regulation trend should be vigorously regulated and need to be rectified, and the future regulation is to vigorously promote similar to the model like a favorable network. "Liu further analysis.

In the face of the fiery Peer-to-peer company, Lakara, as a third party, has also invested. Lakara Chairman Suntaujan that the nature of the business model of the network is the use of the Internet to enable efficient and low-cost services that are not covered by traditional financial services can be completed. At the same time, Suntaujan also investment in Morningside Capital, and for the Liu and the benefit of the network, to a certain extent, led to a favorable network of B-round financing.

As a beneficial network of partners and investors, Suntaujan also proposed the next step of cooperation vision, "Lacarapine on the platform each month close to 100 billion yuan credit card repayment, Lakara POS platforms on the monthly turnover is 20 billion yuan." Credit card repayment itself is a kind of borrowing, credit card users have a large amount of personal consumption credit demand, small micro-enterprises POS receipts have a large amount of capital needs, the next step will be with a favorable network to do docking. ”

Inadequate regulation

In Peer-to-peer companies constantly exposed to fraud, run, capital chain break, and other incidents, many experts, academics and practitioners have hoped that peer-to-peer industry development, while willing to accept regulatory measures.

Xia that the correct understanding of the financial transition is the premise of the correct understanding of Internet finance. The monitoring period is too long, the supervision is not timely, the Internet financial research is not transparent, not clear regulation.

Since 2006, the initial appearance of Peer-to-peer companies began to appear in China, and in recent years, peer-to-peer companies and the size of the allocation of capital growth rate quickly. In the past few years, only the CBRC has issued risk hints. In the past two years, the central bank and other regulatory bodies have been on the scene of Peer-to-peer research and meetings.

In the face of regulation, Xia further explained that our regulatory timeliness is not enough, there is a lag phenomenon, not to the market clear transparent market signals or policy signals, the study of internet finance is not thorough. Blindly from the angle of innovation to talk about Internet finance, forget the whole financial environment, do not dare to clear the relationship between innovation and regulation, in internet finance seems to talk about regulation is not positive, reflect the economic base of various financial innovation and development a little keep up. Therefore, in the present situation, it is very important to emphasize the coordinated study between the three-party, and only effective coordination and supervision can be effective.

The favorable network CEO Liu Yannan that in terms of regulation, the beneficial network has been communicating with relevant departments. Regulation has been brewing for a long time and is likely to be available by the end of the year.

At the same time, in the discussion of Peer-to-peer regulation, investor education has also become a key issue mentioned by many professionals and academics.

Since the financial crisis, the US has raised investor protection to a more important position, a regulator said. The CBRC has also been promoting the development of investor education and investor protection in recent years.

Liu Dawei, Assistant president of the trust, said investor education is also very important. Some investors are irrational, with some platforms yielding more than 20%, and investors are still investing in capital.

"It is not sustainable for investors to be able to achieve far higher returns than bank finance without taking risks at all," he said. For example, investors with lower risk appetite may have capital preservation Pausi, or capital preservation Pausi products, return control under 8%; the investor willing to undertake certain risk may be without principal and interest guarantee, but the income is 15% or more than 20%. "Zhu Yanjun, the online head of the co-production, stressed that there must be a process for investors to take risk pricing education.

Zhu June June 18 to the "Huaxia Times" reporter said that the platform in the recent launch of the auction model, including interest rates and the priority of two, it is a conscious attempt to guide investors and borrowers to carry out independent risk pricing.

Facing investor education and protection, Xunokin, deputy director of the Central bank's survey and Statistics Division, said the regulation of Internet finance would change the idea of protecting investors ' interests now. Regulators are not parents, and regulators are the fair judge of the main trades in the society. How to make rules, be fair, fair and open. Tell you the rules, take responsibility for this, and invest in risk. It cannot be said that these risks are attributable to the regulatory authorities and that the regulatory authorities are not allowed to help you defuse the risks.