The liquidity risk is detonated by the "split" of the Peer-to-peer platform

Hong Junxin

Because encounter "hacker attack", network loan platform Zhongcai Online partial user data leaks, indirectly induce investor panic. Zhongcai Online general manager Ganchangvu is still haunted by memories of the run that happened one months ago.

Until July 11, the Zhongcai online website still has 3 million or 4 million turnover. With the subsequent large number of the focus of the expiration, before and after nearly 6 million is still difficult to alleviate the shortage of funds, in the face of a sudden run, Ganchangvu had to raise money around.

In addition to mortgage their own property loans, to find friends and relatives to borrow money, he also borrowed some usury. "No matter how difficult it is, I tell myself that I cannot default on the investor's money. "As long as investors do not lose confidence, the platform will soon pull through," Ganchangvu told the first financial daily. ”

This peer-to-peer industry run is not a case. In the past few days, located in Shenzhen Futian District era Square of the Peer-to-peer loan service platform network to win the world has also made many investors nervous. Only 4 months into the line, the platform has achieved 773 million turnover, however, from late July onwards, the platform began to have a cash rollover and difficult to mention.

In fact, in recent months, the net wins the world and Wuhan's Zhongcai online, Zhejiang's non-prudential do not borrow and other well-known Peer-to-peer platform runs a storm, the source for many platforms used to "split the standard" way to detonate liquidity risk.

And the essence, some people in the industry said that peer-to-peer industry vulnerable to see, a bit of trouble will trigger a run, not only reflects the investors on the Peer-to-peer platform distrust, but also this long wandering in the regulatory blind area of the industry exposed to the various ills after the brutal growth.

Deadline mismatch

July 30, the net won the world issued a notice, due to the bank at the end of the month of large capital Exile Limited, the scheduled afternoon can be in place of the funds are not in place in time, temporarily can not be mentioned. This reporter found that in just a few days, the platform has repeatedly issued announcements to "hacker attacks", "network maintenance" and other reasons to suspend or postpone the admissibility of the application.

This is not a case. such as Zhongcai online GANCHANGVU has begun to "hacker attack" induced run disturbance to rethink, and reposition Peer-to-peer platform mode of operation.

According to his introduction, July 6, Zhongcai online encounter "hacker attack", some users data leakage. Although the site has been published in the first time, but due to investors panic, the platform has increased the amount of cash. And then, a large amount of investment has expired, the platform after the advance of its own capital shortage.

Like many of the current Peer-to-peer platform, Zhongcai online before the "split" approach, including the demolition period and the amount of money, that is, the long-term borrowing of the target of the short term, the large amount of funds into small, resulting in the time limit and the sum of the mismatch, so the platform to bear a certain repayment pressure, easy to cause liquidity risk.

Shenzhen, a peer-to-peer platform for example, the borrower through a Peer-to-peer platform loans 1.2 million, the deadline of 12 months. If the platform does not dismantle the target, then the investor is to lend 1.2 million, all the repayment pressure is borne by the borrower. If there are overdue, many Peer-to-peer platform and guarantee Company is responsible for compensation.

However, because of such a long term and large amount, it is generally difficult to find a suitable investor in a short time. The official said that the Peer-to-peer platform used to "split the standard" approach to solve the problem, such as 1.2 million of the amount of 10 or even 100, the period is shortened to 1 months, rolling Mark 12 times.

The person in charge said the operation had no effect on the borrower, and he took a 1.2 million-and 12-month fund. But for peer-to-peer platforms, the "demolition" is actually built a pool of funds, the deadline mismatch, short loan long cast.

Because of the mismatch, the Peer-to-peer platform needs a lot of its own funds to deal with liquidity risks, Ganchangvu said. Because the guarantee company's compensation only for 12 months after the loan is overdue, so in the period once the unforeseen concentrated maturity or a large number of the situation, the platform needs self-financing to advance.

"Investors want short term, high yield investments, and borrowers who want long term and low cost." ' Disassembly ' can meet both the needs of both sides, but also to enhance the platform's own business volume. Ganchangvu said it was also the root cause of the run on the three Peer-to-peer platforms, including Zhongcai online.

Without the risk of operation and law, he argues, the technology is high enough not only to have a peer-to-peer platform with sufficient liquidity to deal with the risks of running a run, but also to have professionals design precisely to keep money flowing.

"After this lesson, will not touch the ' bid ' again." Ganchangvu said that the next step is to return to Maxleaf, specifically to do "intermediary" matchmaking funds, will not intervene in transactions, take risks.

Thirst

After liquidity risks, these peer-to-peer platforms have to be "thirst".

According to a peer-to-peer platform in Shenzhen, said that in order to deal with the run, the net wins the world online, the line of a large amount of fund-raising, and the issue of "superscript" is a commonly used online fund-raising means. Unlike in the early days to make gimmicks, many platforms now raise money to deal with short-term liquidity difficulties by issuing a large number of "beacons".

NET wins the information on the world's website shows that, on July 18, after the issue of overdue and payment, July 23, 26th, 28th, the platform issued three times the total amount of 12 million of the "Day Standard", the duration of the loan is 20 days, the total income due to 3.25%~3.55%. By this measure, the "sky Standard" of the annual rate of about 65%.

In fact, Zhongcai online in the aftermath of the crisis has also been issued by the "Sky standard" on-line fund-raising. According to the statistics of the third party net credit monitoring agency, the ZHONGCAI issued a total of about more than 7.4 million "~7" in the period from July 17 to 24th, with a period ranging from 12 days to 1 months.

In this respect, Ganchangvu said that at that time the funds were scarce, in addition to their own offline through mortgages and other means to raise funds, some investors expressed their willingness to tide over the difficulties with the platform, so the form of financing. The platform gives out all the profits, so these "days" give investors more interest, about 0.12% a day.

"This is only a temporary transition, and the rate of return will slowly fall to normal, and it is unlikely to be so high." "He said, because the total plate of ZHONGCAI online is not big, plus a part of their own funds, so temporarily through the crisis."

A senior Peer-to-peer network lender said that the net wins the world's turnover has more than 700 million, up to now, the platform's loan balance also has more than 140 million, if rely on the "sky standard" such a high cost of absorbing funds, I am afraid will aggravate the risk.

"There are a lot of ' thirst ' expiring every day, so it's hard to fundamentally solve the current liquidity problem, and it's easier to increase the risk of a run," he said. The person believes that such means of operation have already touched the boundaries of the violation.

Need to be regulated

May 21, because of the "Separation customer Service" Network explosion of a network platform to fake the impact of the borrower, was "mapping" in Zhejiang province do not credit the occurrence of investors run. At present, the matter has been in the past two months, the issue of the platform is still not completely resolved. At present, more than 14 million of the proposed application is still in line.

One senior Peer-to-peer network lender believes that whether it is "customer service", "hacker intrusion" or "loan overdue", whether these contingency events are directly related to the platform, they have so easily touched the nerves of investors, triggering a run.

"On the one hand, we do not have confidence in peer-to-peer industry, any hint of trouble may become a run of the fuse." On the other hand, the more critical problem is that the current Peer-to-peer platform business operation is not standardized, product design unreasonable, very easy to cause risks. The person said.

Sea Tree Network statistics show that the non-prudential credit since its inception, its 82.2% of the turnover is by borrowing 1 months of the standard composition. And the net wins the world from establishment up to now, one month's mark occupies the total turnover 21.82%, one months below the standard then accounted for 44.74%.

And the reporter login letter, Lu Jin, everyone loans and other websites found that these network loan platform issued by the target loan period is generally 6 months, 12 months, or even 36 months, the borrowing of the annual interest rate is much lower than the short-term target-oriented Peer-to-peer platform.

One of the senior Peer-to-peer network lenders believes this is a simple indicator of whether the Peer-to-peer platform is standard. A longer term of borrowing will not only reduce the cost of borrowing, squeeze speculative bubbles, but also help the stability and profitability of peer-to-peer platforms. And some platforms are all one months below the target, there must be "split the standard" situation.

"Peer-to-peer platforms are keen to ' split ' because they can dramatically boost trading volumes in the short term. And for investors, many people use credit card investment net loan, so can only invest one months below the target. The person said.

But the person said that if the loan duration is long, it means that the credit balance is slow, steady growth, and repayment period is long, this gives the Peer-to-peer platform to provide a sufficient buffer period. In addition, because the platform most of the use of matching principal and interest repayment method, so the monthly principal and interest gradually less. Even if the loan balance amount is big, the Peer-to-peer platform still can maintain stable.

Not only that, according to the above-mentioned Shenzhen, a peer-to-peer platform in charge, because the platform's online revenue, including interest management fees and loan management fee income, and the longer the loan period, the platform of this part of the higher income, so in the long-term development, long term conducive to the stability and profitability of the platform.

In fact, regulators have begun to pay more and more attention to the standard operation of Peer-to-peer platforms.

At the beginning of July, the central bank began a comprehensive mapping of peer-to-peer industry, not only convened 9 Peer-to-peer platform representatives held a symposium, the central bank branches also began to the local Peer-to-peer platform to issue "network Financial development Questionnaire."

The recent newspaper reporter learned that, according to the State Council instructions, the relevant departments have formed the "Internet financial development and supervision of the research group", and on August 1 made a special trip to Shanghai, Hangzhou two places to conduct research.

The research team began with the Internet lending industry in Shanghai, to pat the loan, you I loan and so on 5 enterprises to do a concentrated research, to understand the Shanghai Internet financial industry overall development; in turn, the research team also conducted field visits to Lu Jin's business model, guarantee mechanism, wind control system, website security, and fund management.

Many people in the industry hope that the large-scale mapping and research, peer-to-peer platform of the main regulatory departments can be determined as soon as possible, and the relevant normative documents will be issued.