The Peer-to-peer in the storm

Absrtact: In the last two months of closures, the run of the storm, Peer-to-peer and then met the risk of supervision warning. November 25, the CBRC-led joint Organization for the disposal of illegal fund-raising held a symposium on prevention and suppression of illegal fund-raising legal policy, the network lending as

After two months of closures and running out of the storm, Peer-to-peer also met with a regulatory risk warning.

November 25, the CBRC led the joint organization of illegal fund-raising to organize the "prevention and suppression of illegal financing of legal Policy Publicity Symposium", the network lending as with private lending, agricultural cooperatives, private equity and other illegal fund-raising six major risk areas.

In a public document of the CBRC, the reporter inspected the information on the Joint Council and found that it was the first time that the joint organization had classified internet lending as an illegal fund-raising form.

In the survey, the reporter found that the industry has generally been the statement as a regulatory layer on the recent succession of the failure of the response. Through the visit of several peer-to-peer platforms in Beijing, the reporter also tried to find out the real existence condition of the peer-to-peer under the "Closed tide".

An interpretation of supervision after the collapse

After Beijing and Hangzhou, the research group on Internet financial Development and supervision, led by the central bank, has been in Shenzhen for the past one months and has been slow to follow up.

From the beginning of October, the Peer-to-peer platform focused on difficulties, closures and even closures. According to the investor Yi Fei (alias) statistics, October month on more than 30 platforms appeared to close or closed down, so far more than 50. He told reporters that the situation is expected to continue at the end of the year.

In the relevant reports of the November 25 meeting, in addition to the discussion of illegal fund-raising, but also out of the central bank on Peer-to-peer three forms of risk and risk warning information. Among them, the determination of the funds pool and financial management model has caused a lot of interpretation.

As of late November 26, the Central Bank Law Division, which was involved in the news, clarified through the media that it was "discussed" and that the Law Division did not define peer-to-peer business boundaries or red lines.

When asked about two large platforms, the reporters said they were unwilling to comment on the issue. Bai Shingyu, secretary general of China's Microfinance Alliance, said November 28, reviewing the small loan company policy, "there is no official document, is through the leadership of the speech embodied", and Liu Governor previously mentioned that no illegal fund-raising and illegal absorption of public deposits of the two red lines, is the delineation of business.

Shenzhen, a platform in charge of the Xu Jianwen reporters said the statement may be the recent collapse of the positive response, but whether it can be immediately to the problem of the platform constraints are not necessarily, after all, there is no provision of rules.

NET loan third party platform Net loan day head Hous said, the current problem platform is the main self-integration, that is, through the publication of false target, will raise funds for their own production operations or malicious volume of the run.

He explained that, because there is no real borrowing project, investors ' earnings are mainly through subsequent funds. "When several platforms have investors concentrating at the same time, liquidity problems, resulting in slow-moving, investors panic will spread, triggering more funds to bring in, so that more platform involved." "he said.

Another reason for this risk exposure is "group" investment. The so-called regiment usually has the inescapable person, the leader usually invests the experience to be rich at the same time has the appeal, gathers the fund scale can reach tens of millions. Its original intention is to improve the bargaining power of investors to better identify risks. Usually by the head of the investigation, selected items called for members to invest. But if there is a leader for personal interests and the release of false information, the risk can be imagined.

And by Yi Fei Statistics data is, on October 26 appeared difficulty on a platform, the 50 million funds to be collected in 3000万来 from two groups.

20% where does the proceeds come from?

Another feature of the Storm's platform is the high yield of more than 30% or even 40%. In fact, the investment income of Peer-to-peer platform is "high", different investors have different views.

In general, peer-to-peer earnings can be roughly divided into three levels, one in 8% to 12%, the second in around 20%, and the third in 30% or even 40%.

Yi Fei and Hous bluntly, the first level of the income level for experienced old investors are unattractive, such platforms are regarded as a traditional financial alternative, attract the usually new or meet the general financial needs of the people. The third level of income means high risk and even fraud, but there is no one willing to take risks. Around 20% per cent of earnings may represent the most common rate of return.

And the cost of the borrower, in addition to pay about 20% of the investor income, but also to add the platform of service rates, and so on, basically maintained within 24% of the red Line.

But the other question is, who is shouldering about 20% of the cost of capital at a moment when the overall economy is generally depressed? Reporter recently visited Beijing more than Peer-to-peer platform company, the answer is consistent: the need for short-term turnover of small micro-enterprises.

An unwilling to disclose the identity of the platform responsible, the platform's business is based on the parent company's guarantee company, the borrower must have real estate or vehicle mortgage, the loan amount may be a hundred thousand of to hundreds of thousands of, or even tens of thousands of yuan, the term is more than six months within the short term. And his customers may be small supermarkets, small processing plants and so on.

For example, if in peacetime, the supermarket Yahuo period usually in 3 months, but in the end may be shortened to 45 days, when the supermarket will need to have a short-term working capital to pay the payment, as long as the normal sales, repayment does not exist problems. Similarly, for small processing plants, get orders may need a sum of money to pay for raw materials and labor costs, as long as the order is successfully completed, the factory profit margin can reach 40%, enough to pay interest.

Another platform's credit department staff also expressed the same view, because the bank loan approval cycle is long, and small micro-credit service is not in place, only to the Peer-to-peer platform left business space. and Peer-to-peer platform is also covering some banks do not want to do, less qualified business.

"If a big business wants to borrow millions of for a long time, it doesn't have a problem with bank loans and the cost of capital will be lower." "Such companies will not come to us and we will not be able to lend them easily," the business official said. ”

More people say that, compared with bank lending rates, the cost of such funds may be closer to the real level. From the level of private lending, such interest rates are not high.

In the survey, the reporter also encountered such a high interest platform. The Platform customer service staff, its investment project is mainly real estate, is in progress is a real estate company to land mortgage financing 100 million.

On the website, the income of the project is marked as 22.4%, but the benefit of the bonus is 1.6%, 3.8% different, or sometimes as high as 16.4%. As the platform reward revenue is usually immediately after the return of the bid, the calculation, the annual rate of return is basically more than 40%, or even more.

The other side said that because the person in charge is absent, cannot provide the specific document of the borrower. He also said that there are now more than 3,000 investors, the maximum amount of investment is tens of millions.

"Underlined" difficulty

The Central Bank law division denied that the Peer-to-peer business line, the reporter also found in the survey, want to clearly define peer-to-peer business is not easy.

Reporter visited a small loan company with the platform of cooperation, its loan business focused on small micro-entrepreneurs or individuals credit loan, the size of funds in general at tens of thousands of yuan, the rate of lower levels. And the same rely on the guarantee company to carry out business two platform, all require real estate or vehicle mortgage, a special short-term small loans, a also involves more than one year of loans or operating loans, compared to the aforementioned credit, the rate is relatively high.

In addition, the reporter learned that there is indeed a platform in the operation of a number of large scale business, so far has maintained a stable operation, "they have adopted the wind control model, and the bank's wind control procedures are similar." "A person in the industry evaluates.

Because of the platform's wind control mode, business channels and other different, it is difficult to carry out a simple horizontal contrast. The level of interest rates, the size of funds and so on and risk can not be simply linked. At this stage of the accident, most of the platform does not have a real investment target, not to mention risk control.

One of the platform leaders said that a good platform to meet the two standards: mature wind control system and provide principal guarantee, the business model does not need to be demanding. Now the industry's two red lines proposed by Liu have formed a common understanding.

Now, investors on the peer-to-peer platform of risk discrimination mainly by field visits, but such an investigation to the extent to reflect the authenticity of the need to draw a question mark. Especially after the storm, some of the more credible third party inspection agencies and net loans celebrities are involved.

Although from 2011 to now, the central bank, the CBRC related to the peer-to-peer warning repeatedly, but the warning is not binding, formal regulations are not known. In the interview, many people believe that the main reason for the failure of regulation is that the volume of the industry is still small.

"Although the amount of peer-to-peer funding from the volume may be up to tens of billions of, but many are rolling investment operations, the actual capital volume may be billions of." This size may not be comparable to the overall scale of private lending in a prefecture-level cities. Yi Fei believes that peer-to-peer is so much concerned about its Internet properties, once there is a problem, the message is easily spread through the network.

Hous that another possible reason is that there are more departments involved, the division of responsibilities is not simple to clarify.