The small loan that disappeared from the end of last year and the Trust cooperation again appeared

Summary: Since the end of last year, the small loan and trust cooperation appeared again. September 17, Shandong International Trust Co., Ltd. (hereinafter referred to as Shandong Trust) and Alibaba's small loan company Group (hereinafter referred to as Ali small loans) cooperation, the release of Ali star 2nd collection of funds

The small loan, which vanished from the end of last year, appeared again with trust.

September 17, Shandong International Trust Co., Ltd. (hereinafter referred to as "Shandong Trust") and Alibaba's small loan company Group (hereinafter referred to as "Ali Small Loan") cooperation, issued "Alishing 2nd Collection Fund Trust program establishment Notice" said that the product planning period of 12 months, priority trust funds of 100 million yuan. On June 13, 3 months ago, Ali Financial microfinance assets Income right investment project Collection Trust program (Alishing 1th) was established to raise trust funds of 240 million yuan (priority capital 200 million yuan, inferior assets 40 million yuan).

At the end of 2011, the CBRC issued oral notice to some trust companies, "the Trust Company and micro-credit companies (hereinafter referred to as the ' small Loan company '), guarantee firms, pawn shops and other institutions to carry out business cooperation." Since then, trust companies have been closed to small lenders. In the regulatory layer tightening, how can Ali small loans frequently upstream?

"China Business newspaper," the reporter called Ali Small loans, responsible for foreign propaganda people told reporters, has received notice, "We work with the trust is too hot, we do not accept this interview." "and Shandong Trust related people are also in charge of business trip, the recent return may be declined by the reporter's interview."

"The central bank and the CBRC are doing research on the matter, and it is not known whether the future is to be opened or closed." "The source told the reporter. The CBRC's relevant department officials told reporters: "To the small loan companies can cooperate with the Trust Company, no comment." ”

According to sources, the Guangdong Financial Office is studying the issue of allowing local small credit assets to be transferred through trusts and finance companies to obtain financing. Is the asset securitization of small lenders, which has been seen as "too quick to innovate," to usher in spring?

"Upwind" cooperation

Small loan and trust cooperation, usually by small loans and trust companies signed a sell repurchase agreement, the ownership of credit assets is not materially transferred.

A stone stirs up thousand layers of waves.

In fact, in 2011, small loans were financed through trust. Puyi Wealth data show that the Dinghuachen Trust, Xi ' an trust, Shanxi Trust, Citic Trust and Xinhua Trust have been in cooperation with small loan companies issued trust products, mostly loans and equity investment, the expected rate of return in 6%~10%. But the scale is not big, the total issue size is less than 1 billion yuan.

However, the financing of the tightening of small loans companies, the project is scarce Trust Company is "Two Lovers", a number of trust companies have expressed the intention of the project cooperation. But at the end of 2011, the CBRC issued oral notice to some trust companies: "The Trust Company and small loans companies, guarantee companies, pawn shops and other institutions to carry out business cooperation."

"The asset transfer project that our company works with trust companies has been halted at the end of 2011," he said. A small loan company's boss told reporters.

It is reported that the small loan and trust cooperation, generally by small loans and trust companies signed a sell repurchase agreement, the ownership of credit assets is not materially transferred. After the trust company gets the credit assets, it is resold to investors through the issue of trust schemes.

If the small loan company is lending at 20% interest rate, if the small loan company has 100 million yuan registered capital, sells the 30 million yuan loan assets to trust Company, and only leaves 10% interest income, the remaining 10% interest income is divided between the Trust company or the Trust plan investor. And then the recovery of 30 million yuan to continue to lend money, can be charged 20% of interest income. Simply put, the equivalent of a loan is originally only 20% of the interest, but through the transfer of assets of small companies can receive 30% of interest income (i.e.: assets after the transfer of the remaining 10% interest +20% of the interest on the loan). (see diagram)

This is clearly a risk: if there is no limit, the same loan, the small loan company may be repeated several times the transfer of assets, assets will be magnified a few times, the risk is great.

It is to see this risk, at the end of 2011, the CBRC issued an oral notice to the Trust company, asking the trust company to be cautious with small loans companies, guarantee companies, pawn shops and other institutions to carry out business cooperation. The CBRC does not support the small loan company through the trust financing, so far, the CBRC tightened the small loan company and trust cooperation.

Mode innovation

Alishing has three characteristics: the investment Ali small loan credit Asset income right, the directional investment Ali platform Small business merchant as well as by pays the treasure to supervise the fund.

Alishing 1th and 2nd are the only two projects to be funded by small lenders and trusts this year. "This is a new thing, the central bank and the CBRC are paying attention to this matter, and the project to carry out research and research, the future is the opening or closing the gate is still unknown." "Industry sources told reporters," but so the speculation, for Ali small loans, is not a good thing. ”

"In Zhejiang, the local regulation of small loan companies more lenient, there is no regulation can do." "A Guangdong small loan industry insiders told reporters," relatively, in Guangdong, the small loan supervision is very strict, did not say can do things can not do, small loans to do these things, first to get documents out, allow to do. ”

"Ali Star" series is considered by the industry is Ali small loan played a "edge".

An industry analyst said: Ali small loans to Alibaba E-commerce platform on the sale of businesses to provide credit, and then Ali small loans to these credit assets packaged, Shandong Trust to use the collection of trust funds to buy the proceeds of these credit assets. This small loan-trust cooperation model, it is the CBRC's oral call to stop the cooperation direction.

Then, after the CBRC closed the door, Ali small loans and Shandong Trust Why can again open a seam?

In fact, Alishing has three characteristics: investment Ali small loan credit assets income right, directed investment Ali platform Small business businesses and by Alipay supervision funds. Industry insiders believe that this is its control risk, can break through the limitations of the reasons.

Guangdong Small loan industry insiders pointed out that the trust products appear to have little risk: first, Alibaba has a huge database of small and medium-sized traders, loan customers are in their online multi-year transactions, credit rating of customers, to solve the small micro-enterprises to lend the most worried about the "information asymmetry" problem, can control the small micro-loan risk; Second, Ali small loan through Alipay account for lending and account management, Shandong Trust through the check of credit assets list and Alipay account, the use of trust funds real-time monitoring, thus in the Ali platform merchants, Ali small loans, Alipay between the formation of a closed system, effectively prevent the misappropriation of funds.

Ali small loan has a good father. The head of a small loan company also believes that this ability to control risk is not replicated by other small lenders.

Let go of suspense

Whether through trusts or financial exchanges, the transfer of small loans to loan assets is still considered by the industry as a "edge", they will be stopped, or will quickly replicate, still need to wait and see.

The financing problem has been puzzling the small loan company.

The May 2008 CBRC directive on microfinance pilot projects clearly stipulates that the main source of funding for small lenders is the capital paid by shareholders, donations, and the inclusion of funds from not more than two banking institutions. Within the scope stipulated by law and regulations, the balance of the small loan company obtaining the capital from the banking financial institution shall not exceed 50% of the net capital amount.

According to sources, the Guangdong Financial Office is studying the issue of allowing local small credit assets to be transferred through trusts and finance companies to obtain financing. "Is doing research, the specific details of the current has not come out, do not know what the way to circumvent the CBRC Limited trust and small loan cooperation requirements." The source said that although there are no rules, but the policy direction is to open the way forward.

But whether the road will pass is still fraught with suspense.

In fact, earlier this year, the Guangdong Finance Office also introduced new rules to allow small lenders to obtain a balance of 100% of their net capital from banking financial institutions.

However, this rule cannot be landed at all. Because banks are enforcing the CBRC's 50% rule, the ratio of net capital to 100% of loans is simply not enforceable. Hainan, Zhejiang's financial offices have encountered the same embarrassment, that is, to improve the small loan company financing ratio limit, but the banks ignore the local financial office, only in accordance with the provisions of the CBRC.

In fact, both local governments and small lenders themselves are actively looking for ways to expand their financing. The fastest way to go is the Chongqing financial Assets Exchange (hereinafter referred to as "Chongqing Gold Exchange"), where many local small lenders have issued small credit vouchers for asset transfers. But regulators have also criticized the Chongqing Gold exchange for "going too fast" on public occasions.

Some small lenders are also testing new channels for the transfer of credit assets. Guangzhou, the head of a small loan company told reporters that recently the company and China Ping ' an international financial assets trading market cooperation, has recently been packaged listed sold 30 million yuan of credit assets, that is to say that the release of the 30 million yuan of funds.

"China's peaceful design ability is very strong, they have packaged our product design into 10 products, soon snapped, in short supply." "Other small lenders can replicate this practice," said the head of the Guangzhou Small loan company. But China Ping ' an cooperative small loan company's request is very high, the demand its loan product basically does not have the risk, but our company does not have the bad loan, does is the small micro-loan, the acquaintance loan, does not have the risk, it is willing to cooperate with us. ”

Whether through trusts or financial exchanges, the transfer of small loans to loan assets is still considered by the industry as a "edge", they will be stopped, or will quickly replicate, still need to wait and see.