300 billion P2P giant put on file for investigation late at night

category:Finance
 300 billion P2P giant put on file for investigation late at night


On May 31, the micro loan network announced in its official micro signal that due to the national policy and industry trend, the micro loan network decided to withdraw from the online loan industry before June 30, 2020 and no longer operate the online loan information intermediary business.

It has been nine years since the launch of the micro loan network in July 2011. It was also listed on the New York Stock Exchange in November 2018. At present, the latest market value is $93.71 million, which is more than 90% smaller than its peak market value.

Image source: wind

According to the data released by the website of the micro loan network, as of February this year, the accumulated loan amount of the micro loan network was 298.6 billion, and the loan balance was 8.6 billion. At present, the number of borrowers was 115000, and the cumulative loan amount per capita was 264000.

Photo source: screenshot of official website of micro loan website

Suspected of illegally absorbing public deposits

In addition, Shangcheng branch of Hangzhou Public Security Bureau also issued the announcement on loan collection of micro loan network online lending platform, the full text of which is as follows:

To: borrower of micro loan (Hangzhou) Financial Information Service Co., Ltd. (micro loan network online lending platform)

On July 4, 2020, micro loan (Hangzhou) Financial Information Service Co., Ltd. (hereinafter referred to as micro loan network) was investigated by Shangcheng branch of Hangzhou Public Security Bureau for suspected illegal absorption of public deposits. In order to protect the legitimate rights and interests of the vast number of lenders, Hangzhou Shangcheng district leading group office for prevention of financial and online lending risk disposal (hereinafter referred to as the disposal office) is now cooperating with the public security organs to carry out the work of recovering stolen goods and recovering losses, urging borrowers who borrow through the micro loan network and have not yet paid back (hereinafter referred to as platform borrowers) to actively repay the loans. The requirements are as follows:

1u3001 Loan collection

1. The collection work of micro loan network will be included in the overall disposal of the government. The original collection system, organizational structure and personnel will remain unchanged. The collection work is subject to the unified management, supervision and guidance of the government. The borrower of the platform shall consciously cooperate with the loan collection work and actively repay the loan according to the requirements of this collection announcement.

2. In order to ensure the legitimate rights and interests of the lender, the disposal office will timely start legal procedures according to the progress of collection work, and investigate the legal responsibility of the borrower for overdue repayment in accordance with the law. If the platform borrower fails to repay the loan, it will be included in the dishonest list, which may affect the borrowers normal life consumption, daily travel, bank loans and other matters.

3. If the platform borrower refuses to fulfill the repayment obligation, maliciously evades or withdraws the debt, and still fails to repay after collection, which is suspected to constitute a crime, the public security organ will severely punish it according to law.

2u3001 Repayment account

1. The original repayment route of the platform borrower remains unchanged;

2. The repayment account of micro loan network is under the unified supervision of government departments. If you have any other unclear matters, you can call 0571-85261776; 0571-86716170.

It is hereby announced.

July 4, 2020

In March 2020, Han Ding Yuyou announced to withdraw 672 million yuan of impairment reserves for the long-term equity investment of micro loan network.

The reason is that since February 18, 2020, the investment of X intelligent investment directly penetrates the underlying assets. If the investors directly hold the lending object, they will not undertake debt to carry on. At the same time, due to the impact of the epidemic situation and the reduction of the regulatory requirements of P2P stock scale, no new bid will be issued. The original x smart investment will cash the principal according to the maturity date of the penetrated target, and the income part will not be cashed temporarily.

Photo source: photo web

In 2019, the net profit of the micro loan network was 263 million yuan, a year-on-year decrease of 56.52%. In addition, the net profit attributable to common shareholders was 253.6 million yuan, a year-on-year decrease of 64.86%. In 2018, the index was 721.6 million yuan.

The share price is down 90% from its peak

The micro loan network was launched on 2011, and the main Internet plus Finance + car mode was listed on the New York stock exchange in November 2018, with the ticker symbol WEI. The company became the second P2P listed company in Zhejiang Province after 51 credit cards were listed in Hong Kong.

On the same day, the opening price of the micro loan network was $10.50/share, and then reached the peak of the stock price of $13.63/share the following month, and then it went down unilaterally. Since March 5, 2020, the share price of the micro loan network has been hovering between $1 and $2 for a long time. According to the NYSE rules, companies whose stock price is less than $1 for a long time will face delisting, and the micro lending network will also face the risk of delisting. By the end of July 3 (Friday), the market value of the micro loan network was $93.71 million, and the stock price was only $1.33/share, which had dropped more than 90% from the peak. In addition, according to the daily economic news (micro signal: nbdnews), the reporter learned from people familiar with the matter that the regulatory authorities required all online lending platforms in Hangzhou to withdraw from P2P business before the end of June. What is the cause of the car loan model behind the micro loan network of Listed Companies in the United States? In 9 years, micro loan network suspected of non sucking was formally filed for collection under the unified management of the government. Hangzhous largest P2P cool: nearly 10 billion yuan has not been paid back! Source: daily economic news editor in charge: Chen Hequn_ NB12679

On the same day, the opening price of the micro loan network was $10.50/share, and then reached the peak of the stock price of $13.63/share the following month, and then it went down unilaterally. Since March 5, 2020, the share price of the micro loan network has been hovering between $1 and $2 for a long time. According to the NYSE rules, companies whose stock price is less than $1 for a long time will face delisting, and the micro lending network will also face the risk of delisting.

By the end of July 3 (Friday), the market value of the micro loan network was $93.71 million, and the stock price was only $1.33/share, which had dropped more than 90% from the peak.

In addition, according to the daily economic news (micro signal: nbdnews), the reporter learned from people familiar with the matter that the regulatory authorities required all online lending platforms in Hangzhou to withdraw from P2P business before the end of June.