In April this year, the micro loan network also proposed an asset management scheme for investors to sign a contract. Under this asset management scheme, the payback time of micro loan network users will be shortened to 18 months, and the annual interest of 2.25% will be paid on the basis of the original debt principal, and the principal and interest will be returned monthly in the way of equal principal and interest.
As of the end of June 2020, the company held 14.13% equity of the micro loan network through its wholly-owned subsidiary, handing Yuyou Technology Co., Ltd.
However, at the end of May this year, Wang Yan, an employee of hending Yuyou company, resigned from the post of non independent director of micro loan network, and the remaining equity should be accounted for according to relevant regulations.
According to Han Ding Yu you, considering the secondary market share price, liquidity discount and exchange rate factors of the micro loan network, according to the preliminary calculation of the companys financial department, it is estimated that the book value balance of the companys equity investment in the micro loan network will be 76 million yuan by the end of June this year. It is worth mentioning that by the end of 2019, the book value of the asset was 176 million yuan; by the end of the first quarter of 2020, the book value balance of the asset became 155 million yuan.
Han Ding Yu you mentioned in the announcement that in the first half of 2020, the company has made clear the development strategy of focusing on smart city and smart medical as the core business. This incident will not affect the companys strategy, management and business development, and will not affect the companys cash flow.
However, in view of the fact that the micro loan network has been filed for investigation, there is a risk of large amount of fair value changes in the companys financial assets, and the impact on the companys performance is mainly determined by the fluctuation of the stock price in the secondary market of the micro loan network.
On January 22 of this year, Han Ding Yuyou released the performance forecast for 2019, which predicted that the net profit of the Company attributable to shareholders of Listed Companies in 2019 would be 5 million yuan to 40 million yuan. However, only a month later, the company issued a performance correction announcement, with a loss of 745 million yuan to 750 million yuan.
As for the reason for the performance correction, Han Ding Yu you said that since February 18, 2020, the micro loan network of the sun company will no longer issue new bid, and the original x smart investment investment will cash the principal according to the maturity date of the penetrated target, and the income part will not be cashed temporarily. Due to the uncertainty of its impact, the company plans to make a provision for impairment of 672.17 million yuan for the long-term equity investment of the micro loan network after preliminary calculation.
Two transfers of micro loan network equity realized nearly 300 million
With the great changes in the industry policy environment, micro loan network, which once made Han Ding Yuyou earn a lot of money, has now become a hot potato.
In 2015, with the ambition of marching into Internet finance, Hanting Yuyou Financial Services Co., Ltd. (hereinafter referred to as handing financial services) established a wholly-owned subsidiary with its own capital of 100 million yuan. In September of the same year, Han Ding Financial Services announced that it would purchase 5% of the equity of the micro loan network with its own capital of 150 million yuan.
At that time, Hangzhou handing Yuyou equity investment partnership (limited partnership), owned by Wang Qicheng, the actual controller of handing financial services, had already held 15% of the shares of the micro loan network.
The super profitability shown by the micro loan network is favored by Han Ding Yu you. On June 3, 2016, Han Ding Yu You Jia purchased the shares of micro loan network. According to its announcement, the companys wholly-owned subsidiary, Han Ding financial service, plans to purchase 8% of the equity of the micro loan network from Hangzhou handing Yuyou equity investment partnership (limited partnership) with its own capital of 240 million yuan.
The strong development momentum of the micro loan network gives handing Yuyou a taste of sweetness. According to the 2016 annual report released by hending Yuyou, the micro loan network has brought about a profit of 10.0341 million yuan in 2016.
On June 21, 2017, Han Ding Yu you continued to add shares of micro loan network, and acquired 6.66% equity of micro loan network from Hangzhou Han Ding Yu you equity investment partnership (limited partnership) controlled by Wu Yan and Wang Qicheng with self raised funds of 347 million yuan.
According to the data, in 2017 and 2018, the micro loan network brought a profit of 70.514 million yuan and 100 million yuan to Han Ding Yu you.
The founders of the post-80s generation have been on the Hurun rich list
Referring to the micro loan network, the platforms early auto loan business, which was established in 2011, has pioneered the development mode of the vertical market of vehicle loans by the form of Internet plus auto finance, and has become a Star platform in the P2P industry.
The early micro loan network developed rapidly. According to the data, as of the end of December 2016, the cumulative turnover of micro loan network has reached 70.54 billion yuan, an increase of 192% over the same period of last year, and the bad debt rate is only 0.27%. In November 2018, the micro loan network ushered in the high light moment to be listed in the United States. On the day of listing, the opening price was US $10.50/share, with the highest intraday price of US $10.89, and the market value once reached RMB 5.2 billion.
Before he founded the micro loan network, Yao Hong had more than 30 entrepreneurial experiences, selling telephone cards and collecting money. Later, by accident, after seeing the mode of paipaipai loan, he focused on Internet finance. After doing detailed homework, he decided to start a car mortgage business. With cars as collateral, such a model appears to be less risky and more reliable, and it is soon sought after by the capital.
Wei Zhe, the founder of Jiayu fund, once publicly commented on the micro loan network, the car loan company is the asset side. We have repeatedly judged that the asset side or the car side is the safest. First, the price is accurate. How much is the car? I knew when I mortgaged it. Second, it can be seen. Through GPS technology, Internet means, we can see the car. Third, it can be sold. In the end, something went wrong. The car was recovered and could be cashed in quickly.
Since he was a collector, Yao Hong has great experience in how to accurately pressure the borrower, the vehicle is easier to find and control. From business, operation, risk management, talent management, financial management, to collection, I am proficient Yao Hong said in an exclusive interview.
With the rapid development of micro loan network, the founder of low profile and no story telling has been listed on the Hurun rich list in 2019. On October 28, 2019, the Hurun Research Institute released the list of 2020 Hurun post-80s self-made rich, Yao Hong ranked 36th with a fortune of 3 billion yuan.
According to the data of the micro loan network, as of February 2020, its loan balance was 8.583 billion yuan, the accumulated loan amount was 298.663 billion yuan, the total number of loans was 7.8236 million, and the number of loan balance was 336600, ranking first among the major P2P platforms in Hangzhou.
Micro loan network has announced its withdrawal from online lending industry
However, with the great changes in the environment of the Internet financial industry, the micro loan network not only has a sharp decline in profitability, but also faces great risks.
The opinions on classified disposal and risk prevention of online lending institutions, issued in January 2019, proposes that the main direction of work will be to withdraw institutions. Except for some strictly compliant in-service institutions, the rest of the institutions can retire completely, which should be done. In November of the same year, the guiding opinions on the pilot transformation of online lending information intermediary institutions into small loan companies also proposed that some qualified online lending institutions should be guided to transform into small loan companies, and actively handle and resolve the stock business risks of online lending institutions.
Online lending industry is facing unprecedented pressure, and many platforms have announced transformation or exit. In fact, in this respect of transformation, the micro loan network is not without action. In December last year, the micro loan network once said that it planned to transform and apply for the network small loan license.
In February of this year, the micro loan network announced that it would not issue new bid. The original x smart investment investment investment will pay the principal according to the maturity date of the penetrated target, and the income part will not be cashed for the time being. On May 31, the micro loan network officially announced that it would withdraw from the online lending industry before June 30, 2020 and no longer operate online loan information intermediary business.
Prior to that, the micro loan network had opened its asset management scheme to investors on April 29.
According to the asset management scheme released by the micro loan network, users first transfer their subject-matter claims in the micro loan network to a third-party company recognized by AMC company. The third-party company establishes cooperation with AMC company to package and integrate the creditors rights to AMC company, and AMC company provides asset management services. In the future, the third-party company will collect the principal and interest of the lender, and the micro loan network will guarantee the principal and interest of the lenders return.
Under this asset management scheme, the payback time of micro loan network users will be shortened to 18 months, and the annual interest of 2.25% will be paid on the basis of the original debt principal, and the principal and interest will be returned monthly in the way of equal principal and interest.
Mr. Chen, an investor from Fuzhou, told the daily economic news that he had invested in the micro loan network since 2018, just to earn some interest.. The investor said that he had invested 100000 yuan in the micro loan network, and there was still 70000 yuan to be cashed. After the capital management contract signing plan of the micro loan network came out, Mr. Chen received a call from the staff of the micro loan network, at that time, they said that the time of payment collection could be shortened. Mr. Chen told reporters that he chose to sign the above-mentioned asset management plan in order to collect money more quickly. After signing the asset management plan, the payment will be collected from last month (June). At present, only one payment has been collected.
What we didnt expect was that just entering July, the micro loan network was put on file for investigation. On the evening of July 5, the reporter obtained a recording of the conversation between the executives of the micro loan network and the investors. The recording shows that an executive of the micro loan network told investors that the companys collection work is normal, and the leaders are in their posts.
So far, the market value of micro loan network is less than 100 million US dollars. According to its financial report in 2019, the net income of the micro loan network in 2019 is 3.358 billion yuan, a decrease of 14.21% year-on-year. According to the micro loan network, the decrease in this part is mainly due to the reduction of loan service fees.
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 of the micro loan network was 253.6 million yuan, a year-on-year decrease of 64.86%. In 2018, the index was 7216.6 million yuan.
Where is the road to fierce competition in auto loan industry
Its sad that the micro loan network has been put on file. In fact, there have been many car loan platforms on file before.
In October 2019, the official microblog of Pudong branch of Shanghai Municipal Public Security Bureau issued a notice on police through train Pudong, which showed that dianniu finance was put on file for investigation for suspected illegal absorption of public deposits. In November of the same year, NASDAQ announced that it would suspend the trading of financial stocks.
Dianniu finance is the first car loan platform listed in the United States in China, known as the first share of car loan. In March 2020, the Shanghai police announced that it had issued a new red notice to Zeng, the actual controller of dianniu finance through Interpol. In addition, seven people were transferred to the procuratorial organs for examination and prosecution, and 14 suspects were taken criminal compulsory measures.
In addition to the above-mentioned registered car loan platforms, there are also many car loan platforms that choose to withdraw, such as woshi loan, Hengxin e-Loan, haoche loan, etc. A lot of platforms have been working for three or five years, and if they say they dont want to, if they say theyre disbanded, theyre disbanded. Shenzhen a car loan platform executives previously in an interview with each reporter said. In the past, a car loan business could achieve 30% - 40% annualized net income, but now the supervision is stricter, and the loan income is far less than in the past.
In addition, the current regulatory environment makes the asset disposal cycle longer and the post loan disposal more difficult, which also makes the car loan platform face unprecedented challenges. In this case, many car loan platforms actively transform to rent instead of purchase.
It is understood that the main business models of automobile financial leasing include direct leasing and sale and leaseback. Direct leasing is the direct leasing mode in financial leasing. After sale and leaseback is a mode in which consumers first sell their vehicles to financial leasing companies, and then pay the rent on time to rent the vehicles back for use. However, it is not an easy task for car loan platform to transform. Some senior car loan people said in an interview with each reporter that the focus of competition in leasing and purchasing business is to obtain customers channels and costs, as well as the overall strategic layout of the company. Is it necessary to lay out insurance and the entire auto finance industry chain? The complexity of business process has different requirements for the whole company. At present, the competition in the field of auto finance, including purchasing by rent, has become very fierce. For example, Yixin group, Youxin group, which is backed by Internet giant, and big search car with Alibaba background have been deeply engaged in this field for many years. Extended reading of 300 billion P2P giant being filed for investigation late at night: police release Collection Announcement? In 9 years, micro loan network suspected of non sucking and being formally filed for collection is under the unified management of the government. Source: daily economic news editor in charge: Chen Hequn_ NB12679
It is understood that the main business models of automobile financial leasing include direct leasing and sale and leaseback. Direct leasing is the direct leasing mode in financial leasing. After sale and leaseback is a mode in which consumers first sell their vehicles to financial leasing companies, and then pay the rent on time to rent the vehicles back for use.