PICC and Taiping performance insurance are involved again
According to the introduction of the official website, Jiufu Shuke group was established in 2006, with five business sectors, namely digital technology, digital account, digital inclusive, digital wealth and digital international, including Jiufu technology, Diyi technology, Jiufu Puhui, Jiufu wallet, Jiufu wanka, wanka mall, Wukong optimization, jiuhang insurance broker, Jiufu consulting and other products.
In fact, Jiufus main business mainly includes two parts: one is P2P network loan business, which is operated by Jiufu Pratt & Whitney. In fact, Wukong optimization and Jiufu wallet are actually diversion platforms, and the online end will eventually jump to Jiufu Pratt & Whitney; the other is the loan assistance business of financial institutions.
On the one hand, Jiufu attracted investors because famous actor Hu Jun spoke for him and served as chief experience officer. However, the main reason is that in 2018, Jiufu introduced Taiping property insurance Shenzhen Branch and PICC Property Insurance Guangdong branch to provide 100% coverage for principal and interest through performance insurance.
It used to be the full amount guarantee of Taiping and PICC, but when the money could not be withdrawn at the end of the period, it was found that Guangdong integrated Financing Guarantee Co., Ltd. provided guarantee instead, and only provided guarantee liability with a maximum limit of five times the premium. The lender Ms. Cheng said to the author.
However, according to Jiufus introduction of the protection plan, it only provides protection for some creditors rights with a loan period of less than one year. Some investors said to the author, now a months product is also found to be integrated company guarantee.
In recent years, performance insurance of insurance companies has fallen into the center of public opinion because of financial risk events. Recently, there are big cases of Wuhan Jinhuang gold, and there are many kinds of automobile finance and consumer finance risk cases. PICC Property Insurance and Taiping property insurance appear frequently.
In order to resolve the risks and actively realize the payment collection, Jiufu Pratt & Whitney announced that it had introduced licensed AMC for debt management. In view of investors concerns about the discount of AMCs acquisition of creditors rights, Jiufu Pratt & Whitney firmly said fair price, no discount! But the truth may not be so simple.
A senior executive of the four AMCs told the author that the state has advocated AMC to intervene in the resolution of P2P risk events in recent years, but AMC has been holding a wait-and-see attitude towards P2Ps non-performing creditors rights. The main reason is that the relationship between creditors rights and debts is chaotic, many of them involve self financing, and the second is that the quality of assets is poor. Therefore, it is seldom to directly acquire, we should only provide some intermediary services, such as sorting out creditors rights, collecting debts, collecting debts, etc Litigation, etc., will not directly participate in the transfer of creditors rights.
In 2018, Dongfang asset paid off 20 million yuan of Shenzhen Xinrong Wealth Investment Management Co., Ltd. as the first case of AMC intervening in P2P risk disposal, but AMC was no longer involved in P2P disposal.
Financial institutions are faced with major risks in their loan assistance business, and the 100 billion yuan credit is false or real?
According to the 2020 semi annual report released by Jiufu, the total net income in the first half of the year was 850 million yuan, and the adjusted net loss was 450 million yuan. At the same time, Jiufu mentioned that relying on the strength of digital technology, the strategic upgrading effect was obvious, and actively reached inclusive cooperation with financial institutions. In the first half of the year, the matching amount of institutional capital loans accounted for 76.7%. It shows that Jiufu takes the financial institutions loan assistance business as the strategic transformation direction.
According to the disclosure on Jiufus official website, Jiufu Shuke group has obtained 100 billion yuan of accumulated credit from licensed financial institutions, and has established strategic partnership with more than 20 large financial institutions, including Ping An financial one account, CITIC Trust, Bohai trust and Inner Mongolia bank.
However, according to a person close to the financial technology platform of a large domestic financial holding group that is close to Jiufus loan assistance business, in fact, the financing business of the financial technology platform and Jiufu has a relatively serious risk, the cooperation scale is about 2.2 billion, which is a credit loan product related to the taxpayers tax situation, and the mode is that the financial technology platform connects with bank funds, At the same time, it also provides technology risk control. Jiufu, as the asset recommender, provides loan assistance insurance to cover the bottom. In view of a perfect risk control closed loop, all parties do not do risk control. The bank thinks that there are financial technology platforms and PICC to cover the bottom. Therefore, the financial technology platform thinks that it is the funds of the bank and the PICC, so it only makes the formal data Risk control, PICC thinks its premium can cover the risk, so it doesnt care much.
It is also understood that the resignation of the general manager of the financial technology platform this year is also related to the business.
In recent years, such risk cases are common in automobile finance, consumer finance and other fields.
In addition, the 100 billion credit line claimed by Jiufu may be untrue. Bohai trust middle-level people disclosed that they had talked with Jiufu before, but they did not have a meeting because of the cost problem; CITIC Trust disclosed that the companys inclusive financial business had not been carried out very well, and the amount was very small; Foreign Trade Trust personage said that the cooperation with Jiufus loan assistance business was rarely mentioned by the company; many other trust companies with outstanding consumer finance business were listed According to the Secretary, it is because Jiufu is involved in P2P that there is no cooperation or the scale of cooperation can be ignored.
In January this year, Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, disclosed that in the past year, the regulatory authorities had effectively dealt with the risks of online lending, and the related risks had dropped sharply. At the end of 2019, there were 248 online lending institutions in operation nationwide, down 76% compared with the beginning of the year, and the number of institutions, loan balance and participants decreased for 18 consecutive months. The nature of P2P regulation at the beginning of this year is to control chaos. A person close to the CBRC said.
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