As an important force of industrial capital, especially in 2014 -2015, the hot and hot trend of listed companies to participate in the Internet plus finance is far superior to the current cross-border trend.
During this period, P2P platforms are frequently injected into listed companies, and many parties hope to drive the companys valuation soaring.
After many years, divestiture, provision of impairment of long-term equity investment, or giving up the control of the platform and turning into ordinary financial investment have become the moves to withdraw.
There are still ordinary investors, waiting a long time.
In his opinion, illegal activities involving fund pool, term mismatch, self financing, fraud and other illegal activities not only damage the rights and interests of P2P platform users, but also compensate for the rights and interests of small and medium-sized shareholders. Regulation definitely does not allow P2P financial risks to spread across the primary and secondary markets, and returning to zero is an inevitable trend.
A capital story about P2P will start in 2014.
As early as March 2014, Cairn (002012), delisting Dagong (formerly known as Dalian holding) and Zoje (002021) jointly launched Qianhai ideal finance, a P2P business company, with a total investment of 200 billion yuan.
Three months later, Pengding chuangying (its platform Pengjin exchange) became the largest listed company at that time and participated in P2P companies.
After capital increase, the registered capital of Pengding chuangying has reached 528 million yuan, including 16 listed companies including Tianyuan dike (300047), wal nuclear materials (002130), Kelu Electronics (002121), hytera (002583), XINGSEN Technology (002436), alto Electronics (002587), Derun Electronics (002055), shunluo Electronics (002138) and Xinlun Technology (002341) Each contributed 20 million yuan, accounting for about 3.79% of the shares.
Panda Fireworks (600599), which is mainly engaged in fireworks production and sales, has invested more energy.
As the only listed company in A-share fireworks industry, Panda Fireworks launched the P2P online lending platform Yinhu in 2014. One year later, in March 2015, Panda Fireworks announced its name changed to panda Financial Holdings and began to march into the Internet financial industry.
In just seven days from March 23 to 30, 2015, panda Financial Holdings announced that it would invest 550 million yuan to establish four Internet financial companies, namely, panda crowdfunding investment of 100 million yuan, panda small loan investment of 200 million yuan, establishment of panda network payment of 100 million yuan, and panda financial services of 100 million yuan. In addition, 50 million yuan was invested in Panda big data, which announced the transformation of Internet finance.
At that time, Panda Fireworks once offered tens of millions of yuan a year to recruit CEO of its P2P platform Silver Lake.
On November 6, 2015, Omar Electric Co., Ltd. announced that it would purchase 51% of the equity of China Rongjin (Beijing) Technology Co., Ltd. (hereinafter referred to as zhongrongjin) with 612 million yuan in cash.
From the end of October to November 26 of that year, within a month, the stock price rose from 34 yuan to the highest price of 128.98 yuan (before the resumption of trading), and both new and old shareholders made a lot of money.
In April 2017, Omar electric purchased the remaining 49% equity of Zhongrong with RMB 784 million in cash.
According to the 21st century economic report, many listed companies with P2P business have different main businesses.
For example, the main product of nopson (002215) is pesticides, SunPower Finance (600318) is engaged in cement business, and Shengda forestry (002259) is selling flooring. These enterprises in traditional industries have entered the battle field of P2P.
With the blessing of the halo of capital, everything flies like an illusion.
According to an industry research data, in a short period of 2-3 years, 107 listed companies have participated in the investment and 122 are operating P2P platforms. Among them, 77% of the listed companies have no Internet or financial industry related experience.
After the madness
When the risk comes, it always breaks the cognitive bottom line of the market.
In 2016, a series of industry regulatory policies were implemented, and Internet Finance ushered in the first year of compliance. 2017 is a year of ice and fire Blending for P2P online lending industry.
On the one hand, under the pressure of industry compliance, the industry started a wave of reshuffle, and more than 500 P2P platforms were eliminated; on the other hand, many platforms turned losses into profits, and set off a wave of overseas listing of Internet Financial platforms.
This year, related concept stocks are also in this differentiation, ushering in a double day market.
On July 14, 2018, Nanshan Branch of Shenzhen Municipal Public Security Bureau officially filed a case for investigation of suspected fund-raising fraud of touzhijia, with an accumulated investment of more than 26.5 billion yuan.
In addition to the investment house, a number of P2P platforms, represented by Tang xiaoseng, Shanlin finance, Niu Banjin and grassroots investment, collapsed in the same year, involving many listed companies such as Huawen media and Wanjiale.
Such news continues to spread out, completely breaking the last hot line of defense of Internet finance.
According to the data of online lending home, by the end of 2016, the number of platforms in normal operation in Guangdong, Beijing, Shanghai and Zhejiang were 473, 461, 331 and 280 respectively; by the end of 2018, the number of platforms in the four regions had changed to 236, 211, 114 and 79.
On March 23, 2019, Hongling venture capital, a P2P platform that has been online for 10 years and has lent more than 400 billion yuan, announced its liquidation. Zhou Shiping, chairman of the board, posted a post in Hongling community: although its a liquidation, its not saying goodbye! u300bIt also said that it would sell its personal property to redeem the platform investors.
Five days later, the group lending network of the head platform exposed risks, involving more than 200000 lenders. Tang Jun, the real controller of derivative technology of A-share company, surrendered himself and was put on file for investigation on suspicion of non smoking.
By the end of September 2019, more than 1200 online lending institutions have been closed down, and 786 cases have been registered and investigated nationwide.
In this process, there are also listed companies early aware of this change.
On June 24, 2019, Haining Picheng (002344) controlled P2P platform Picheng finance announced that it would stop operation. Picheng Finance said that it had completed the cashing of all projects on June 19, 2019.
In addition, Zhejiang Zhonglian Online Network Technology Co., Ltd., a subsidiary of Sunriver culture (600576), announced on September 4, 2019 that the official website and app of Yellow River finance were officially closed.
Zhonglian online said that it has decided to stop the intermediary business of online lending information, and its Yellow River finance platform will no longer operate, and has completed the cashing work of all lenders on September 2, 2019.
Remove the label
In fact, last years equity investment has been one-off impairment, but it is even more difficult to remove the P2P label and eliminate the reputation impact. A person close to the listed company told 21st century economic reporter.
A number of listed companies that have participated in P2P business have similar statements.
Behind the sentiment, the top priority is to clean up the path.
For example, divestiture of P2P business and conversion of holding P2P platform into general financial investment have all kinds of transformation modes in the industry. On December 3, Li Min, senior partner of Shanghai Hansheng law firm, told 21st century economic reporter.
It said that in addition to withdrawing directly from the online lending industry, other listed companies will continue to hold shares of the platform by their groups or related entities after they exit the P2P platform, so as to avoid the direct equity relationship between the listed companies and the P2P platform.
An intriguing case is that Omar Electric Co., Ltd., which spent nearly 1.4 billion yuan in the year, transferred this mutual gold asset at a symbolic price of 2 yuan four years later.
The receiver was Zhao Guodong, the real controller and chairman of Omar electric appliances, one of the trading partners in those years.
Zhonglai (300393), a photovoltaic enterprise, is also trying to get rid of the relationship with P2P platform.
According to the financial situation provided by tongmi finance, the company has withdrawn part of the investment funds at the end of 2018, and all the investment losses of RMB 9 million invested in tongmi finance in the half year of 2019. The case of tongmi finance has a controllable impact on the company and will not have a significant impact on the companys financial situation and daily operation.
In the past five years, tongmis financial performance has been in constant loss. From 2015 to 2018 and the first half of 2019, the net profits of tongmi finance were respectively - 38.7291 million yuan, - 30.1047 million yuan, 17.009 million yuan, - 3.4577 million yuan and - 12.2168 million yuan.
There is also a group of people outside the financial circle who once spoke for P2P platforms.
For example, on July 2, Wang Han, a well-known host, responded to the outside world. Wang Han spoke on the P2P platform love money app from the end of 2016 to 2018. Love money into products after the news of cash difficulties, Wang Han has on the endorsement of the matter to the relevant regulatory authorities for detailed information. The transformation case of Red Star Macalline (601828) is worth learning from. As early as October 17, 2016, Shanghai jiajinsuo Financial Information Service Co., Ltd., a wholly-owned subsidiary of Red Star Macalline, announced that it would no longer provide loan matching service from October 30. This means that red star Macalline will withdraw from P2P business. The P2P platform Jiajin Institute was established on August 28, 2015, with a registered capital of 100 million yuan. The announcement said: the financing services of the future home business circle will be directly completed through the small loan company of Red Star Macalline. This turn is obviously much earlier than most people. Source: Yang Bin, editor in charge of economic report in the 21st century_ NF4368
For example, on July 2, Wang Han, a well-known host, responded to the outside world. Wang Han spoke on the P2P platform love money app from the end of 2016 to 2018. Love money into products after the news of cash difficulties, Wang Han has on the endorsement of the matter to the relevant regulatory authorities for detailed information.
As early as October 17, 2016, Shanghai jiajinsuo Financial Information Service Co., Ltd., a wholly-owned subsidiary of Red Star Macalline, announced that it would no longer provide loan matching service from October 30.
The P2P platform Jiajin Institute was established on August 28, 2015, with a registered capital of 100 million yuan. The announcement said: the financing services of the future home business circle will be directly completed through the small loan company of Red Star Macalline.
This turn is obviously much earlier than most people.