Talk about micro-loan internet cafes!

Car loans used to be high-quality assets in the industry, but since last year, high-quality assets have become less high-quality. The main reason is that the previous collection mode is no longer applicable, and the risk control of car loan has also been greatly affected, and the risk has risen sharply. So far, many car loan platforms have disappeared from the industry. This time, let's talk about the car loan platform micro-loan network.

1, Platform Overview Microfinance Network, launched in Hangzhou on July 8th, 2065438+0/kloc-0. Wang Xin Bank, a member of Jin Mu Association, has an ICP business license and has been docked with 100 banks for credit investigation. The registered capital of the platform is 6,543.8+028,099,800 yuan, and the paid-in amount is also 6,543.8+028,099,800 yuan. Many ratings in the online lending industry have always been relatively high. During the period from June 20 14 to June 20 1 18, the platform had seven times of financing, and it was the first platform in Zhejiang Province to introduce 1 billion strategic venture capital.

The main company of the platform is Microfinance (Hangzhou) Financial Information Service Co., Ltd., and the legal representative is Yao Hong. There are ten shareholders, namely:

Yao Hong, holding 60. 1094%, is the platform controller;

Zhejiang Handing Yuyou Financial Services Co., Ltd., holding 15.5399%, is the second largest shareholder;

Suzhou Weixin China Venture Capital Partnership (Limited Partnership);

Shenzhen Guo Sheng Qianhai Investment Co., Ltd.;

Hangzhou Shanan Investment Partnership (Limited Partnership);

Qingdao Oriental Ye Wei Investment Co., Ltd.;

North JD.COM Yitianzheng Investment Co., Ltd.;

Deqing Jinxiu Management Consulting Partnership (Limited Partnership);

Hangzhou Lihai Internet Venture Capital Partnership (Limited Partnership);

The core figure of the platform is its founder and legal person Yao Hong. Yao Hong, born in 1980s, belongs to the younger generation in the industry and has rich experience. It is understood that Yao Hongxian started to do credit business, but the development of credit led to the company's bad debts of more than 6 million, and at the same time, it never rains but it pours, and he was diagnosed with neurological deafness. Various reasons add up, so Yao Hong gave up the credit loan directly and switched to the car loan.

The second largest shareholder of the platform is Handing Yuyou, which has strong strength, but only shares in micro-loans with limited liability. Another, Han Ding Yuyou mentioned the filing of micro-loan network in the inquiry letter in reply to the annual report of Shenzhen Stock Exchange published on May 20 this year. Han Ding Yuyou said that the micro-loan network will strive to register as soon as possible, but if the micro-loan network fails to complete the internet financial filing or obtain the business license of telecommunications and information services, it may face the risk of being asked to stop the online loan intermediary business.

The platform has invested in 14 companies, 8 of which are controlled by the platform. Zhejiang Zheshang Lihai Venture Capital Partnership (Limited Partnership).

There have been three shareholder changes in one year, and the change time is not short. As mentioned before, frequent changes in shareholders are actually an abnormal situation.

2. Product Overview At present, the micro-loan network is no longer a simple car loan platform. Previously, it also launched a credit loan for car owners. In August, Micro-loan Network cooperated with New Hope Jinke to develop a pure credit loan product-Micro-new loan. At present, its credit products include micro-new loans, multi-meter loans, micro-travel, micro-easy financing and so on. There are two products of the platform, intelligent bidding service and decentralized bidding. Indicate in the introduction that all its assets come from the platform's own assets. The products of intelligent bidding service can be divided into X-smart investment of revolving loan and optimized investment of single loan. X Zhitou, the planned product has the problem of maturity mismatch. Debt can only be withdrawn after the expiration of service. At present, the money can be returned to the account before 24 o'clock on the day of debt collection. At present, its asset allocation is mainly based on car loans.

Smart investment is preferred, and the matching target period is the same. After maturity, the principal and interest will be repaid in one lump sum, and the current due amount will be received on the same day. According to the recent show, its asset allocation is also based on car loans.

This product supports early withdrawal, and the creditor's rights can be transferred after 24 hours of lending, and a certain handling fee is charged. Early withdrawal mainly depends on whether the lender is willing to bear it.

Batch bidding, repayment of equal principal and interest, and the products will be received on the day when they expire. The product supports early exit, and the exit rules are the same as those of optimal intelligent investment. 3. Operational data In terms of system access, the micro-loan network has been connected to many systems of China Internet Finance Association, so its data disclosure is relatively comprehensive and transparent. As of August 3 1, the balance of platform loans was13.844 billion yuan, with 384,500 lenders and 469,400 borrowers. Statistics of the operation data of the first eight months of the platform show that the number of people waiting for the platform to collect loans is slowly decreasing. Although the overdue rate of the platform is zero, it can be seen from the payment situation that its bad debts are rising.

4. Recent situation of stock price

Microfinance Network was officially listed on the New York Stock Exchange on 201815, with the stock trading code WEI and the opening price of 10.5 USD. As of September 26th, 20 19, the closing price was USD 6. 15.

5. profitability

Statistics 20 16 to 20 18 annual reports. The data shows that the platform has been profitable for three years.

18 In September, Microfinance Network released the second quarter financial report of 20 19 as of June 30, with net revenue of RMB 906.7 million, down 4.4% year-on-year and 4.5% quarter-on-quarter. The net profit was 654.38+0.069 million yuan, compared with 654.38+0.827 million yuan in the same period of last year. The time goes back to the B round financing of the micro-loan network in 20 15 years. At that time, the venture capitalist Handing signed a gambling agreement. Part of the agreement is as follows: Yao Hong, the founder of Microfinance Network, made a performance commitment while transferring 5% equity. The audited net profit of the micro-loan network in 20 15, 20 16, 20 17 and 20 18 shall be no less than 300 million, 300 million, 500 million and 700 million respectively. The net cash flow generated by the audited operation activities of microfinance outlets in each performance commitment period must be positive. If it is negative, it will be regarded as the offset of the net profit realized in the current period, and if the commitment is completed, the corresponding compensation will be made. If the micro-loan network fails to reach the promised net profit target in 20 15, 20 16, 20 17 and 20 18, Party A shall use its own funds to make up the promised net profit target. If the micro-loan network fails to achieve the promised net profit target in any year during the commitment period, Handing Jinfu may ask Yao Hong to buy back the equity of the micro-loan network held by Handing Jinfu, and the equity repurchase shall be carried out in cash. 6. The current situation of the management team

The main reason is the resignation of executives. First, in July this year 12, the microfinance network announced that Huang, the general manager of Handing Yuyou, the parent company of two shareholders, resigned from the board of directors for personal reasons. According to the announcement, Huang's departure was not due to disagreement with the company. Last year, Li Ziyang, another director appointed by Handing Yuyou, left microfinance. However, the industrial and commercial system shows that the employment information of these two people on the platform has not changed, and it is only clear within the platform whether someone else has taken over. Then, on July 25th, Li Jinxiang, the chief financial officer, officially resigned. This time, the platform said that Li Jinxiang resigned as CFO for personal reasons, and the position was taken over by Chen Feng, executive director of Microfinance Network.

7. Filing situation

At present, there are less than 40 surviving platforms in Zhejiang, and micro-loan network is one of them. The filing information displayed on the platform official website is as follows:

8. Negative public opinion According to some investors, the customer service of the platform has recently frequently called investors to ask for investment. In addition, in the case of three drops in industry requirements, or even a one-size-fits-all approach, the platform interest rate does not fall but rises, and activities continue. The complaints show that the complaints about the platform are mainly collection and high interest rates, which are basically concentrated on the platform's credit business.

Also, in February this year, the People's Court of Yingjiang District, Anqing City, Anhui Province made a judgment. The general contents are as follows: 20 17 165438 10. On October 28th, Dai Moumou, the head of Anqing Microfinance Network Company, and Zhu Moumou, the salesman, deliberately destroyed other people's property by violent means because of civil economic disputes, which constituted the crime of intentionally destroying property. The defendants Dai Moumou and Zhu Moumou were convicted and punished according to law. Although this happened in 17, we can also see what the previous collection mode was like. Now this model is obviously not applicable.

On September 19, the credit manager of Hangzhou Toudai Supermarket was raided. This year, cash loan companies, collection companies and big data companies were investigated. Loan supermarkets that misappropriate cash loans are also under investigation. You can imagine how bad the environment is now. This more or less has some influence on microfinance.

9. Insert the information we learned offline. This month, when we ran the government letter project online, it happened that a friend had worked as a regional manager of the asset side of the microfinance project before. The reason why friends quit is not only that they are not optimistic about P2P, but also that they are organized. Friends' evaluation of micro-loan network is generally positive. A similar case happened in the second half of last year when we shipped the administrative letter project offline. At that time, a friend in our circle happened to work in the project department of a group loan area, and later he left. My friend's evaluation of the group loan is: you gave me such a high capital cost that even the immortal project manager could not find a high-quality project. Finally, I left a sentence: the group loan project department played like a loan network in a certain area. When we were talking at that time, in March this year, that boy Tang J had the idea of running away, and then he was arrested. He also pledged derivative shares to a trust company. The people in the trust company also shorted out. Fortunately, it was intercepted by Yang Ma, which avoided greater losses. However, the direct loss of investors is that the group loan broke out in advance, and many people still didn't get off the bus. Just from the information we learned from the offline side by the way, micro-loan is better and cleaner than group loan.

But as far as I'm concerned, from the online point of view, the industry has clearly demanded three reductions, and P2P is likely to be across the board in the future. In the current situation of three drops or even one size fits all, if the platform still calls investors frequently to invest and keeps raising interest rates, this phenomenon is not normal. The last time was about 17. When Mr. Yao made an offline investor meeting in Hohhot, he said that when microfinance was used as credit, it was a loss, and the credit was unreliable and unprofitable, and then it was transformed into a car loan and advocated a good car loan. As a result, last year, he used cash loans to quench his thirst. In addition, Hangzhou explicitly requires that the industrial and commercial information of P2P companies should not be changed, and shareholders can't do it now. If they continue to raise interest rates at this time, there will be unspeakable difficulties. Too many car loans have been renewed. Once they stop renewing their loans, those borrowers are likely to default on you immediately, so in this case, it is the best policy for investors to take profits. ?