What shocking secrets are hidden in an inconspicuous announcement?

What shocking secrets are hidden in an inconspicuous announcement?

International industry: announcement on the change of relevant information of controlling shareholders

20 13 On September 27th, the company received the controlling shareholder Xinjiang Gantai Zhongsheng Investment Co., Ltd.

Our notice, approved by the Xinjiang Uygur Autonomous Region Administration for Industry and Commerce, Xinjiang Gantai Zhongsheng

The name of Investment Co., Ltd. was changed to "Xinjiang Gantai Zhongsheng Equity Investment Co., Ltd." and its address was

Changed to "Yingke Plaza B, No.217 Gaoxin Street, Urumqi High-tech Industrial Development Zone, Xinjiang"

Block 10 1 1 ",and the business scope was changed to" permitted business items: none ". General business items:

Foreign economic and technical cooperation business; Equity investment: equity investment in unlisted enterprises,

Holding shares of a listed company by subscribing for non-public offering of shares or transferring equity. "

Business license registration number, legal representative, registered capital, shareholders and other information.

No change, the relevant procedures for industrial and commercial changes have been completed.

This change in the name, registered place and business scope of the controlling shareholder has no impact on the company's operation.

Up to now, the company is held by Xinjiang Gantai Zhongsheng Equity Investment Co., Ltd.

147,100,000 shares, accounting for 30.57% of the company's total share capital, and there is no actual controller of the company.

Change. It is hereby announced.

Xinjiang international industry co., ltd

board of directors

2065438+28 September 2003

Equity investment funds mainly gather customers' idle funds through private placement in a professional way and invest in unlisted enterprises with high growth and high returns. Through a series of value-added services, they promote the rapid growth of enterprises, become bigger and stronger, and connect with the capital market, while we mainly get higher returns through the withdrawal of the capital market. The operation mode of private equity fund is equity investment, that is, through capital increase and share expansion or share transfer, the shares of unlisted companies are obtained, and profits are obtained through share value-added transfer. Once the invested company is successfully listed, the profit of private equity investment fund is not calculated by percentage, but by several times or dozens of times.

International Industry (000 159) cash treasure! Wanjia Fund, which shares 40%, cooperates with Alipay.

1, Wanjia Fund Management Co., Ltd. added Alipay payment channel for online transactions. In order to better meet the financial needs of investors, Wanjia Fund cooperated with Alipay to increase payment channels and support Alipay as the company's online trading platform. It is reported that International Industry (000 159) holds 40% equity of Wanjia Fund.

2. Wanjia Fund launched the online direct selling cash treasure quick cash withdrawal service, that is, customers can purchase Wanjia currency through Wanjia Fund's online direct selling platform and enjoy T+0 redemption in real time.

3./kloc-in June, 2009, the company received a 30% equity transfer payment of 335 million yuan from Xinxing Cast Pipe Resources Development Company, which will bring 43.85 million investment income. Accordingly, it is estimated that the third quarterly report will increase by more than 100%.

On July 7, 20 13, the securitization of Ali small loan assets was approved. This is the first approved asset securitization product of securities companies based on small loans, and it is also the first exploration of cooperation between securities companies and small loan companies. It is regarded by the financial industry as an ice-breaking move of credit asset securitization. Only four days after the approval, Alibaba Small Loan, Wanjia Win Fund, noah wealth and other companies announced the completion of the fundraising on July 1 1.

In just one week, Ali Small Loan once again made the whole financial industry feel ashamed: asset securitization, a financial term that just appeared in the the State Council document and required the traditional financial industry, suddenly appeared in the new product name of an Internet company. The rapid response speed has also made Ali once again the focus of attention in the financial industry.

"Ali Small Loan has become a model of innovation in the financial industry." Bai Chengyu, secretary general of China Microfinance Development Promotion Network, said. The so-called asset securitization is to package some assets that can generate stable cash flow, establish an asset pool, and issue securities on the basis of future cash income.

In fact, Ali Xiaoyu has been worrying about funds. According to the regulations, small loan companies can only lend with their own funds. At present, the registered capital of Ali's two small loan companies totals 654.38+06 billion yuan. According to the regulation that the financing leverage ratio of small loan companies is only 0.5 times, the two small loan companies of Ali Finance can lend up to 2.4 billion yuan.

Asset securitization can make a rolling revitalization of up to 5 billion yuan, which is equivalent to helping 800,000 micro-enterprises obtain financing support from the capital market. Although it seems to Wang Tong, the public relations director of Ali Xiao Wei's innovative finance, Ali Small Loan has no intention to fight against the traditional banking industry, but it is enough to make the traditional banks feel a sense of crisis.

Bankers are shaking.

"Obviously, Ali Finance has challenged the banking industry." Hong Qi, president of Minsheng Bank, said. "I have deeply felt that the development of Internet finance will completely subvert the business model, profit model and survival model of traditional commercial banks." Niu Mingxi, chairman of Bank of Communications, said frankly.

Bankers are shaking. What makes them tremble is not only the asset securitization of Ali Small Loan, but also the money they dreamed of being swept away by Internet finance in the "money shortage" of the banking industry in June. The hands of the outside world are reaching out and the boundaries of the financial industry are becoming blurred.

June 17, 2007 was a gloomy day for the banking industry. Banks that have been short of funds for half a month have failed to get any pity from the central bank. The banking industry seems to have a hunch that the tough attitude of the central bank will push up the interbank lending rate. Three days later, the interbank lending rate rose to an all-time high of 13.444%.

On this day, the balance treasure that was "killed" halfway quietly "stole" the funds that the bank was not rich. 18 days after its launch, this seemingly insignificant fund product has 2.5 million users and a scale of 6 billion. Now Yu 'ebao is still running for hundreds of millions of yuan every day, which makes bankers feel the powerful impact brought by the Internet more deeply.

In fact, the object of bank prevention is not just Ali Finance. In recent years, P2P loan service platform based on Internet mode has also shown "explosive growth". According to a data, at the end of 20 12, there were more than 200 P2P lending service platforms, and the loan balance of online merchants on P2P platforms exceeded 654.38+0 billion yuan, with more than 50,000 investors. If we add the P2P offline business that has not been counted, the loan balance and the number of investors will double.

In Bai Chengyu's view, the traditional banking industry is not worried about the loss of credit business, but the loss of deposits. The central bank's data also confirmed this. In June, when the "money shortage" was the worst, the deposits in the banking industry increased by nearly half compared with the same period of last year. In recent years, the phenomenon of negative deposit growth has been numerous.

Ma Yun: A once-in-a-century giant theme-Ali Finance!

International industry (000 159) accounts for 40% of Wanjia * * * winning fund. The theme of Ali credit asset securitization is far greater than Yu 'ebao, generalized financial reform and mobile games. 5 yuan's talented international industries are more explosive than Inner Mongolia Zheng Jun/Xiangyi Rongtong/Zhongqingbao/LeTV/Oriental Fortune/business treasure/Yin Tian Holdings.

Wanjia * * *, a subsidiary of Wanjia Fund, has obtained asset securitization products issued in cooperation with Alibaba Finance, and International Industry (000 159) holds 40% equity of Wanjia Fund.

Caixin.com, July 12 (Reporter Zhang Bing) Wanjia * * *, a subsidiary of Wanjia Fund, won the asset securitization product issued in cooperation with Ali Finance, with a scale of 200 million yuan, which is relatively fast and may have been raised.

International Industry (000 159) holds 40% equity of Wanjia Fund, and Wanjia Fund (5 1% equity) is the winner. noah wealth indirectly holds 35% equity, and employees hold 14% equity. Due to this shareholder relationship, noah wealth (NYSE: Noah) announced on Thursday night (July 1 1) that its first folk credit asset securitization product with Ali Small Loan Company had been raised.

From the outside world, the Zhengdong Asset Management-Alibaba Special Plan is the first time that Ali Finance has touched on asset securitization, but in fact, Ali has previously issued two private small loan asset securitization products with Harvest Capital, a subsidiary of harvest fund, with a total fundraising scale of about 200 million yuan.

Ali asset securitization products won by Wanjia * * * belong to private placement. According to Caixin reporter, Wanjia * * * obtained the securitization of Ali small loan assets, focusing on the brand effect and the opportunity to be familiar with the business model. Wanjia * * * won 200 million products mainly for individuals, and the starting point for subscription was 6,543,800 yuan.

Small and micro loans issued by Ali Small Loan are essentially order loans, credit loans and Ali credit loans of Taobao or Tmall, an e-commerce website under Alibaba Group. The industry covers a wide range, and the loan period is short (average term 127 days), and the loan range is concentrated in 500,000-500,000 yuan.

Alibaba Group owns two microfinance companies, Zhejiang Alibaba Microfinance Company and Chongqing Alibaba Microfinance Company, with a registered capital of 654.38+06 billion yuan. According to domestic regulatory regulations, the sources of funds for small loan companies mainly include shareholders' capital injection and bank loans, which shall not exceed 50% of the registered capital. After the rapid expansion of Ali's small loan business, it has been constrained by capital.

The basic asset of the securitization product won by Wanjia * * is the loan of Zhejiang Ali Small Loan, with the priority and sub-level ratio of 9: 1. Ali's Shang Cheng guarantee also increased the credit by way of guarantee, but the guarantee company will guarantee 15% of it.

Because the priority does not need to be listed, there is no rating for the priority share in the fund mode. According to Caixin reporter, in the operation mode, Ali Finance is equivalent to the role of manager. The raised funds were handed over to Ali Finance and entered Ali's fund pool. Asset access, fund operation and real-time monitoring are all handed over to Ali Finance, which is equivalent to entrusting Ali Small Loan Management after purchasing these credit assets.

Even so, because the technology is not complicated, Wanjia * * * Win can use the network port to monitor the loan situation in real time, and Ali Finance will regularly submit the asset list to Wanjia * * * Win and customers for inspection. Under adverse circumstances, Wanjia * * * will ask Ali Small Loan to supplement new basic assets of the same scale into the asset securitization basic asset pool to replace the original non-performing loans.

In Wanjia's plan, the priority rate of return of 90% shares held by investors is about 6.5%, and the cost of intermediaries is about 1%. Theoretically, the secondary income of 10% held by Ali Small Loan is between 18%-2 1%, or even higher.

According to this model, the financing cost of the whole asset package is about 7.5%, but the annualized interest charged by Ali to the loan customers is about 2 1%, and there is still a difference of about 13%. The profit margins provided by several schemes to Ali almost all fluctuate at this level.

Wanjia's whole product lasts for 15 months, that is, the model of 12+3, and it is opened every 6 months. In order to ensure the smooth liquidation and carry-over of credit assets, there can be a three-month extension to facilitate the withdrawal of investment that has already formed loans. Although the profit margin is large, the competition is fierce.

International industries account for 40% of the shares of Wanjiaying Fund. The theme of Ali credit asset securitization is far greater than Yu 'ebao and general financial reform. International industry is more explosive than Zheng Jun and Xiangyi Rongtong in Inner Mongolia.

Asset securitization brewing routine Ali catfish and securities credit attack on all fronts

"Where eyes gather, money will follow." -This sentence from "Technical Elements" and quoted by Ma Yun, Chairman of the Board of Directors of Alibaba Group, is more suitable to describe the current asset securitization business.

Shortly after the release of the "Golden Ten Articles", the central bank indicated that it would be led by the Association of Interbank Market Dealers, and planned to jointly expand the asset securitization business pilot with relevant institutions, and carry out normal development and management. At the same time, brokers, funds and trusts have taken the lead in cooperating with Ali Small Loan and other enterprises to carry out innovative business of asset securitization in turn. The voice from the industry is that in the next 10 year, the biggest innovation in the capital market will focus on asset securitization, and it has just begun.

Normal development calls for rule construction.

Although the research on asset securitization started from 1996, it was not until 2005 that China Construction Bank issued the first single credit asset securitization product, and the scale is still less than 100 billion.

During the period, from 2005 to 2009, * * * issued 0/7 bills, totaling 66.7 billion yuan. After being suspended for three years due to the international financial crisis, it was restarted for the first time on 20 1 1. So far, * * * has placed six orders, totaling 22.8 billion. At present, all products are operating well and there is no breach of contract.

"Asset securitization has gone through three rounds of pilot projects. Although the product innovation is not strong, it has accumulated some experience. That's not the point. The key point is that in March this year, the China Banking Regulatory Commission issued the No.8 document on bank financing, which means that banks' investment in non-standard creditor's rights will be strictly restricted, and asset securitization is the most feasible way to solve non-standard risks. At the same time, banks cannot replenish capital through continuous large-scale financing, and it is urgent to adjust the asset-liability structure through asset securitization, which will bring huge market demand. "The general manager of the fixed income department of a large brokerage firm said this.

There is demand in the market and policy support. Why is it so slow? Many insiders said that asset securitization has been piloted in China for nearly ten years, but there are no supporting special laws, market and trading rules, and the identification, carrier and supporting accounting standards of characteristic assets are not clear. The normalization of credit asset securitization involves many technical links, especially the infrastructure is a systematic project, which cannot be formed only by the introduction of detailed rules by a single department, and needs the cooperation of multiple departments.

E-commerce catfish stirs up financial innovation

Compared with the slow progress of the mainstream credit asset securitization pilot, the asset securitization business in the private equity market is moving forward quietly with lightning speed.

At the beginning of July, the Ali Small Loan Special Plan applied by Orient Asset Management Company was finally approved by the regulatory authorities after half a year's feedback and communication. A week later, noah wealth, a third-party wealth management organization, announced that it had completed raising the first private equity securitization product with Ali Small Loan Company. The e-commerce catfish Ali Xiaoyu is injecting continuous market vitality into asset securitization.

According to public information from noah wealth, the asset securitization product of folk credit is to package the credit assets of Ali Small Loan, take its income right as the investment target, and issue a specific multi-customer asset management plan of the fund subsidiary, which is subscribed by high-net-worth customers in noah wealth. The issuer is Wanjia * * * Win Asset Management Company, raising 200-500 million yuan in the first phase, and the product yield is slightly higher than the one-year loan benchmark interest rate, 6. 15% annualized.

"Zhengdong Asset Management-Ali Small Loan Special Plan" has more innovations. It is reported that the product adopts the mode of unified architecture, one-time approval and phased distribution. Products are divided into 1 to 10. The scale of funds raised by each special plan is 200 -500 million yuan, and the total scale of funds raised is between 2-5 billion yuan. The product design is a three-tier hierarchical structure, with external guarantee institutions and market ratings, and it is operated and managed by purchasing basic assets circularly. At the same time, Orient Asset Management also indicated that the product will be listed and traded on Shenzhen Stock Exchange when conditions are ripe.

Whether it is "Wan Jia * * * Win-Ali Small Loan Specific Multi-customer Asset Management Plan" or "Zhengdong Asset Management-Ali Small Loan Special Plan", there have been breakthroughs in product design and operation management. A person from the equity investment department of Haitong Securities said that the biggest innovation in the capital market in the next 10 year will focus on asset securitization, and these two businesses of Ali Small Loan have just begun.

What few people have noticed is that as early as the second half of 20 12, Ali Small Loan teamed up with Shandong Trust to launch an asset-like securitization product-"Ali Star Series Collective Fund Trust Plan" to purchase the equal credit asset income right of Chongqing Alibaba Small Loan Co., Ltd. (hereinafter referred to as "Chongqing Ali Small Loan") and provide loans to small and medium-sized enterprises and businesses on Taobao Alibaba e-commerce platform.

The head of the financial market department of Oriental Trust Company said that asset securitization is a big topic, which not only has the function of financing, but also supervises assets and liabilities. "Compared with private equity products such as asset-backed notes (ABN) and debt-based real estate trusts (REITs), credit asset securitization (ABS) undoubtedly has a bigger market. Brokers, funds and trusts have their own advantages and will all form their own models, which are still being explored. "

Ali asset securitization products will be listed on Shenzhen Stock Exchange.

Caixin.com News (Reporter Cao Wenjiao) The Shenzhen Stock Exchange (hereinafter referred to as the Shenzhen Stock Exchange) announced on Monday (July 8) that the "Alibaba 1-10 Special Asset Management Plan" established by Shanghai orient securities Asset Management Co., Ltd. was approved by the China Securities Regulatory Commission and will be listed and transferred on the comprehensive agreement trading platform of the Shenzhen Stock Exchange, adding new asset types to the asset securitization product sequence.

According to the introduction of Shenzhen Stock Exchange, this product is based on the creditor's rights formed by Alibaba Microfinance Company's loans to small and micro enterprises, and 10 products are issued irregularly within three years, with the amount of each issue ranging from 200 million yuan to 500 million yuan. According to the characteristics that small loan assets have a short term and can be repaid with the loan, the product adopts the method of circular purchase in the transaction structure design, that is, after the creditor's rights related to the basic assets are repaid, the obtained funds are used to circularly purchase new qualified small loan assets. This transaction structure has been applied in overseas markets, which can solve the problem of term matching between short-term loan assets and long-term securitization products, and it is the first attempt in the domestic asset securitization market.

The person in charge of the relevant business of Shenzhen Stock Exchange said that "Alibaba 1-10 Special Asset Management Plan" is the first attempt to securitize microfinance assets, which is of great significance and has certain risks. Shenzhen Stock Exchange intends to further strengthen the continuous tracking, risk assessment and risk response mechanism of this product, implement the investor's appropriateness management requirements by correspondingly raising the threshold for the minimum number of priority share transfers, continuously pay attention to the product transfer and repurchase, and refine the risk emergency plan for major environmental changes.

According to the Shenzhen Stock Exchange, Ali Small Loan, based on the user data accumulation of Alibaba's e-commerce platform, combined with the Internet loan model, has improved the loan efficiency on the premise of effectively identifying and controlling risks, and has become a useful attempt to solve the financing difficulties of small and micro enterprises and individual entrepreneurs. After the securitization of small loan assets, Ali Small Loan can obtain loanable funds from the capital market, further expand its business scale and better provide financial services for the real economy. As the main customers of Ali Small Loan, small and micro enterprises will benefit from the development of such products.

Asset securitization is an important financial tool for the capital market to serve the real economy, which provides a way to transform relatively illiquid assets into standardized financial products and plays an important role in revitalizing existing assets and improving asset liquidity.

Over the past year or so, Shenzhen Stock Exchange has listed products such as Nanjing Municipal Sewage Treatment Fee, Happy Valley Theme Park Admission Certificate and Lancang River Electricity Fee, which has raised 6.25 billion yuan for enterprises. ■

Xiao Gang: Alibaba's asset securitization attempts to benefit small and micro enterprises.

On July 15, Xiao Gang, Chairman of China Securities Regulatory Commission, mentioned in his speech: "Promote securities companies to carry out asset management, direct investment, underwriting private debt of small and medium-sized enterprises and asset securitization, and support the development of small and medium-sized enterprises. For example, orient securities recently securitized the credit assets of Alibaba Microfinance Company and listed it on the Shenzhen Stock Exchange, which made a useful attempt to support the financing of many small and micro enterprises and individual entrepreneurs. "

Ali Small Loan Securitization mentioned by President Xiao Gang is the Zhengdong Asset Management-Alibaba Special Asset Management Plan approved by the CSRC not long ago. In this project, Ali Microfinance sold the high-quality loan portfolio of its small loan company to the "Special Asset Management Plan" of Zhengdong Asset Management, and issued securities to investors based on the loan portfolio. With the help of asset securitization, it is equivalent to allowing small and micro enterprises and individual entrepreneurs on the e-commerce platform to indirectly obtain financing support from the capital market.

It is reported that Ali Small and Micro Asset Securities Special Plan is also the first approved special plan based on small loans since the release of the New Regulations on Asset Securitization of Securities Companies. For the successful approval of the project, the external interpretation revealed the attitude of the CSRC to encourage securities companies to innovate and guide funds to serve the real economy. President Xiao Gang's speech undoubtedly verified this view.

Some analysts said that with this project, Ali Microfinance may meet the financing needs of 800,000 small and micro enterprises and further promote the development of the domestic real economy.

Among the various institutions that currently serve the financing of small and micro enterprises, Ali Microfinance is undoubtedly the most concerned and the best one. The data shows that by the end of the second quarter of this year, Ali Microfinance Services Group (to be established) has provided financing services for small and micro enterprises and individual entrepreneurs on more than 320,000 e-commerce platforms since its self-operated microfinance business was established three years ago, with accumulated loans exceeding/kloc-0.00 billion yuan and average household loans of 40,000 yuan.

Just a few days ago, Hu Xiaoming, president of Ali Small and Micro Business Group, said that in the future, Ali Small and Micro Credit will strive to provide financing services with pure credit loans for 6,543.8+million small and micro enterprises.

Zhou Xiaochuan: Promoting the standardized development of credit asset securitization

Zhou Xiaochuan, governor of the People's Bank of China, said on June 5, 438+05 that we will continue to implement a prudent monetary policy, maintain a reasonable amount of money and credit, and create a good financial environment for the development of small and micro enterprises. Promote the routine development of credit asset securitization under the premise of controllable risks, and guide financial institutions to tilt their revitalized funds to small and micro enterprises.

Ali small loan pioneer asset securitization pilot is expected to expand in a small scale.

The asset securitization products jointly launched by Dongfang Asset Management and Ali Small Loan have recently been approved by the China Securities Regulatory Commission and will be listed on the Shenzhen Stock Exchange. This heavy news caused an uproar in the small loan industry. The insiders believe that asset securitization has broken the bottleneck of financing leverage of small loan companies, which will inevitably lead to the imitation of peers.

Break through the limit of loan leverage ratio

The "Alibaba No.65438 +0-10 Special Asset Management Plan" jointly launched by orient securities Asset Management Co., Ltd. and Ali Microfinance Company takes the creditor's rights formed by the loans issued by Alibaba Microfinance Company as the basic assets and issues 10 products within three years. People in the small loan industry interviewed by Securities Times regard Ali Small Loan as "the dawn of the industry".

At present, the financing leverage ratio of small loan companies is strictly limited. According to the financing leverage ratio of 0.5 times of small loan companies, it is far from meeting the growing credit demand of small and micro enterprises.

Asset securitization is equivalent to enlarging the capital scale of small loan companies and further improving their lending ability. Alibaba said yesterday that its original capital scale has served 300,000 small and micro enterprises, and the funds obtained from this asset securitization can serve an additional 500,000 small and micro enterprises, and the loan scale and the number of customers have doubled.

In this regard, Du Xiaoshan, deputy director of the Rural Development Research Institute of China Academy of Social Sciences, who is known as the "father of microfinance in China", said that under the embarrassing situation that financing for small enterprises is increasingly difficult and the way out for private capital is hard to find, the practice of asset securitization has made the industry see the dawn.

Xu Jianwen, co-founder and CEO of Everybody Gather Wealth. Online loan company com said that asset securitization broke through the bottleneck of low leverage of small loan companies and broadened the financing channels of small loan companies. There will be more excellent small loan companies in the future. The leverage ratio is amplified through brokerage asset management and trust plan.

Xu Jianwen said that in the past, most microfinance companies relied on limited funds to lend, which hindered their business development. Therefore, some small loan companies have adopted the gray means of raising funds privately to increase leverage. If the portable application hall can expand the pilot scope of asset securitization, it will narrow the gray area and make private lending more sunny.

Liu Yong, Chairman of the National Training Institute and Deputy Secretary-General of the Small Loan Association, told the reporter that Ali's securitization of credit assets packaged and sold the credit assets of small loan companies, which revitalized the existing assets and improved the efficiency of the use of funds.

It is expected to expand the pilot on a small scale.

20 13 when the financial reform in China is in full swing, asset securitization has been given a more important mission by the financial industry. Recently, China Banking Regulatory Commission (CBRC) issued ten new financial countries aimed at revitalizing the existing money, which mentioned that it is necessary to gradually promote the regular development of asset securitization, especially the securitization of some high-quality loans with stable yield and long term.

Insiders speculate that the securitization of Ali small loan assets can be successfully approved by the CSRC, which is related to the requirements of current financial reform and the fact that customers are small and micro enterprises supported by national policies.

Although there are endless doubts about the profit model of Ali Small Loan, Ali Small Loan does provide financing services for many small and micro enterprises. According to the data provided by Alibaba, as of the end of the second quarter of this year, Alibaba has provided financing for more than 320,000 small and micro enterprises and self-employed individuals on the e-commerce platform in the past three years, with accumulated loans exceeding 654.38+000 billion yuan and average household loans of 40,000 yuan.

Although Ali Small Loan has made a good start in asset securitization, it does not mean that all small loan companies can enjoy this treatment. According to the data of the central bank, by the end of the first quarter of 20 13, there were 6,555 micro-loan companies in China, with paid-in capital of 56,765,438+84 million yuan and loan balance of 6,357.27 million yuan, up by 34%, 46% and 42% respectively.

Du Xiaoshan believes that there are a large number of small loan companies, and the strength of shareholders, personnel quality and risk control level are also uneven. Therefore, regulators may not be fully liberalized. In the future, local financial offices may recommend suitable small loan companies to expand the asset securitization pilot on a small scale.

Xu Jianwen also reminded that asset securitization of small loan companies is similar to the fund pool model of banks, and there may be liquidity risk of maturity mismatch between the asset side and the liability side, and the risk of opaque credit asset information, which needs to be concerned by the industry.