Liu run (ID:runliu-pub)

   The Shanghai Stock Exchange announced last night , Postpone the listing process of ants on the science and Technology Innovation Board . Then the ant announced , The synchronization is suspended H Listing of shares .

   An ant's friend , It was in the group a few days ago 1 Ten thousand yuan red envelope , Share the joy of being rich and free . Now? , The friends in the group are quiet , An orderly refund . Emotional stability .

   Some people say , This is the regulatory retaliation for Ma Yun's nonsense . but , Is that really the case ?

   In fact, the announcement of the Shanghai Stock Exchange made it very clear : Yesterday postponed tomorrow's listing , Because of the new rules the day before yesterday .

   What's the new rule the day before yesterday ? By the CBRC , Issued jointly with the Central Bank of China 《 Interim Measures for the administration of network small loan business ( Draft for comments )》.

   Gourd eating people see three things :A) Ma Yun criticizes supervision publicly ;B) China Banking and Insurance Regulatory Commission releases draft of new regulations on small online loans ;C) Shanghai Stock Exchange suspends listing of ants .

   The chronological order in which these three events are seen is A->B->C. So it's easy to think , yes A( Ma Yun's remarks ) It leads to B( Draft of new regulations ), and C( Suspension of listing ).

   However, the draft of the new rules is unlikely to appear overnight . The chronological order in which they occur is likely to be B->A->C. therefore , The real situation , Most likely B( Draft of new regulations ) It leads to A( Ma Yun's remarks ), and
C( Suspension of listing ).

   Ma Yun's remarks , It may not be the source of all this . The draft of the new regulation is . Ma Yun's remarks , It's the result .

   what “ New rules ” So powerful ? Overnight , Suspend the world's largest IPO list ?

   In this new regulation , Three points are crucial . Let's sort it out . Scientific posture for big family to eat melon . Eat melon, eat flesh .

   The first point : In a single syndication loan , Small loan company operating network micro loan business , The proportion of capital contribution shall not be less than 30%.

   what do you mean ? According to international practice , Let me give you an example .

   Xiao Zhang is a customer of Alipay. , Has a high sesame credit score , Use annual interest from ants 10%, Yes 1 Ten thousand yuan . The ant went to the bank and said : We use technology ( big data , artificial intelligence ……
wait ) Evaluated , This is a good customer , You can borrow it . Let's work together : I come out 1% The fund of , You go out 99%;10% Interest on , Half a person .

   Bank calculation . You make technology , I'm out of finance . principal 9900 element , interest 500 element .5.05% The benefits of . All right . Ant's calculation . I make technology , You finance . principal 100 element , interest
500 element .500% The benefits of . Even better .

   They hit it off .

   however , New regulation draft , Ant's contribution shall not be less than 30%. This means that , On loan to Xiao Zhang 1 Ten thousand yuan in the middle , exceed 3000 Yuan must be from the ants themselves . principal 3000 element , interest
500 element . The income of ants , Right away 500%, Reduced to 16.67%.

   Ant's profitability , It may fall precipitously .

   Then the yield is low , Can ants expand their principal , How about increasing the total revenue ?

   At this time , The second point in the new regulation , It's going to work : Small loan companies borrow money through banks , Non standardized financing forms such as shareholder loans , The balance of the capital contributed shall not exceed its net assets 1 times .

   One 1 Ton car , It can only be installed 1 Tons of cargo , No more than 2 Ton highway . Check overload . You have 1 Net assets of ten thousand yuan , At most, it can only be played in different ways 2
10000 yuan , Loan to customers as principal . The total amount of funds owned by ants , It's covered with a very rigid ceiling .

   The minimum investment ratio has been set , There is a ceiling on leverage . Two lines in a row , Total income of ants , There's no room for imagination right now .

   Can I use it “ Asset Securitization ” The way , How about breaking through these two lines ?

   Xiao Zhang borrowed it from me 1 Ten thousand yuan , annual interest 10%. This is a debt . If I put this 1 Ten thousand yuan of debt , adopt ABS( Asset backed securities ) The way , use 3% What about the price of the sale ? The buyer will take it 7%
Interest on , But buy it with the risk . And I , The money was recovered .

   At this time , My own funds , From 1 Ten thousand yuan , Up to 1.03 Ten thousand yuan . I'll take this 1.03 Ten thousand yuan loan , Then sell the debt , Own funds will roll to 1.06
Ten thousand yuan . This cycle . Some small loan companies , only 10 100 million net assets , In this way , Lending hundreds of billions of business .

   At this time , The third move of the new rules , It works : By issuing bonds , The balance of capital invested in the form of standardized creditor's rights assets such as asset securitization products shall not exceed its net assets 4 times .

   That is to say , The way of Asset Securitization , Maximum turn 4 circle .10 Billion net assets , It can only be released at most 40 About 100 million loans .

   After reading the new rules , What do you feel? ? If you are the Shanghai Stock Exchange , Are you going to put ants off the trees, too ? Oh , No , It's ants coming out ? Once the draft of the new regulation is passed , Ant's profitability , It could be a big setback . This is it. “ Regulatory environment ” Changes in .

   The purpose of this article , It's not to criticize Ma Yun for not being able to hide his talent , Not to comment on the regulatory authorities . The purpose of this article , To help you understand , In the end what is it? , Put the ants off the market . And why it can .

   Sufficient capital , It is an important means to avoid financial risks . Efficient credit management , It is an important direction to improve financial efficiency . Who's right , Who is wrong ? Who is behind , Who's radical ?

   No matter who is right or wrong .

   anyway , We have witnessed another history .