165438+1October 2, the China Banking Regulatory Commission and the Central Bank jointly issued the Interim Measures for the Management of Online Microfinance Business (Draft for Comment), which explicitly mentioned the capital restraint mechanism, restrictions on cross-regional operations and other regulatory measures that have a fatal impact on online microfinance companies.
Among them, the "Draft for Comment" proposes that the investment ratio of online small loan companies should not be less than 30% for a single joint loan.
In other words, if an online small loan company wants to borrow 6.5438+0 million yuan from the bank, then the contribution of the small loan company shall not be less than 300,000 yuan. Su, a senior researcher at Sack Research Institute, believes that this regulation has formed a strong constraint on the behavior of large-scale technology companies such as Ant Group to use their own investment to expand the scale of joint loans.
Suning Financial Research Institute said in the interpretation that this article hit the key of online small loan companies. Although many online small loan companies also have capital, lending mainly depends on the funds of banking institutions. In some scenarios of joint loans, some well-known head network small loan companies only make a symbolic contribution of 1% in a single joint loan, and basically make money from financial institutions by realizing traffic. The minimum investment ratio of 30% is too low for online small loan companies, which basically declares the end of the Internet loan era for online small loan companies.
Suning Financial Research Institute believes that it is very likely that online small loan companies will no longer jointly lend, but specialize in helping loans and doing financial technology services. Banking institutions will step onto the historical stage and become the protagonists of the future online lending era.
The "Exposure Draft" also proposes that the balance of funds integrated by online small loan companies through non-standardized financing forms such as bank loans and shareholder loans shall not exceed 1 times of their net assets; Through the issuance of bonds, asset securitization products and other standardized forms of creditor's rights assets, the balance of the incorporated funds shall not exceed 4 times of its net assets.
A brokerage analyst said in his comments that, on the whole, Internet small loan companies can issue loans up to 20 times of their net assets (assuming that loans are issued at 100 yuan, of which 70 yuan corresponds to joint loans, 20 yuan ABS securitization, 5 yuan corresponds to non-standard liabilities and 5 yuan corresponds to net assets).
Dong Ximiao, chief researcher of Zhaolian Finance, said, "Among the small loan companies and some small and medium-sized banks under Ant Group, the capital contribution ratio is as low as 5%, and the lowest is only 1%. According to the calculation, Ant Group leveraged about10.8 trillion joint loans through 36 billion on-balance-sheet assets, which became the most important tool for its credit expansion and also buried great financial risks. After limiting the proportion of joint loans, the credit expansion model of Ant Group will be severely hit, which will have a great impact on it. "
In the face of strict supervision, Ant Group has started to act. Today (165438+1October 10), according to the announcement of Shanghai Stock Exchange, Caitong Asset Management Huayuan Credit Payment Asset Support Special Plan was accepted, with a planned issuance amount of 8 billion yuan. The issuer is Chongqing Ant Small and Micro Loan Co., Ltd.
In addition, the "Draft for Comment" has a substantial impact on inter-provincial exhibition industry, the upper limit of single household balance and registered capital.
Among them, the registered capital requirement of online small loan companies is not less than 654.38+0 billion yuan, and the inter-provincial operation is not less than 5 billion yuan. However, this will not have a great impact on the head mechanism.
At present, Tianyancha shows that there are five online small loan companies with a registered capital of more than 5 billion yuan, namely Chongqing Ant Microfinance Co., Ltd. with a registered capital of 654.38+0.2 billion yuan; Chongqing Duxiaoman Microfinance Co., Ltd., with a registered capital of 7 billion yuan; Chongqing Suning Microfinance Co., Ltd. with a registered capital of 6 billion yuan; Zhongxin (Heilongjiang) Internet Microfinance Co., Ltd., with a registered capital of 5 billion yuan; Nanning Jintong Microfinance Co., Ltd. has a registered capital of 8.99 billion yuan.
For small loan companies, the constraint of inter-provincial exhibition industry actually has a greater impact. For example, without the approval of the State Council Banking Regulatory Authority, a group of online microfinance companies registered in Chongqing can only carry out online microfinance business in Chongqing, but not in Jiangsu, Zhejiang and Shanghai. However, in 20 17, the supervision has stopped the establishment of online small loan companies.