As early as 20 19, there were media reports that the supervision was brewing a unified management method for Internet small loans. After a year and a half, the draft for comment was issued, and the conditions were harsh.
In terms of registered principal, the "Draft for Comment" shows that the registered capital of microfinance companies operating online microfinance business is not less than RMB 654.38 billion, and it is a one-time paid-in monetary capital; The registered capital of small loan companies that operate network small loan business across provincial administrative regions is not less than 5 billion yuan, and it is a one-time paid-in monetary capital.
Only this one, most online small loan businesses will be affected. On a year-on-year basis, the minimum registered capital requirement of consumer finance companies is 300 million yuan, and the leverage ratio is about 10 times.
According to the data of "an enterprise information inquiry platform", there are currently 55 1 enterprises related to online microfinance in China, and the number of registered enterprises has shown a downward trend in the past three years. In 2065,438+08, there were 204 new enterprises, which were reduced to 80 in 2065,438+09 and 65,438+00 in 2020 respectively. In terms of geographical distribution, Shaanxi (179), Chongqing (107) and Jiangxi (59) are the provinces with the largest distribution of online microfinance-related enterprises.
According to the incomplete statistics of the consumer industry, there are nearly 30 online small loan companies in China with a registered capital of 654.38 billion yuan, while only 5 companies with a registered capital of 5 billion yuan can't even meet the standard.
According to the information of "an enterprise information inquiry platform", the registered capital of Chongqing Ant Microfinance Co., Ltd. (the main body of ant flower garden operation) is 654.38+02 billion yuan; Chongqing Ant Shangcheng Microfinance Co., Ltd. (the operating entity of Ant Borrowing) has a registered capital of 4 billion yuan, which has not yet reached the requirements of the Exposure Draft.
Previously, the online small loan license was favored because it was not limited by the scope of registration and could cross-regional exhibition industry. Now that the opinion draft has been issued, if you can't come up with the paid-in capital of 5 billion yuan, you must do regional online lending or delisting. Similarly, the license value of online small loans will be greatly reduced.
Guo Dagang, an independent researcher, told the consumer industry that the most important thing in the "Draft for Comment" is the principle of territorial management, which reflects the jurisdiction issue behind it. For example, the leverage ratio in Chongqing was low before, and the supervision in the western region was relatively loose, which was easy to breed arbitrage space. Nowadays, from the perspective of supervision, unified system supervision can maximize social benefits.
In terms of loan amount, the "Draft for Comment" requires that the balance of individual single-family network microfinance should not exceed 300,000 yuan in principle, and should not exceed1/3 of its average annual income in the last three years; In principle, the balance of small loans to legal persons or other single-family networks shall not exceed 6,543,800 yuan.
In terms of joint loans, the "Draft for Comment" requires that in a single joint loan, the proportion of small loan companies operating online small loan business should be not less than 30%.
According to the information in the prospectus, the current total credit scale of Ant Group is 2,254 billion yuan, of which 2,047 billion yuan comes from the "joint loan arrangement with bank partners", and among these 90% joint loans, the contribution ratio of Ant is only 65,438+0%-2%, which makes the best use of leverage.
According to the "Draft for Comment", if the contribution ratio of ants is increased to 30%, its on-balance-sheet lending and registered capital will be greatly increased without changing the original lending scale.
Earlier, some insiders said that the self-operated loan business and loan assistance business of online small loan companies will be combined to calculate the leverage ratio. Although this policy has not been implemented, the leverage ratio of ant small loans and the scale of joint loan business will be greatly affected in the future.
"Finance has always been a high-threshold industry. Since then, grassroots finance has no room for survival." A banker is deeply touched by this.
Some people think that the Opinion Draft is tailor-made for borrowing flowers. Some people hold different opinions. They think that Ma Yun's speech at the Bund Financial Summit is only a trigger event, but it is not the main factor.
Generally speaking, financial technology has not changed the nature of finance. How to strike a balance between promoting innovation and controlling risks is still a long way for financial technology companies including ants.
It is worth noting that some practitioners believe that the principle of localization supervision is conducive to guiding the transformation of P2P online loans to small loans and safely withdrawing in principle, but the risks behind it still exist. If you still run your business with your previous thinking, it may bring a new round of regulatory arbitrage.