car loans used to be high-quality assets in the industry, but since the beginning of the crackdown 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 The main reason is that the previous collection mode is no longer applicable, and the risk control of car loans has also been greatly affected, and the risk has risen sharply.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 micro-loan network of the car loan platform. 1. Platform Overview Microfinance Network was launched in Hangzhou on July 8, 2111. The member unit of the Mutual Gold Association, which is deposited by Xinwang Bank, has an ICP business license, and has docked with 111 banks for credit reporting. The registered capital of the platform is 128.1998 million yuan, and the paid-in amount is also 128.1998 million yuan. Many rating rankings in the online loan industry have always been relatively high. During the period from June, 2114 to October, 2118, the platform had seven times of financing, and it was the first platform in Zhejiang Province to introduce 111 million strategic venture capital.

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

Yao Hong, who holds 61.1194% of the shares and is the platform controller;

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

Suzhou Weixin Zhonghua Venture Capital Partnership (Limited Partnership);

Shenzhen guosheng qianhai investment co., ltd.;

Hangzhou shanan investment partnership (limited partnership);

Qingdao Oriental Weiye 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 1981s, belongs to the young generation in the industry, and his experience is also very rich. It is understood that Yao Hong started to do credit business first, but the development of credit led to the company's bad debts of more than six million yuan, and at the same time, it never rains but it pours, and it was diagnosed as nervous deafness. All kinds of reasons add up, so after that, Yao Hong directly gave up credit loans and turned to car loans.

The second largest shareholder of the platform is Handing Yuyou, which has strong strength, but it only participates in micro-loans, and its responsibility is limited. Another, in the inquiry letter that Handing Yuyou announced in reply to the annual report of Shenzhen Stock Exchange on May 21 this year, it mentioned the filing of micro-loan network. Handing Yuyou said that micro-loan network will try to register as soon as possible, but if micro-loan network fails to complete the filing of Internet finance or obtain the business license of telecommunications and information services, it may face the risk of being asked to stop the online lending 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 time of change is not short. It has been mentioned before that frequent changes in shareholders are actually an abnormal situation.

2. Product overview At present, the micro-loan network is no longer a pure car loan platform. Earlier, it also launched a credit loan for car owners. In August, the micro-loan network and New Hope Jinke cooperated with a pure credit loan product-micro-new loan. At present, its credit products include micro-new loans, multi-meter loans, micro-travel and micro-easy financing. There are two kinds of products of the platform, intelligent bidding service and scattered bidding. In the introduction, it is indicated that all its assets come from the platform's own assets. The products of intelligent bidding service are divided into X-smart investment for circulating lending and optimal investment for single lending. X Zhitou, the planned products have the problem of maturity mismatch. The debt can only be withdrawn after the service expires. At present, the money can be returned to the account before 24 o'clock on the day of debt withdrawal. At present, its asset allocation is mainly based on car loans.

Smart investment is preferred, which matches the same target term. After the maturity, the principal and interest will be repaid in one lump sum, and the current due payment will be received on the same day. Its asset allocation is also mainly based on car loans according to the recent display.

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

loose bid, the repayment method is equal to the principal and interest, and the money will be returned to the account on the day when the product expires. The product supports early exit, and the exit rules are the same as the optimal smart 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 31th, the balance of platform loans was RMB 13.844 billion, with 384,511 borrowers and 469,411 borrowers. Statistics on the operation data of the platform in the first eight months show that the number of people waiting to receive and lend the platform is slowly decreasing. Although the overdue rate of the platform is zero, it can be seen from the compensation that its bad debts are rising.

4. Recent situation of stock price

Microfinance network was officially listed on the New York Stock Exchange on October 5, 2118, with the stock trading code WEI and the opening price of $11.5. As of September 26th, 2119, the closing price was $6.15.

5. Profitability counts the annual reports disclosed by the platform from 2116 to 2118. The data shows that the platform has been profitable for three years.

on September 8th, micro-credit network released its financial report for the second quarter of 2119 as of June 31th, with net revenue of RMB 916.7 million, down 4.4% year-on-year and 4.5% quarter-on-quarter. The net profit was RMB 16.9 million, compared with RMB 82.7 million in the same period last year. Time goes back to the B round of financing of the micro-loan network in 2115, when the venture capitalist Handing signed a gambling agreement. Part of the agreement is as follows: Yao Hong, the founder of the micro-loan network, made a performance commitment while transferring 5% equity. The audited net profit of micro-loan network in 2115, 2116, 2117 and 2118 shall not be less than 311 million, 311 million, 511 million and 711 million. The net cash flow generated by the audited micro-credit network operation activities in each period of performance commitment must be positive. If it is negative, it will be regarded as the offset of the net profit realized in the current period, and corresponding compensation will be made if the commitment is completed. If the micro-loan network fails to reach the net profit target stipulated in the commitment in 2115, 2116, 2117 and 2118, Party A shall use its own funds to make up the net profit target promised. If the micro-loan network fails to achieve the promised net profit index in any year within the commitment period, Handing Financial Services may require Yao Hong to buy back the equity of the micro-loan network held by Handing Financial Services, and the equity repurchase shall be made in cash.

6. The recent situation of the management team

is mainly the resignation of senior executives. First, on July 2 this year, Microfinance.com announced that Huang Menma, the general manager of Handing Yuyou, the parent company of the second shareholder, resigned from the board of directors for personal reasons. The announcement said that Huang Menma's resignation was not due to differences with the company. Last year, Li Ziyang, another director appointed by Handing Yuyou, left the micro-loan. 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 there are others to take over. Then, on July 25th, CFO Li Jinxiang officially resigned. This time, the platform said that Li Jinxiang resigned as CFO for personal reasons, and the position was succeeded by Chen Feng, executive director of Microfinance Network.

7. Filing situation

At present, there are less than 41 surviving platforms in Zhejiang, and the micro-loan network is one of them. The filing information displayed by the platform official website is as follows:

8. Negative public opinion According to some investors, the customer service of the platform has frequently called investors to ask for investment recently. In addition, under the circumstances that the industry requirements have dropped three times, and even across the board, the platform interest rate has risen instead of falling, and activities have continued. The complaints show that the main complaints about the platform are collection and high interest rates, which are basically concentrated in the platform's credit business.

Also, in February this year, the People's Court of Yingjiang District, Anqing City, Anhui Province issued a judgment. The general content is that on October 28th, 2117, Dai Moumou, the head of Anqing Micro-loan Network Company, and Zhu Moumou, the salesman, and others deliberately destroyed other people's property by violent means due to private economic disputes, which constituted the crime of intentional destruction of property. The defendants Dai Moumou and Zhu Moumou were convicted of intentional destruction of property according to law. Although this happened in 2117, we can also see what the previous collection model was like. Now this model is obviously not applicable.

On September 9th, the credit manager of Hangzhou Head Loan Supermarket was raided. This year, cash loan companies, collection companies and big data companies have been investigated. Now the loan supermarkets that divert cash loans are also under investigation. You can imagine how bad the environment is now. This more or less has some influence on micro-loans. 9. Insert offline information

This month, when we went offline to run the political trust project, it happened that a friend had worked as a regional manager in the asset side of the micro-loan project before. The reason for the friend's resignation was not only that he was not optimistic about P2P, but also the organizational arrangement. Friends' comments on the micro-loan network are generally positive. A similar case happened when we were offline running the government letter project in the second half of last year. At that time, a friend in our circle happened to be working in the project department of a group loan area, and later he left his job. The friend's evaluation of the group loan was: You gave me such a high capital cost, even a fairy-level project manager could not find a high-quality project, and finally left a sentence: The group loan project department played like a mouth loan network in a certain area. At that time, when we were talking, In March of this year, that boy Tang J had the idea of running away, and then he was arrested. He also pledged the derivative shares to a certain trust company. The people in the trust company also had a short circuit. Fortunately, they were intercepted by Yang Ma, and then they avoided greater losses. However, the direct loss for investors was that the group loan exploded in advance, and many people still didn't get off the bus. Only from the information we learned by the way from the offline side, the gameplay of micro-loans is better than that of group loans, and it is also slightly cleaner. But as far as I'm concerned, from the online perspective, the industry has clearly demanded three drops, and P2P is likely to be across the board in the future. Under the current situation of three drops or even one size fits all, if the platform is still calling investors frequently for investment and constantly raising interest rates, this phenomenon is abnormal. The last time was probably in 2117, when Boss Yao held an offline investor meeting in Hohhot. At that time, he said that when micro-credit was used to make credit, it was a loss, and credit was unreliable and did not make money. Then it was transformed into a car loan, advocating good car loans, and as a result, it was a cash loan product to quench its thirst last year. In addition, Hangzhou clearly requires that the industrial and commercial information of P2P companies should not be changed, and shareholders can't do it now. If they keep raising interest rates at this time, they will have unspeakable difficulties. There are too many car loans that are renewed. Once they stop renewing loans, those borrowers are likely to default to you immediately, so in this case, it is the best policy for investors to take profits. ?