Recently, the overdue sale project of Lufax set off a wave in the Internet finance field. The project is "Tongji No. 9 Asset Management Project" of Datong Securities, with the amount of 139 million yuan. Bottom assets for small and medium-sized board listed company Longli Biology liquidity fund loan.
It is understood that the project was due on December 7, the principal and interest payment, but until press press still not paid. For the reason of unpaid, the relevant personnel said that it was the liquidity problem caused by the delay in the arrival of the external financing of Longli Biology. In addition, Datong Securities said that the company personnel stationed at the site of Longli Biological company, the enterprise is also actively raising funds, Longli Biological executives have been able to contact.
This matter, many investors began to worry that the fund is still so, how about the net loan? Net lending boom, the platform in order to attract investors, have launched risk reserves. The purpose is to redeem the principal and interest of investors after the borrower is overdue, to give investors a dose of heart. Since then, regulation has become stricter and authorities have demanded that rigid payouts be broken.
In March, Beijing regulators issued a document to online lending platforms titled "Requirements for Fact Identification and Rectification of online lending information Intermediaries," which clearly stipulates that lenders are not allowed to provide guarantees or promise to guarantee principal and interest directly or in a disguised way. Specific practices such as the establishment of risk reserves, deposits, provisions and other guarantees are prohibited. At the same time, the document also stipulates that online lending platforms should provide investors with necessary risk tips and education. In other words, they should bear the risks themselves, and the platforms should not guarantee risks but remind them.
On November 17, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange issued the Draft Guidance on Regulating the Asset Management Business of Financial Institutions, which set unified standard regulations for the problems of multi-layer nesting, unclear leverage, regulatory arbitrage, rigid payment and other problems in the asset management business. The Guidance requires that financial institutions implement net worth management for asset management products, and the net worth generation should conform to the principle of fair value, timely reflect the income and risk of underlying assets, so that investors can clearly understand the risks. At the same time, the practice of excess retention of investment income should be changed, and the investment income other than management fees should be given to investors, so that investors can enjoy the income, and on this basis bear the risk.
It can be made clear that the core requirement at the regulatory level is to let the industry return to its essence and let investors clearly understand relevant risks and bear them independently.
But investors don't seem to be buying it. They believe that as a platform, any overdue behavior is not shirkable responsibility. For example, Lufax in the news, although the products are sold on commission, Lufax has charged 3.5% management fee, and the products are overdue. It is obvious that the platform is liable for negligence caused by mismanagement. It's just like when someone buys fake and shoddy products on a shopping website, the first time they make a claim is on the platform instead of directly looking for the manufacturer.
Risks exist in finance, but finance has come so far because financial risks are shared by all participants. As for the products attached to the platform, the platform side should first carry out strict letter adjustment, and conduct detailed risk assessment and repayment ability research on the financing side. Overdue projects with high risk should not appear on the platform at all. In addition, when overdue, as an information intermediary, the platform must bear joint liability, rather than stand idly by.
In practice, many platforms still continue the rigid payment, such as the quality assurance service fund of Pleasant Loan, and the platform purchases insurance for each contract project, in order to guarantee the legitimate rights and interests of investors. Because, for an average investor, it is very difficult for him to recover overdue money.
However, there are also many platforms to break the rigid exchange, such as Renrendai, PPmoney and other platforms have been offline risk margin, the purpose is to embrace compliance. "In fact, this is the trend of online lending and even Internet finance in the future," said a spokesman for online lending platform YunQianbagao. "The risk transfer to investors does not mean that the platform will no longer take risks." Moreover, when the risk margin is removed, the platform will turn to third parties for underwriting. Because, for the current stage of Internet financial investors, their risk bearing capacity is obviously insufficient.
