How do Huang Qifan commented on P2P and Jack Ma in June this year?

S $ 600 million) Through bank loans and many ABS financing, it finally turned to 300 billion yuan, and the leverage is as high as 100 times.

Huang Qifan emphasized that, unlike online loans of commercial banks, online loans, online loans have been around the market quickly.However, he also emphasized that he must not make technology finance because he has P2P, and pour dirty water to pour children.

The following is the characteristics and development path of financial technology in the background of Huang Qifan at the background of the 5G of the summit.

In the process of the development of the digital economy and digital platform, it was about five years. We also walked a detours, because P2P pushed away in China on a large scale in 12 or 13 years. From 2006 to 12 years, it is relatively large.The promotion of scale suddenly became fashionable and synonymous with technology finance.

Thousands of P2P companies in various provinces and cities are constantly being born. Some are directly called P2P, some are called Internet finance, and some are called investment consulting companies. They are all P2P.

In this way, it started to rectify in 16 years, because it has been disaster, and a company closes 7800 billion yuan in bad debts. Then this kind of company has a shocking. Dozens of them occur at the same time.It's right.

This matter should be said to have a fresh memory. I don't need to say this phenomenon and consequences.Today is a summary of lessons. Why did the P2P invented by the British not in the United Kingdom in 20 years?

Americans approved P2P in the United States around 2005. So 15 years in the United States, all the US P2P companies have not exceeded more than $ 3 billion and no more than 10 companies. Why are they not flooding?Why do we have become a flood?

Because our P2P is actually not defined abroad, P is one person, and another P is also an individual. The two people know each other and loans each other.The TO of P2P is a platform in the middle, but the two parties who are introduced by the introducer borrowing money are the front feet and back feet.

Just like my sister wants to borrow a sum of money to my brother, they know it myself. I am their brothers. I will make an intermediary or a certification, and you borrow it yourself.

Such a financial platform itself did not bring any money by others, nor did he lend the money to others. It was P2P that they directly to.

This company is just a certification, so it can be done in its ideological model.But in essence, there is no value of social practice, so such developed US financial systems, British financial systems, and Europe have not been launched.

Our thing (P2P) suddenly put on the sacred scientific coat of the Internet, and put the most ugliest and most disgusting mouse in the traditional society and rural society of hundreds of years in rural society in China.Put on the Internet coat.

This kind of person who derives usury in the mouse will have no financial capital. It is all of this hand from the people's high interest rates to take over the reserve.In the end, it collapsed, or went to the money volume.

We have five characteristics of our P2P: First, P2P companies have hundreds of thousands, ask him where did he come from?Shareholders came up and raised funds. This is the first, the concept of capital.

Second, if you have 100 million capitals leaving 3 billion loans, where does financing come from capital to lending balance?P2P came with netizens at a high interest rate.

Third, with these 3 billion to release, who is it?Speaking of which is an Internet company, it has no scene or its customers. It is a dish to pull the basket. As long as you want to borrow my 18%, 20%, and 25%usury, I will lend you.

Regardless of student loans, campus loans, or buying a down payment loan, or speculating stocks, anyway, you only need to borrow me to give you. As for the scene background of the person who borrows, he is also credit for a few years or years.He couldn't care, he didn't care, this is the third.

Fourth, borrowed money may not be able to pay it in half a year, and some have not returned.So the money from the people's high interest rates may be ranging from half a year or two, so how can there be a balance of funds, and borrow the new account to pay the old account, and the Ponzi scheme.

In the last point, these companies have neither funds pool nor repay their bad debt reserves, nor are they allocated.So in this sense, generally, the accident is either falling down, and there is no terrible money for money, or it is too late to see the incident, and the money goes away.Go, as soon as a person packs dozens of people and run away.

These five companies, such as your instinct, should pick up a knife and cut him.

So in 13 years, our business director wrote a report to me, saying that there are two P2P companies in Shenzhen. Financial companies came to Chongqing to register. They are financial companies. Good things have reported a report to me.

I have criticized a paragraph: P2P on Chinese land is rural usury loan, and the Internet is turned under the Internet.On the land of Chongqing, as long as the central government has not been legal, it will never be allowed.Chongqing is not approved, and it has been approved in the field.

I have written more than a dozen such instructions in about three years, so Chongqing was really controlled by me.I later reported with Ma Kai and the Chairman of the CBRC, and they all supported me.Then the whole country is starting to push away and rectify, I say that it has these five problems, so it must not turn on the green light.

So unfortunately, there are almost 10,000 P2P companies in the country closed down in the past two years, so the bad accounts have almost two trillion yuan, which is terrible.

The relatives and friends between us may have a silly person to make the 501 million savings they have in their lives.This has become the first disaster of science and technology finance. It is this thing that gives us a deep lesson. This is the second point I speak.

The third point should be said, do not make technology finance because of P2P, pour dirty water and pour children.

As long as the technology finance and Internet finance itself meets the five principles, it operates according to the leveraged framework of five principles, which is a platform that can develop well and is a platform that can develop well.

These five principles are exactly the concept of P2P.First, technology finance companies must have their own capital, and their own capital is still relatively large.This means that you can't ask for money with netizens, and you can't do any crowdfunding, which is your parent company.

For example, Ma Yun wants to engage in Huayan, borrowing technology financial loan companies, that is, Alibaba Ant Financial, getting money to give him billions and tens of billions of capital.

Second, the capital of technology finance companies must be large, why?combineThere is a routine financial small loan company that is similar in one street and one townships, but once the Internet financial company establishes its radiation range, it may be a city, or a region in several cities, and even penetrate into it.National, so its loan balance will grow quickly.

Then the capital must be matched with the loan balance 1:10, so your capital is relatively large, and the threshold is a bit higher. This is the first one.Essence

From capital to loan balances, you can always be enlarged 1:10. You can loan 10 billion yuan in 10 billion yuan. You have 3 billion capitals. You may lend 30 billion yuan. At this time, the capital to the loan balance at this timeThe gap is the so -called leverage.

This leveraged money cannot come from high interest rates like P2P. You should borrow it with commercial banks. Commercial banks 1: 2, 1: 3, you have more than 2 billion borrowed you, so you may form formedMore than 3 billion funds, this is also a leveraged more than 2 billion, and then you lend.

After more than 2 billion yuan, the loan balance ABS was issued to the securities market.Either garbage bonds or any bonds, anyway, ABS bonds, loan debt securitization, this lap, you 3 billion loans, 3 billion bonds in a circle, 3 billion bonds, put another circle, put it again, and put it again.The loan is loan, another circle, and it can be 3 billion.

If you have three times and win nine three times, there will be more than 100 billion, so it means to go to the compliant national market leveraged financing.

Third, the funds for compliance should not exceed 10 times the capital, that is, the lever ABS turn around one circle, double the two times, and turn three times and four times.enlarge.The bank has doubled your principal.

You have already been three (by) and 12, so if you loan the loan on the market quickly, you have come to 10 billion yuan, you may let it go in 10 days, and then go to the securities market.After a turn, after 10 times a year, your 10 billion yuan will become 100 billion. Your capital is only 3 billion, bank loans have changed 10 billion, 10 billion yuan has changed 100 billion times, youWhat is the leverage ratio?

Therefore, Ma Yun made a mistake. At that time, they paid 3.5 billion yuan in capital in Chongqing as capital, so bank loans turned 2.5 times, which became 800 or 9 billion.

I once told them that you turned three or four times, but I did not control them, because I went to the National People's Congress for 16 years.They are the Internet. The money from ABS is really shining in more than ten days. After lighting up, they turn around again. So from them, how much money do you know?

I asked Tu Guangshao, saying that they put 40 laps, 9 billion yuan, 40 laps, 360 billion, 360 billion, and they only had more than 3 billion capitals, which was 100 times.

At that time, I suddenly saw that I said in the newspaper that a party frozen the two small loan online loan companies of Ma Yun. When I saw the materials, I said that they were more than 300 billion yuan. I know they only have more than 3 billion capital.Gold, the absurdity is 100 times!

After a few days, I called and asked the Chongqing Finance Office. I said how do you deal with this matter?He said the three major regulators were quarreling.

The People's Bank of China says that you can say public reasoning, and Po said that you are reasonable. You always put it 100 times larger, and it must be wrong.So stop.The CBRC said that he had more than 3 billion in my system. I borrowed 5 billion and more than 5 billion. It was no problem to be completely compliant to one to two.

What did the CSRC say?He said that if you are 100 at the bottom assets of ABS all over the world, put a circle, ABS takes 100 over, and it becomes a loan contract. He can put it again.Every time he came over, he put it 30 times, because the Internet weekly turned fast, and did not violate any management regulations of the CSRC.

Later, I heard the opinions after hearing it. I thought about it. This was a fairy fight, and each regulatory authorities were right.I later said that the People's Bank of China was right. It was said that the leverage of 1:10 could not break through, and the leverage of capital adequacy ratio could not break through.

The Internet loan on the Internet is different from online loans of commercial banks small loan companies. If commercial banks Xiaoy loan companies want to put their own 10 billion out, it has been released for a year, and then he will come to 10 billion yuan. It will take a year.After three years, the 100 under the first level of underlying assets has been recovered, so it cannot be 100 times, in the traditional financial system.

In the Internet, the old revolution encountered new problems, and it turned fast, so I said that even if you are the Internet, you can not exceed four times, and you cannot turn four times.

I said that your Securities Regulatory Commission should give it such an agreement. Later, they accepted my opinion and stipulated that it should not be more than four times.

Later, Ma Yun told me a while. He said that we discussed it, four times, and you gave us four times, and we made three times.Therefore, the first is to say that it is controlled within three times. On ABS, the bank is controlled by two o'clock, two times by two times, and almost three times, almost less than 10 times. This is a concept.

Since you have made hundreds of billions of loans, your capital has to be added. You cannot say that more than 3 billion can achieve 10 billion, to 100 billion or more than 3 billion.Essence

Of course I am happy. As the mayor of Chongqing, it is a good thing to add capital from 3 billion to 30 billion to Chongqing, so I asked the Chongqing Financial Office to negotiate with them (negotiating).In Chongqing, it is 36 billion capitals. It takes two o'clock to the bank for two times, plus it is enough.This is the third principle, which cannot exceed the leverage ratio.

The fourth must be tapped and analyzed in depth of the scene, and credit can ensure that it can be guaranteed.The fifth is that the loan target must be its own customer, so its Huayan is a small customer on Taobao on Taobao.Borrowing is to pay Alipay mobile phones on Alipay's various families on Alipay. You pay 3,000 yuan a month. If you want to borrow 1,000 yuan, no problem, it will have scenes.

These five principles are scenes, depth, fully excavated, analyzed customers, and then there are various aspects of capital, a reasonable source of capital, and the total leverage should not exceed 10 times.The financial company is fine.

In 13 years of that year, Ma Yun came to Chongqing. I had dinner and chatting with the two of him. I asked him, what difficulties, what do you want to do, he said that I want to engage in a loan company, I said you said youIt is a boss company in Zhejiang, and the local government of the loan company can be approved. What is it difficult?

He said that we were rectifying in Yiwu and Wenzhou small loan companies in Zhejiang, and all of them were frozen.I said that if you get a small loan company, as long as you do not engage in P2P, I will finish all of you in three days.

Well, he will do two. These two do it. The current Ant Financial Company is 10 billion yuan in profits and 4.5 billion profits come from the two small loan companies in Chongqing, so this is his home.

After this matter can be done, I can make the top 50 Internet companies across the country. They can all make some online loans and pull them to Chongqing and follow this method.

Therefore, Chongqing actually has a total online loan balance of 60%. Our national online loan is either P2P or a normal online loan company. There are more than 70. There are more than one trillion yuan. Chongqing has more than 600 billion yuan, accounting for 60%. ThereforeThe center of the online loan is in Chongqing.

But I can say that, according to the five principles of online loans, their adverse rates have an average of less than 3%at the end of last year, 2.7%, which is less than 3.7%than our credit card., So I said this means that everyone should not use the online loan to the online loan of the online loanThis is two codes, but we must follow the discipline.