Return To Zero "A-Share Hot Spot" In The Past 107 Participating In P2P: Easy To Withdraw Risk, Difficult To Recover Reputation

"Internet financial risks have dropped sharply. The number of P2P online lending institutions in operation nationwide has gradually dropped from about 5000 during the peak period to zero in mid November this year," Liu Fushou, chief lawyer of China Banking and Insurance Regulatory Commission, said in a public speech on November 27.

Since the establishment of the first domestic P2P company paipaipai loan (Xinye Technology) in June 2007, the P2P industry has grown from scratch, then blossomed everywhere, and then to a number of risk markets. Finally, it is only 13 years before and after that.

As an important force of industrial capital, especially during 2014-2015, listed companies' participation in "Internet + finance" is far better than the current cross-border trend.

During this period, P2P platforms are frequently injected into listed companies, and many parties hope to drive the company's valuation soaring.

After many years, divestiture, provision of impairment of long-term equity investment, or giving up the control of the platform and turning into ordinary financial investment have become the moves to withdraw.

There are still ordinary investors, waiting a long time.

"There is no progress and we will wait for the court to hear it," an investor of P2P platform group lending network told the 21st century economic report on December 3.

Group events

"Mutual gold enterprises should be user-centered, but in terms of strategy, they should be regulatory first, compliance second, risk control third, revenue fourth, and profit fifth." The people said.

In his opinion, "illegal activities involving fund pool, term mismatch, self financing, fraud and other illegal activities not only damage the rights and interests of P2P platform users, but also compensate for the rights and interests of small and medium-sized shareholders. Regulation definitely does not allow P2P financial risks to spread across the primary and secondary markets, and returning to zero is an inevitable trend."

A capital story about P2P will start in 2014.

As early as March 2014, Cairn (002012), delisting Dagong (formerly known as Dalian holding) and Zoje (002021) jointly launched Qianhai ideal finance, a P2P business company, with a total investment of 200 billion yuan.

Three months later, Pengding chuangying (its platform Pengjin exchange) became the largest listed company at that time and participated in P2P companies.

After capital increase, the registered capital of Pengding chuangying has reached 528 million yuan, including 16 listed companies including Tianyuan dike (300047), wal nuclear materials (002130), Kelu Electronics (002121), hytera (002583), XINGSEN Technology (002436), alto Electronics (002587), Derun Electronics (002055), shunluo Electronics (002138) and Xinlun Technology (002341) Each contributed 20 million yuan, accounting for about 3.79% of the shares.

Panda Fireworks (600599), which is mainly engaged in fireworks production and sales, has invested more energy.

In March 2015, giant panda Finance Co., Ltd., the only giant panda finance company to be listed on the Internet, was launched in March 2014.

In just seven days from March 23 to 30, 2015, panda Financial Holdings announced that it would invest 550 million yuan to establish four Internet financial companies, namely, panda crowdfunding investment of 100 million yuan, panda small loan investment of 200 million yuan, establishment of panda network payment of 100 million yuan, and panda financial services of 100 million yuan. In addition, 50 million yuan was invested in Panda big data, which announced the transformation of Internet finance.

At that time, Panda Fireworks once offered tens of millions of yuan a year to recruit CEO of its P2P platform Silver Lake.

Less than a thousand miles away from Liuyang, Hunan, where panda financial holding is located, in Zhongshan, Guangdong, in the same year, Omar electric (002668), with the reputation of "refrigerator export champion", also entered the P2P industry.

On November 6, 2015, Omar Electric Co., Ltd. announced that it would purchase 51% of the equity of China Rongjin (Beijing) Technology Co., Ltd. (hereinafter referred to as "zhongrongjin") with 612 million yuan in cash.

For this transaction, the secondary market response is enthusiastic: Omar electric appliances after the resumption of trading eight word board.

From the end of October to November 26 of that year, within a month, the stock price rose from 34 yuan to the highest price of 128.98 yuan (before the resumption of trading), and both new and old shareholders made a lot of money.

In April 2017, Omar electric purchased the remaining 49% equity of Zhongrong with RMB 784 million in cash.

In other words, Omar spent 1.396 billion yuan in real gold and silver due to the acquisition of Rongjin.

According to the 21st century economic report, many listed companies with P2P business have different main businesses.

For example, the main product of nopson (002215) is pesticides, SunPower Finance (600318) is engaged in cement business, and Shengda forestry (002259) is selling flooring. These enterprises in traditional industries have entered the battle field of P2P.

All of them are like mirage.

According to an industry research data, in a short period of 2-3 years, 107 listed companies have participated in the investment and 122 are operating P2P platforms. Among them, 77% of the listed companies have no Internet or financial industry related experience.

After the madness

When the risk comes, it always breaks the cognitive bottom line of the market.

In 2016, a series of industry regulatory policies were implemented, and Internet Finance ushered in the first year of compliance. 2017 is a year of "ice and fire" Blending for P2P online lending industry.

On the one hand, under the pressure of industry compliance, the industry started a wave of reshuffle, and more than 500 P2P platforms were eliminated; on the other hand, many platforms turned losses into profits, and set off a wave of overseas listing of Internet Financial platforms.

This year, related concept stocks are also in this differentiation, ushering in a double day market.

On July 14, 2018, Nanshan Branch of Shenzhen Municipal Public Security Bureau officially filed a case for investigation of "suspected fund-raising fraud" of touzhijia, with an accumulated investment of more than 26.5 billion yuan.

In addition to the investment house, a number of P2P platforms, represented by Tang xiaoseng, Shanlin finance, Niu Banjin and grassroots investment, collapsed in the same year, involving many listed companies such as Huawen media and Wanjiale.

Such news continues to spread out, completely breaking the last hot line of defense of Internet finance.

According to the data of online lending home, by the end of 2016, the number of platforms in normal operation in Guangdong, Beijing, Shanghai and Zhejiang were 473, 461, 331 and 280 respectively; by the end of 2018, the number of platforms in the four regions had changed to 236, 211, 114 and 79.

On March 23, 2019, Hongling venture capital, a P2P platform that has been online for 10 years and has lent more than 400 billion yuan, announced its liquidation. Zhou Shiping, chairman of the board, posted a post in Hongling community: "although it's a liquidation, it's not saying goodbye! 》It also said that it would sell its personal property to redeem the platform investors.

Five days later, the group lending network of the head platform exposed risks, involving more than 200000 lenders. Tang Jun, the real controller of derivative technology of A-share company, surrendered himself and was put on file for investigation on suspicion of non smoking.

On November 15, 2019, the most famous "No. 83 document" issued by mutual fund industry clearly proposes to guide some qualified online loan institutions to transform into small loan companies, actively handle and resolve the stock business risks of online loan institutions, minimize the losses of borrowers, maintain social stability, and promote the standardized and orderly development of Inclusive Finance.

Subsequently, Shandong, Hunan, Henan, Chongqing, Shenzhen and other local financial offices have announced the "liquidation" of P2P.

By the end of September 2019, more than 1200 online lending institutions have been closed down, and 786 cases have been registered and investigated nationwide.

In this process, there are also listed companies early aware of this change.

On June 24, 2019, Haining Picheng (002344) controlled P2P platform "Picheng finance" announced that it would stop operation. Picheng Finance said that it had completed the cashing of all projects on June 19, 2019.

In addition, Zhejiang Zhonglian Online Network Technology Co., Ltd., a subsidiary of Sunriver culture (600576), announced on September 4, 2019 that the official website and app of "Yellow River finance" were officially closed.

Zhonglian online said that it has decided to stop the intermediary business of online lending information, and its "Yellow River finance" platform will no longer operate, and has completed the cashing work of all lenders on September 2, 2019.

Remove the label

"In fact, last year's equity investment has been one-off impairment, but it is even more difficult to remove the P2P label and eliminate the reputation impact." A person close to the listed company told 21st century economic reporter.

A number of listed companies that have participated in P2P business have similar statements.

Behind the sentiment, the top priority is to clean up the path.

"For example, divestiture of P2P business and conversion of holding P2P platform into general financial investment have all kinds of transformation modes in the industry." On December 3, Li Min, senior partner of Shanghai Hansheng law firm, told 21st century economic reporter.

It said that in addition to withdrawing directly from the online lending industry, other listed companies will continue to hold shares of the platform by their groups or related entities after they exit the P2P platform, so as to avoid the direct equity relationship between the listed companies and the P2P platform.

In Li Min's view, the development of the financial industry needs to be gradual and orderly within the framework of laws and regulations. Too much innovation may bring great challenges to the industry supervision.

An intriguing case is that Omar Electric Co., Ltd., which spent nearly 1.4 billion yuan in the year, transferred this mutual gold asset at a symbolic price of 2 yuan four years later.

Zhao Dong, who was also the chairman of Aoshi, was one of the directors of Aoshi.

Another A-share listed company will withdraw hundreds of millions of yuan of long-term equity investment impairment on the P2P platform in 2019.

Zhonglai (300393), a photovoltaic enterprise, is also trying to get rid of the relationship with P2P platform.

On March 16, 2020, Zhonglai shares issued a risk warning announcement, saying that it holds 27.55% equity of tongmi finance, with an investment amount of 9 million yuan, which is only a financial investment.

"According to the financial situation provided by tongmi finance, the company has withdrawn part of the investment funds at the end of 2018, and all the investment losses of RMB 9 million invested in tongmi finance in the half year of 2019. The case of tongmi finance has a controllable impact on the company and will not have a significant impact on the company's financial situation and daily operation. "

In the past five years, tongmi's financial performance has been in constant loss. From 2015 to 2018 and the first half of 2019, the net profits of tongmi finance were respectively - 38.7291 million yuan, - 30.1047 million yuan, 17.009 million yuan, - 3.4577 million yuan and - 12.2168 million yuan.

There is also a group of people outside the financial circle who once spoke for P2P platforms.

For example, on July 2, Wang Han, a well-known host, responded to the outside world. Wang Han spoke on the P2P platform "love money" app from the end of 2016 to 2018. "Love money into" products after the news of cash difficulties, Wang Han has on the endorsement of the matter to the relevant regulatory authorities for detailed information.

The transformation case of Red Star Macalline (601828) is worth learning from.

As early as October 17, 2016, Shanghai jiajinsuo Financial Information Service Co., Ltd., a wholly-owned subsidiary of Red Star Macalline, announced that it would no longer provide loan matching service from October 30.

This means that red star Macalline will withdraw from P2P business.

In 2015, the capital of Kailong home furnishing Co., Ltd. will complete the financing of RMB 1.8 billion through the Hongxing loan platform.

This turn is obviously much earlier than most people.