Financial channel> Xiaorong evaluation> The investment network has the background of “brokers + listed companies + state-owned assets” but the risk control and credit approval need to be improved.

The investment network has the background of “brokers + listed companies + state-owned assets” but the risk control and credit approval need to be improved.

Edit: Lisa Source: Rong 360 original Date: 2018-02-13

Summary:

With the triple background of "brokers + listed companies + state-owned assets"Cast which networkAfter receiving the 820 million financing of the C-round of the giant network of Giant Network, it was widely concerned by the online loan industry.

The investment network was launched at the end of 2012. The operating company is Shenzhen Wangjin Financial Information Service Co., Ltd. The largest shareholder of the platform is Shanghai Jujia Network Technology Co., Ltd., a wholly-owned subsidiary of Giant Network Group Co., Ltd. On January 2, 2018, the investment fund of China Merchants Zhiyuan Capital increased its capital to Wangjin Finance for RMB 300 million. It will hold 10.7143% of Wangjin Financial's equity. The shareholding ratio of Jujia Network will be reduced from 40% to 35.7143%, but still enjoy 51% of voting rights. The platform also has the background of brokerage companies (Guangdong Shunde, a wholly-owned subsidiary of GF Securities) and state-owned (BOC Guangdong Finance Fund). The main business of the platform is vehicle mortgage. According to the data disclosed by the Mujin Association, the overdue amount announced by the company in October 2017 was 224,396,600 yuan, and the overdue rate and overdue rate of the project were 3.38% and 2.65% respectively.

  First, the platform basic information

  National Enterprise Credit Information Publicity System Query Results

The investment network was operated by Shenzhen Wangjin Financial Information Service Co., Ltd., and the platform was officially launched at the end of 2012. The national enterprise credit information publicity system query showed that the registered capital of the investment network was 75.407 million yuan.

In June 2014, Castanet received a nearly RMB A round of financing from Guangfa Shunde, a wholly-owned subsidiary of GF Securities. In April 2015, it invested in the domestic listed company Dajin Heavy Industry (stock code 002487) 150 million B round Financing. In December of the same year, the investment network won the strategic investment of the Bank of China Guangdong Finance Fund. In November 17th, the investment network won the Shanghai Jujia Network Technology Co., Ltd. (Giant Network Group Co., Ltd. wholly-owned Sun Company, stock code 002558) 820 million yuan C round of financing, holding 40%. At this time, the founders of the company, Li Zhigang and Wu Xianyong, respectively held 13.59% and 24.13%, a total of 37.73%. On January 2, 2018, China Merchants Zhiyuan Capital Fund increased its capital to Wangjin Finance for RMB300 million. Upon completion, it will hold 10.7143% of Wangjin Financial's equity. The shareholding ratio of Jujia Network will be reduced from 40% to 35.7143%, but still enjoy 51% of voting rights. The background of the platform's state-owned assets is weak, and the Bank of China Guangdong Finance Fund holds only 1.94% of the platform shares through the Guangzhou Yue Platinum Investment Partnership.

The background shareholder strength of the platform is strong, and the giant network has 51% of the voting rights. The shares of the founders Li Zhigang and Wu Xianyong do not add up to the network. Therefore, there may be different operating concepts and operational costs and risks in the operation of the platform.

Second, platform executives

  Rong 360 according to the information of the official website

According to the disclosure information of the official website, the platform executives have excellent academic background and work experience, and the platform executives have low potential moral hazard.

  Third, operational data

According to the monthly report of the operation of the website, the accumulated transaction volume of the platform as of November 30, 2017 was 47.942 billion yuan, and the loan balance was 8.205 billion yuan. The data disclosed by the mutual gold association can also be seen that the platform is subject to “double down”. The impact of the loan balance fell from 9.026 billion at the end of August to 8.205 billion at the end of November. The amount of the matching transaction in November was 1.945 billion.

  China Mutual Gold Association

According to the disclosure data of the Mujin Association, in October 2017, the overdue amount of the investment network was 224 million yuan, and the overdue rate and the overdue rate of the project were 3.38% and 2.65%, respectively, both of which increased from September. Although the November overdue rate has fallen below 1%, the project overdue rate is still close to 3%.

  Fourth, the operating model and products

The current business of the investment network is divided into Wangjia Loan and Wangxin Loan. Wangjia Loan is mainly based on auto mortgage, and Wangjiao Loan is a personal credit loan. In addition to the scattered standard, the platform standard also has a smart bidding package plan, which is divided into monthly peace of mind, quarterly peace of mind, half year security, annual peace of mind, and peace of mind plus. The bidding scope for this type of plan is Wangjia Loan and Wangshou Loan. The types of assets of Wangche Loan are car loan assets, and the borrower’s vehicle registration certificate, insurance documents, vehicle keys and other relevant documents are placed on the network.

[Wang car loan 171206-627 period]

The loan amount of Wangcheu Loan 171206-627 is 77,000, with a maturity of 36 months. The expected annualized rate of return is 11.8%. The borrowing use is capital turnover. Disclosure of the borrower's gender, age, work, ID card with mosaic, motor vehicle driving license and vehicle registration certificate, etc., the platform for the disclosure of the borrower's information is more comprehensive.

[Year of Peace II-180104]

The annualized rate of return for the year of peace of mind II-180104 is 10.4%, and the investment period is 24 months. The project only describes the bidding scope as the supply chain, Wangjia loan, and the salary loan. The platform claims that the plan is an automatic bidding tool. Therefore, the actual borrower cannot be seen before the investment, and the system is matched to the borrower after the investment. It is contrary to the ability to view borrower details before setting up an investment with regulatory requirements.

  Rong 360 according to the official website of the cast

The platform will charge 10% of interest income for each investment as interest management fee. The actual monthly income of a month's monthly security product is only 6.48%, and the yield is relatively low.

  V. Security

There is a risk reserve before the platform, but in order to meet regulatory requirements, the risk reserve has been cancelled.

On July 3, 2017, the Shenzhen Financial Office issued the “Shenzhen Online Lending Information Intermediary Registration and Registration Management Measures (Draft for Comment)”, requiring the main fund settlement account of the online lending platform to be opened in the commercial jurisdiction of the commercial bank in Shenzhen. When the branch office and the online loan platform apply for registration, they will complete the fund deposit arrangement with the commercial bank with branches above the (including) level in the administrative jurisdiction of Shenzhen. The investment network was deposited in Guangfa Bank in July this year, which is in line with this regulation.

  Summary

With the triple background of “brokers + listed companies + state-owned assets”, the investment network has received extensive attention from the online loan industry after obtaining the 820 million financing of the giant network of Giant Network. The platform has deep market share in the car loan market and has a good market share, but the project overdue rate still needs to be improved. In addition, the “safety” product of the platform does not see the actual borrower before the investment, and the system after the investment is matched to the borrower. This setting is contrary to the details of the borrower before the investment required by the supervision.

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