Reporter/Feng Saiqi
Recently, the Shanghai Stock Exchange approved the asset securitization business (ABS) of 3 billion yuan issued by Chongqing Jingdong Shengji Small Loan Co., Ltd., a small loan company under JD.com. This is the third ABS that JD.com has applied for this year. . It is worth mentioning that the three ABSs applied for by JD Small Loans have all been approved by the stock exchange, with a total amount of 11.39 billion yuan.
According to the data disclosed by the Shanghai Stock Exchange and the Shenzhen Stock Exchange, Jiemian News has counted the progress of ABS issuance by small loan companies under the five Internet giants Tencent, ByteDance, Baidu, Meituan and JD.com this year.
The data shows that since the beginning of this year, the small loan companies under the Internet giants have successfully obtained 39.33 billion yuan of ABS, and there are still 55 billion yuan of ABS to be issued in the feedback stage.
Meituan has issued the largest amount of small loans, and the 30 billion ABS of Byte’s small loans is still being approved
Specifically, the largest amount to be issued is Zhongrong Small Loan of ByteDance Holdings, which has applied for the issuance of 3 ABSs, each with a value of 10 billion yuan, all of which are currently in the feedback stage. Response time is October 13th.
This year, the largest amount of ABS has been successfully issued is Meituan Small Loan, which has issued 18 billion yuan; the second is Jingdong Small Loan, which has an issuance amount of 11.39 billion yuan; the third is Du Xiaoman Small Loan, whose issuance amount has also exceeded the 10 billion mark. 10 billion yuan.
Tencent’s Tenpay online small loan has only applied for one ABS, and the amount to be issued is the smallest compared to other Internet small loan companies, only 1 billion yuan, and this ABS is currently in the feedback stage, and it has not been successful. issued. In addition, Ctrip Small Loans and 360 Online Small Loans have only one ABS application this year, and they are still in the feedback stage.
In terms of underwriters, CICC and CITIC Securities are the most favored by Internet small loan companies, and the number of ABS underwritten accounts for more than 50% of the total. China Merchants Asset Management has closely cooperated with Meituan Sankuai Small Loan. Among the 5 ABSs issued by Meituan Small Loan this year, 4 were underwritten by China Merchants Asset Management. According to the CNABS website, since this year, the top three underwriters of corporate ABS have been temporarily won by CITIC Securities, Ping An Securities and CICC.
In addition to the company as the original owner, some companies will also entrust trust institutions to issue ABS. For example, the original owner of Jingdong Technology Shangying No. 1-15 asset-backed special plan is AVIC Trust. The proposed ABS issuance amount is 5 billion yuan, which was approved on September 26.
The financing channels of online small loans mainly include shareholder capital increase and borrowing, bank borrowing, ABS and bond issuance. ABS and bond issuance have relevant requirements for corporate qualifications.
Yu Baicheng, Dean of Zero One Research Institute, told Jiemian News that online small loans backed by Internet platforms have limited financing channels, and exchange ABS is more important to them. Through the issuance of ABS, it is possible to transfer the income rights of the credit assets that have been formed to return the funds, and the funds after the return can continue to carry out consumer finance and other businesses, revitalize the stock of credit assets, and improve the efficiency of capital use.
It is worth noting that, apart from the small loans of Internet giants that apply for ABS issuance, few local online small loans apply for ABS.
Yu Baicheng believes that ABS issuance is mainly based on online small loans with the background of large factories or industrial giants. On the one hand, these online small loan businesses are relatively healthy and have financing needs. On the other hand, the assets of these online small loans are relatively high-quality. , it is easier to obtain the recognition of investors. Online small loans mainly provide credit services for end consumers and small and micro enterprises. In the context of the urgent need for financial support for the real economy, the role of online small loans needs to be further played. Therefore, it is expected that financing channels such as ABS will continue to be supported.
In the process of sorting out, Jiemian reporters found that the Shanghai Stock Exchange and Shenzhen Stock Exchange are more cautious about the application of ABS for Internet small loans, especially those companies that involve large amounts and apply for the first time. In this regard, Yu Baicheng believes that online small loans are in the process of being subject to the focus of supervision. Therefore, whether the exchange of consumer finance ABS can be released is often understood by the market as the attitude of supervision to consumer finance-related businesses.
He said that in the past two years, based on the needs of industry supervision and development, ABS’s audits have been more cautious. After a period of suspension, online small loan ABS has been released since the beginning of this year, and several large-value ABS of 5 billion yuan have been approved, which will promote the business of online small loan institutions, help increase low-cost funding sources, and promote the market. Consumption and helping small and micro businesses recover will also help.
The industry’s capital increase and liquidation are parallel, and resources are concentrated to the top online loan companies
Recently, netizens asked the China Banking and Insurance Regulatory Commission to “strengthen the management of online loan platforms”. The China Banking and Insurance Regulatory Commission clearly pointed out that in response to the problems existing in some small loan companies in the online small loan business, it organized local financial supervision departments to carry out special rectification and clean-up and regulation, and completely stopped the establishment of new online small loan practitioners.
Since the beginning of this year, the online small loan industry has faced a situation of parallel capital increase and liquidation.
On the one hand, in order to meet regulatory compliance requirements, Internet small loan companies have increased their capital.
According to the “Interim Measures for the Administration of Online Micro-loan Business (Draft for Comment)”, the registered capital of companies operating online micro-loans shall not be less than 1 billion yuan, and the registered capital of micro-loan companies operating online micro-loan business across provincial administrative regions shall be registered. The capital shall not be less than RMB 5 billion, and it shall be a one-time paid-in monetary capital.
In January 2022, the registered capital of 360 Small Loans will increase from 1 billion yuan to 5 billion yuan. In February, the registered capital of Du Xiaoman Small Loan increased from 7 billion yuan to 7.4 billion yuan. In April, Zhongrong Small Loan increased its capital to 9 billion yuan. In June, Tenpay’s small loans increased from 5 billion yuan to 10 billion yuan.
In this regard, an insider of the above-mentioned small loan company told Jiemian News that the capital increase and the cancellation of redundant small loan licenses are mainly for the company’s development to meet regulatory requirements.
On the other hand, Internet companies have to clear some of the online small loan companies. Ping An Puhui, JD.com, Du Xiaoman, Ctrip and other Internet companies with multiple online small loan licenses also started the license integration work this year.
Jingdong Technology Group previously had a total of four small loan companies, namely Beijing Jinghui Small Loan Co., Ltd., Shanghai Jinghui Small Loan Co., Ltd., Chongqing Jingdong Tongying Small Loan Co., Ltd. and Chongqing Liangjiang New Area Shengji Small Loan Co., Ltd. Loan Co., Ltd., currently only Chongqing Shengji Small Loan is in business.
From the perspective of the entire small loan industry, on October 25, the central bank released a report on the statistical data of small loan companies in the third quarter of 2022. As of the end of September 2022, there were 6,054 small loan companies nationwide. The loan balance was 907.6 billion yuan, a decrease of 34.7 billion yuan in the first three quarters. The number of employees is 58,467, and the paid-in capital is 770.9 billion yuan.
Among them, the regional differences are obvious. Jiangsu Province has the largest number of small loan institutions with 586; Guangdong Province has the largest number of employees with 5,926; the province and city with the largest paid-in capital and loan balance is Chongqing, with 11.97 million yuan and 23.75 million yuan respectively.
In addition, the local financial supervision bureaus of Anhui, Jiangsu, Inner Mongolia, Jiangxi and other provinces and cities successively disclosed the list of the cancellation of the pilot operation qualifications of some small loan companies, and cleared many small loan companies.
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