What shocking secret is hidden in an inconspicuous announcement?

What shocking secret is hidden in an inconspicuous announcement?

International Industrial: Announcement on changes in relevant information of controlling shareholders

September 27, 2013 , the company received a notice from its controlling shareholder Xinjiang Qiantai Zhongsheng Investment Co., Ltd., and with the approval of the Xinjiang Uygur Autonomous Region Industrial and Commercial Administration Bureau, Xinjiang Qiantai Zhongsheng Investment Co., Ltd. The name was changed to "Xinjiang Qiantai Zhongsheng Equity Investment Co., Ltd." and the address was changed to "Room 1011, Tower B, Yingke Plaza, No. 217 Gaoxin Street, Urumqi High-tech Industrial Development Zone, Xinjiang ", the business scope was changed to "Permitted business items: None. General business items:

Foreign economic and technological cooperation business; equity investment: engaged in equity investment in unlisted enterprises,

Passed Hold shares of listed companies by subscribing for non-publicly issued stocks or receiving equity shares. ”

Other information such as business license registration number, legal representative, registered capital, shareholder information, etc.

There are no changes, and the relevant procedures for industrial and commercial changes have been completed.

This change in the name, registration place and business scope of the controlling shareholder has no impact on the company's operations

As of now, Xinjiang Qiantai Zhongsheng Equity Investment Co., Ltd. holds the company< /p>

147,100,000 shares, accounting for 30.57% of the company’s total share capital, and the company’s actual controller has not changed

. Announcement is hereby made.

Xinjiang International Industrial Co., Ltd.

Board of Directors

September 28, 2013

Equity investment funds mainly use professional methods Gather customers' idle funds through targeted private placements and invest them in unlisted companies with high growth and high returns. Through a series of value-added services, we can promote companies to grow rapidly, become bigger and stronger, and connect with the capital market. Exiting mainly through the capital market enables us to obtain higher returns. The mode of operation of private equity funds is equity investment, that is, through capital increase and share transfer or share transfer, they acquire shares of unlisted companies and make profits through share appreciation transfer. Once the invested company is successfully listed, the profits of the private equity investment fund will not be the same. It is not calculated in terms of percentage, but in terms of several times or dozens of times of income.

International Industrial (000159) cash treasure! Vanguard Fund, which owns 40% of the shares, cooperates with Alipay

1. Vanguard Fund Management Co., Ltd. has added Alipay payment channel for online transactions. In order to better meet the financial management needs of investors, Vanguard Fund and Alipay Cooperate to add support for Alipay as a payment channel for the company's online trading platform. It is reported that International Industrial (000159) holds 40% of the equity of Wanjia Fund.

2. Vanjia Fund has launched an online direct sales cash treasure quick withdrawal service, that is, customers who subscribe for Wanjia Currency through the Vanjia Fund online direct sales platform can enjoy T+0 redemption in real time.

3. On June 19, the company received RMB 335 million for the transfer of 30% equity of Xinxing Cast Pipe Resource Development Company, which will bring investment income of RMB 43.85 million. Based on this, the third quarter report is estimated to increase by more than 100%.

On July 7, 2013, the asset securitization of Ali Small Loans was approved. This is the first approved asset securitization product of a securities company based on small loans. It is also the first exploration of cooperation between a securities company and a small loan company. It is regarded by the financial industry as an ice-breaking move in the securitization of credit assets. Only four days after being approved, the private placement credit asset securitization products released by Alibaba Small Loan, Vanguard Fund, Noah Wealth and other companies announced the completion of the fundraising on July 11.

In just one week, Ali Small Loans once again put the entire financial industry to shame: asset securitization, a financial term that just appeared in the State Council document and was used to describe the traditional financial industry, suddenly appeared in a company. Among the names of new products released by Internet companies. The speed of response has once again made Alibaba the focus of attention in the financial industry.

“Alibaba Microcredit has become a role model for innovation in the financial industry.” said Bai Chengyu, Secretary General of China Microfinance Development Promotion Network. The so-called asset securitization is to package some assets that can generate stable cash flow into an asset pool and issue securities based on the cash income generated in the future.

The aggressive Alibaba Small Loan has actually been worried about funds. According to regulations, small loan companies can only use their own capital to lend. At present, the total registered capital of Alibaba's two small loan companies is 1.6 billion yuan. According to the regulation that the financing leverage ratio of small loan companies is only 0.5 times, the maximum amount of funds available for lending by Alibaba Finance's two small loan companies is 2.4 billion yuan.

Asset securitization can roll out up to 5 billion yuan, which is equivalent to helping 800,000 micro-enterprises obtain financing support from the capital market. Although Wang Tong, public relations director of Alibaba Small and Micro Innovation Finance, believes that Alibaba Small Loan has no intention to compete with the traditional banking industry, it is enough to make traditional banks feel a sense of crisis.

Bankers are trembling

“It is obvious that Alibaba Finance has posed a challenge to the banking industry.” said Hong Qi, president of Minsheng Bank. “I have deeply felt that the development of Internet finance will completely subvert the business model, profit model and survival model of traditional commercial banks.

Niu Ximing, chairman of the Bank of Communications, said frankly.

The bankers are trembling. What makes them tremble is not only the asset securitization of Ali Small Loan, but also the "money shortage" in the banking industry in June. The funds they dream of are being swept away by Internet finance. Outsiders are extending their hands, and the boundaries of the financial industry are becoming blurred.

On June 17, it was a haze for the banking industry. The banks, which have been strapped for funds for half a month, did not receive any mercy from the central bank. The banking industry seemed to have a premonition that the central bank's tough attitude would push up the interbank lending rate. Three days later, the interbank lending rate rose to 13.444. % reached the highest level in history.

On this day, the Yu’e Bao that was “killed” quietly “stole” the bank’s already weak funds. 18 days after it went online, it seemed that An inconspicuous fund product has 2.5 million users and a scale of 6 billion, and Yu'e Bao is still inflowing hundreds of millions of yuan every day, which makes bankers more deeply aware of the power brought by the Internet. Impact.

In fact, Alibaba Finance is not the only one targeted by the banking industry. In recent years, P2P lending service platforms based on the Internet model have also shown "explosive growth." By the end of 2012, there were more than 200 P2P lending service platforms, and the statisticable online business loan balance of P2P platforms exceeded 10 billion yuan, with more than 50,000 investors. If the P2P offline business that has not yet been counted is included, its loan balance and investment. The number of people will double.

In Bai Chengyu’s view, the traditional banking industry is not worried about the loss of credit business, but the loss of deposits. This is also confirmed by the central bank’s data. In June, deposits in the banking industry decreased by nearly half compared with the same period last year, and there have been numerous negative deposit growth incidents in recent years.

Jack Ma: A once-in-a-century theme - Alibaba Finance!

International Industrial (000159) accounts for 40% of the shares of Vanguard Fund. The theme of Alibaba's credit asset securitization is much larger than that of Yu'e Bao, general financial reform and mobile games. International Industrial, which is only 5 yuan, is better than Inner Mongolia Junzheng /Xiangyi Rongtong/Zhongqingbao/LeTV/Oriental Fortune/Business Bao/Tianyin Holdings, etc. are more explosive.

Wanjia ***ying, a subsidiary of Vanguard Fund, cooperates with Alibaba Financial to issue. Asset securitization products, International Industrial (000159) holds 40% equity of Vanguard Fund

Reported on July 12 by Caixin.com (Reporter Zhang Bing) Vanguard Fund’s subsidiary Vanguard Fund won and Alibaba Financial cooperation issues asset securitization products with a scale of 200 million yuan, which is faster and may have been completed.

International Industrial (000159) holds 40% of the equity of Wanjia Fund, and Wanjia is the winner. The shareholder is Wanjia Fund (51% equity), Noah Wealth indirectly holds 35%, and employees hold 14%. Due to this shareholder relationship, Noah Wealth (NYSE: NOAH) announced on Thursday night (July 11). , its first private placement credit asset securitization product with Alibaba Small Loan Company has been completed.

In the eyes of the outside world, the Orient Securities Asset Management-Alibaba special plan is the first time Alibaba Financial has touched asset securitization, but in fact Alibaba has already issued two projects with Harvest Capital, a subsidiary of Harvest Fund. Small loan asset securitization products with a private placement nature, the total fundraising scale is about 200 million yuan.

Wanjia ***ying’s Alibaba asset securitization products are private equity in nature. According to Caixin reporters, Wanjia ***ying participated in the asset securitization of Alibaba small loans because of the brand effect. and opportunities to become familiar with the business model. Wanjia's "Win 200 Million" product is mainly for individuals, with a subscription starting point of 1 million yuan.

The small and micro loans issued by Alibaba Small Loan are essentially order loans, credit loans and Ali credit loans from the e-commerce website Taobao or Tmall of Alibaba Group. They have wide industry coverage and short loan terms (average cycle 127 days), the loan range is concentrated between 50,000 and 500,000 yuan.

Alibaba Group owns two small loan companies, Zhejiang Alibaba Small Loan Company and Chongqing Alibaba Small Loan Company, with a total registered capital of RMB 1.6 billion. According to domestic regulatory regulations, the funding sources of small loan companies mainly include shareholder capital injections and bank borrowings. Bank borrowings must not exceed 50% of registered capital. After the rapid expansion of Alibaba Small Loan's business scale, it has been subject to capital constraints.

The basic assets of Wanjia***’s securitization products are loans from Zhejiang Alibaba Small Loans. The priority and subprime grading ratio is 9:1. Alibaba’s Shangcheng Guarantee also uses guarantees. Credit enhancement, but the guarantee company will guarantee 15% of it.

Because priority shares do not need to be listed, there is no rating for priority shares under the fund model. According to a Caixin reporter, Alibaba Finance plays the role of a manager in terms of operations. Funds raised are handed over to Alibaba Finance, which enters Alibaba’s capital pool. Asset access, fund operations and real-time monitoring are all handled by Alibaba Finance. It is equivalent to purchasing these credit assets and then entrusting Ali Small Credit to manage them.

Even so, because the technology is not complicated, Wanjia ***ying can use the network port to monitor the loan status in real time, and Alibaba Finance will regularly submit the asset list to Wanjia ***ying and its customers for review .

If non-performing loans occur, Wanjia Bank will require Alibaba Small Loan to add new basic assets of the same size into the asset securitization basic asset pool to replace the original non-performing loans.

In Wanjia’s plan, the priority rate of return for 90% of the shares held by investors is around 6.5%, and the cost of intermediaries is around 1%. In theory, the 10% share held by Alibaba Small Loans % secondary returns range from 18% to 21%, or even higher.

According to this model, the financing cost of the entire asset package is about 7.5%, but the annualized interest charged by Alibaba from loan customers is about 21%, leaving a price difference of about 13%. The profit margins provided by several plans to Ali are almost at this level.

The entire product of Wanjia lasts for 15 months, that is, the 12+3 model, which is opened every 6 months. In order to ensure the smooth liquidation and carryover of credit assets, there can be a three-month extension to facilitate the exit of investments that have formed loans. Although the business profit margins are large, competition is fierce.

International Industrial accounts for 40% of the shares of Vanguard Fund. The theme of Alibaba's credit asset securitization is much larger than Yu'ebao and general financial reform themes. International Industrial has more explosive hype than Inner Mongolia Junzheng and Xiangyi Rongtong. .

Asset securitization is brewing to become routine, Alibaba Catfish and Securities Capital Trust are launching a full-scale attack

“Where the eyes are focused, money will follow.” - This sentence comes from "Technical Elements" and The words quoted many times by Jack Ma, Chairman of the Board of Directors of Alibaba Group, are perfectly suitable to describe the current asset securitization business.

Not long after the "Golden Ten Rules" were released, the central bank stated that the National Association of Financial Market Institutional Investors would take the lead and plan to work with relevant institutions to expand pilot projects and carry out normalized development and management of asset securitization business. At the same time, securities firms, funds, and trusts have taken the lead and cooperated with enterprises such as Alibaba Small Loans to launch innovative asset securitization businesses in turn. Voices from the industry are: In the next 10 years, the biggest innovation in the capital market will revolve around asset securitization, and it has only just begun.

Normal development calls for the establishment of rules

Although the asset securitization business has been studied since 1996, it was not until 2005 that China Construction Bank issued the first credit asset securitization product. So far, the scale is less than 100 billion.

During this period, 17 units were issued from 2005 to 2009, totaling 66.7 billion yuan. After being suspended for three years due to the international financial crisis, it restarted for the first time in 2011. So far, it has issued 6 orders, totaling 22.8 billion yuan. At present, all products are operating well and none of them have defaulted.

"Asset securitization has gone through three rounds of pilots. Although product innovation is not strong, it has accumulated certain experience. This is not the key. The key is that in March this year, the China Banking Regulatory Commission issued Bank Financial Management Document No. 8, This means that banks’ investment in non-standard claims will be strictly restricted, and asset securitization is the most feasible way to address non-standard risks. At the same time, banks cannot replenish capital through continued large-scale financing and are in urgent need of asset securitization to adjust their asset-liability structure. This will Bringing huge market demand," said the general manager of the fixed income department of a large brokerage.

There is market demand and policy support, but why is progress so slow? Many industry insiders said that China has been piloting asset securitization for nearly ten years, but there are still no supporting special laws, market and transaction rules, and the identification, carrier and supporting accounting standards of characteristic assets are not clear. The normalization of credit asset securitization involves multiple technical links. In particular, infrastructure is a systematic project that cannot be formed by the promulgation of rules by a single department. It requires coordination and promotion by multiple departments.

E-commerce catfish stirs up financial innovation

Compared with the slow advancement of mainstream credit asset securitization pilots, the private market asset securitization business is advancing quietly at lightning speed.

In early July, the Alibaba Small Loan Special Plan applied for by Oriental Asset Management Company finally received regulatory approval after half a year of feedback implementation and communication. A week later, third-party wealth management institution Noah Wealth announced the completion of its first private placement credit asset securitization product with Alibaba Small Loan Company. Ali Small Loan, an e-commerce catfish, is injecting continued market vitality into asset securitization.

Public information from Noah Wealth shows that this private placement credit asset securitization product is to package the credit assets of Ali Small Loan, with its income rights as the investment target, and the issued fund subsidiaries have specific multiple Client asset management plan, subscribed by high-net-worth clients of Noah Wealth. The issuer is Wanjia ***ying Asset Management Company, which raised 200-500 million yuan in the first phase. The product yield is slightly higher than the one-year loan benchmark interest rate, at an annualized rate of 6.15%.

The "Orient Securities Asset Management-Alibaba Small Loan Special Plan" has more innovations. It is reported that the product adopts a unified structure, one-time approval, and issuance in batches. The products are divided into No. 1 to No. 10. Each special plan will raise funds ranging from 200 million to 500 million yuan, and the total raised funds will range from 20 to 50. Between 100 million yuan. The product is designed with a three-tier hierarchical structure. External guarantee agencies and market ratings are introduced, and operations and management are carried out through the circular purchase of basic assets. At the same time, Oriental Asset Management also said that the product will be listed on the Shenzhen Stock Exchange when conditions are mature.

Whether it is "Wanjia***ying-Alibaba Small Loan Specific Multi-Client Asset Management Plan" or "Orient Securities Asset Management-Alibaba Small Loan Special Plan", both product design and operation management are breakthrough.

A person from the Equity Investment Department of Haitong Securities said that the biggest innovations in the capital market in the next 10 years will revolve around asset securitization, and these two businesses of Ali Small Loan have only just begun.

What few people have noticed is that as early as the second half of 2012, Ali Small Loan teamed up with Shandong Trust to launch a quasi-asset securitization product - the "Alibaba Star Series Collective Fund Trust Plan" to Purchase the equal-amount credit asset income rights of Chongqing Alibaba Small Loan Co., Ltd. (hereinafter referred to as "Chongqing Alibaba Small Loan") to provide recurring loans to small and medium-sized enterprises and merchants on the Alibaba e-commerce platform on Taobao.

The person in charge of the financial markets department of Eastern Trust Company said that asset securitization is a big topic. It not only has the financing function, but more importantly, it regulates assets and liabilities. "Compared with asset-backed note business (ABN), debt real estate trust funds (REITs) and other private equity products, credit asset securitization business (ABS) undoubtedly has a larger market. Brokerages, funds, and trusts each have their own advantages. They will also form their own models, which are still being explored.”

Alibaba’s asset securitization products are planned to be listed on the Shenzhen Stock Exchange

Caixin (Reporter Cao Wenjiao) Shenzhen Stock Exchange. (hereinafter referred to as the Shenzhen Stock Exchange) announced on Monday (July 8) that the Orient Securities Asset Management "Alibaba No. 1-10 Special Asset Management Plan" established by Shanghai Orient Securities Asset Management Co., Ltd. has received approval from the China Securities Regulatory Commission and will Listed and transferred on the comprehensive agreement trading platform of the Shenzhen Stock Exchange, adding a new asset type to the asset securitization product sequence.

According to the Shenzhen Stock Exchange, this product is based on the claims formed by Alibaba Small Loan Company’s loans to small and micro enterprises. It will issue 10 issues of the product from time to time within 3 years, and the issuance amount of each issue is 200 to 500 million yuan. Based on the short-term characteristics of small loan assets, which can be borrowed and repaid at any time, the product adopts a recurring purchase method in the design of the transaction structure. That is, after the claims related to the underlying assets are repaid, the obtained funds are used to purchase new qualified small loan assets in a circular manner. . This type of transaction structure has been maturely used in overseas market practice and can solve the problem of term matching between short-term loan assets and long-term securitization products. It is the first attempt in the domestic asset securitization market.

The person in charge of the relevant business of the Shenzhen Stock Exchange said that the "Alibaba No. 1-10 Special Asset Management Plan" is the first attempt to securitize small loan assets, which is of great significance and also carries certain risks. Shenzhen Stock Exchange plans to further strengthen the continuous tracking, risk assessment and risk response mechanism of this product, implement the investor suitability management requirements by correspondingly raising the minimum transfer quantity threshold of priority shares, continue to pay attention to the product transfer and repurchase situation, and refine the major environment Changing risk contingency plans.

The Shenzhen Stock Exchange stated that Alibaba Small Loan relies on the user data accumulation of Alibaba’s e-commerce platform and combines it with the Internet loan model to improve loan efficiency on the premise of effectively identifying and controlling risks, becoming a solution for small and micro enterprises. It is a useful attempt to solve the problem of financing difficulties for individual entrepreneurs. After securitizing small loan assets, Alibaba Small Loan can obtain loanable funds from the capital market, further expand its business scale, and better provide financial services to the real economy. As the main customers of Alibaba Micro Loans, small and micro enterprises will benefit from the development of this type of products.

Asset securitization business is an important financial tool for the capital market to serve the real economy. It provides a way to transform relatively illiquid assets into standardized financial products. It is useful for revitalizing existing assets and improving asset liquidity. important role.

In the past year or so, the Shenzhen Stock Exchange has successively listed Nanjing urban sewage treatment charges, Happy Valley theme park admission vouchers, Lancang River electricity charges and other products, financing 6.25 billion yuan for enterprises. ■

Xiao Gang: Small and micro enterprises benefited from Alibaba’s asset securitization attempt

On July 15, at the national video and telephone conference on exchanging financial services experience for small and micro enterprises, Xiao Gang of the China Securities Regulatory Commission Chairman Gang mentioned in his speech: "Promote securities companies to carry out asset management, direct investment, underwriting of private placement bonds of small and medium-sized enterprises, asset securitization and other businesses to support the development of small, medium and micro enterprises. For example, the recent credit granted by Orient Securities to Alibaba Small Loan Company The assets are securitized and listed on the Shenzhen Stock Exchange, which is a useful attempt to support the financing of many small and micro enterprises and individual entrepreneurs. ”

Chairman Xiao Gang said that the securitization of Ali Small Loans is. The Orient Securities Asset Management-Alibaba special asset management plan was recently approved by the China Securities Regulatory Commission. In this project, Alibaba Small and Micro Credit sold the high-quality loan portfolio of its small loan company to Orient Securities Asset Management's "Special Asset Management Plan" and issued securities to investors based on this loan portfolio. With the help of asset securitization, it is equivalent to allowing small and micro enterprises and individual entrepreneurs on e-commerce platforms to indirectly obtain financing support from the capital market.

It is reported that the special plan of Alibaba Small and Micro Asset Securities is also the first special plan based on small loans to be approved since the release of new regulations on asset securitization of securities companies. Regarding the successful approval of the project, outsiders interpreted it as revealing the CSRC's attitude of encouraging securities companies to innovate and guide funds to serve the real economy. Chairman Xiao Gang’s speech undoubtedly verified this view.

Some analysts say that with the help of this project, Alibaba Small and Micro Credit may be able to meet the financing needs of 800,000 small and micro enterprises and further promote the development of the domestic real economy.

Alibaba Small and Micro Credit is undoubtedly the one that attracts the most attention among the various institutions currently serving the financing of small and micro enterprises, and it is also the one with the most outstanding achievements. Data shows that as of the end of the second quarter of this year, Alibaba Small and Micro Financial Services Group (in preparation) has provided financing services to more than 320,000 small and micro enterprises and individual entrepreneurs on e-commerce platforms in the three years since its establishment. , cumulative loans have exceeded 100 billion, and the average loan per household is 40,000 yuan.

Just a few days ago, Hu Xiaoming, President of Alibaba Small and Micro Group, said that in the future, Alibaba Small and Micro Credit will strive to provide pure credit loan financing services to 1 million small and micro enterprises.

Zhou Xiaochuan: Promote the regular development of credit asset securitization

Zhou Xiaochuan, Governor of the People’s Bank of China, said at the National Small and Micro Enterprises Financial Services Experience Exchange Telephone Conference on the 15th that the Continue to implement prudent monetary policies, maintain a reasonable total amount of money and credit, and create a good financial environment for the development of small and micro enterprises. Promote the regular development of credit asset securitization on the premise that risks are controllable, and guide financial institutions to tilt their activated funds towards small and micro enterprises.

Alibaba Small Loan’s early adopter asset securitization pilot is expected to be expanded to a small scale

The asset securitization product jointly launched by Oriental Asset Management and Alibaba Small Loan has recently been approved by the China Securities Regulatory Commission and is planned to be launched in Shenzhen Stock Exchange This blockbuster news caused an uproar in the small loan industry. Industry insiders believe that asset securitization breaks the financing leverage bottleneck of small loan companies and will inevitably lead to imitation by peers.

Breaking through the lending leverage ratio limit

Orient Securities Asset Management’s “Alibaba No. 1-10 Special Asset Management Plan” launched by Orient Securities Asset Management Company in cooperation with Alibaba Small and Micro Credit , using the claims formed by loans issued by Alibaba Small Loan Company as the basic assets, 10 products will be issued within 3 years. People in the small loan industry who were interviewed by reporters from the Securities Times regarded Ali’s pilot trial of small loans as “the dawn of the industry.”

At present, the financing leverage ratio of small loan companies is strictly restricted. According to the 0.5 times financing leverage regulation of small loan companies, it is far from meeting the growing credit needs of small and micro enterprises.

Asset securitization is equivalent to enlarging the capital scale of small loan companies and further improving their lending capabilities. Alibaba said yesterday that based on its original capital scale, it has served a total of 300,000 small and micro enterprises. The funds obtained from this asset securitization can serve an additional 500,000 small and micro enterprises, and the loan scale and the number of customers have been doubled. .

In this regard, Du Xiaoshan, deputy director of the Institute of Rural Development of the Academy of Social Sciences, known as the "Father of Microfinance in China", said that at present, it is increasingly difficult for small businesses to obtain financing and it is difficult to find a way out for private capital. In this embarrassing situation, the practice of asset securitization has allowed the industry to see the light.

Xu Jianwen, co-founder and CEO of Renrenjucai.com, an online lending company, said that asset securitization broke through the bottleneck of low lending leverage ratio of small loan companies and broadened the financing of small loan companies. In the future, more excellent small loan companies will continue to achieve leverage amplification through brokerage asset management, trust plans and other methods.

Xu Jianwen said that in the past, most small loan companies relied on limited capital to lend, which hindered business expansion. Therefore, some small loan companies used gray means of private fundraising to increase leverage. If green software can The cabinet will expand the scope of asset securitization pilot projects, which will narrow the gray areas and make private lending more transparent.

Liu Yong, chairman of the Guobei Institution and deputy secretary-general of the Small Loan Joint Association, told reporters that Ali's credit asset securitization packaged and sold the credit assets of small loan companies, revitalizing existing assets and increasing funds. usage efficiency.

The pilot is expected to be expanded on a small scale

In 2013, when China's financial reform was in full swing, asset securitization was also given a more important mission by the financial industry. The Ten New Financial Regulations issued by the China Banking Regulatory Commission recently to revitalize the existing currency mention that it is necessary to gradually promote the regular development of asset securitization, especially the securitization of some high-quality loans with relatively stable yields and longer maturities.

Industry insiders speculate that Ali Xiaodai’s asset securitization was successfully approved by the China Securities Regulatory Commission, which is related to its compliance with the requirements of the current financial reform, and also because Ali Xiaodai’s customers are small and micro enterprises that are supported by national policies. related.

Although there have been persistent doubts about the profit model of Ali Small Loan, Ali Small Loan has indeed provided financing services to many small and micro enterprises. Data provided by Alibaba shows that as of the end of the second quarter of this year, Alibaba has been operating small and micro credit business for three years and has provided financing to more than 320,000 small and micro enterprises and self-employed individuals on e-commerce platforms, with a total of more than 100 billion yuan in loans. The average loan per household is 40,000 yuan.

Although Ali Small Loan has made a good start in asset securitization, it does not mean that all small loan companies can enjoy this treatment. According to data from the central bank, as of the end of the first quarter of 2013, there were 6,555 small loan companies nationwide, with paid-in capital of 567.184 billion yuan and loan balances of 635.727 billion yuan, an increase of 34%, 46% and 42% respectively over the same period last year.

Du Xiaoshan believes that the number of small loan companies is huge, and the strength of shareholders, personnel quality and risk control levels are also uneven. Therefore, regulatory agencies may not be fully liberalized. In the future, appropriate measures recommended by local financial offices may be adopted. For small loan enterprises, the pilot program of asset securitization will be expanded on a small scale.

Xu Jianwen also reminded that the asset securitization of small loan companies is similar to the bank's capital pool model, and there may be liquidity risks of mismatched maturity between assets and liabilities, as well as the risk of opaque credit asset information. Attract the attention of the industry.