Kunlun Trust Development Research Weekly Information No. 176

Spotlight

Trust companies to promote P2P business: three models

Since 2013, with the development of the Internet finance business, the P2P platform has become a new format. In particular, various wealth management websites have emerged and attracted a large number of investors. P2P platform is so rapid development, and its just in regulatory gaps, while the rapid development of P2P platform business also continue to expose all kinds of running, debit, collapse risk. With the public's deepening understanding of the P2P platform and industry reshuffle and competition, the current few P2P platform has gradually explored the development model, and accumulated a certain number of customers.

Mode one: platform mode

Platform model is mainly raised funds by the trust company, and then dedicated to the P2P platform specific asset package, through the P2P platform to the institutions or individuals in need of funds, can play P2P project advantages of the platform, and P2P platform to raise funds directly than the cost of more There are advantages. As an integrated platform for projects and customers, the P2P platform can reduce risks by improving the risk control system, adding additional credit measures, making long-term credit tracking records and adjusting the mode of disbursement of funds. At the same time, due to the decentralization of trust funds to various p2p projects , Can effectively reduce the risk of each business by decentralization. As long as the actual asset package is controlled at a certain rate of bad debt, even if a small portion of the project has a bad debt, it does not affect the overall cash flow of the asset package. Platform model can give full play to P2P project platform diversity, risk diversification, the duration and the amount of funds controllable advantages.

In August 2014, AVIC and Yixin cooperated to issue the "Trust Credit of Avic-China Aviation Trust Micro-Loan Series Collections Funds", which was distributed in volume by the CAU and third-party payment agencies to Borrower customers approved by Yixin Microfinance. Such products are designed with a ratio of 10: 1 priority inferior structure, the protection measures for the loss of credit insurance loans of financial institutions provided by China Life Insurance; the same time, the letter by the letters of inferior inferior level subscription funds, Rate of 2% and above, Credit Suisse will be in accordance with the priority of the total size of 5% of the additional funds after the trust funds.

Mode two: channel mode

The use of P2P to standardize non-standard credit assets is also a feasible model. The specific operation is that a trust company issues a trust plan normally, and then a non-financial enterprise directly buys the trust beneficiary rights, and the P2P platform holds the trust Of the trust beneficiary as the basic target, after the spin-off roll-off sale to investors, and in a short period of time, the appropriate rate of return to market the same period of various types of financial products yield rate, or slightly higher than other financial product. Through such operations, enterprises can obtain the interest rate difference between the P2P platform and the original trust asset return rate; P2P platform can obtain high-quality underlying assets, which helps to issue products; investors can obtain high liquidity and relatively high-yield P2P Financial products; and trust companies is to expand the channel for fund-raising, and greatly reduce the cost of capital. Due to the relatively sufficient risk control measures of the trust plan, the business risk is also greatly reduced, and the willingness of all P2P platforms to cooperate is high.

In 2014, CITIC Trust and People's Bank of China established Pioneer Finance Co., Ltd. to issue shares using the "First P2P" Internet finance platform. Some trust projects are operated by Vanguard Finance through trust companies instead of the original one Term, two-year rolling rolling items for 30 days, six months and other short-term, while reducing the rate of return to the same period of the same level of Internet financial products, investment threshold is also reduced to the level of ordinary investors can afford.

Mode three: service mode

P2P platform itself has the function of fund raising and project disbursement. In addition to the platform mode and channel mode of cooperation between fund terminal and P2P platform, trust companies also provide additional financial services directly to P2P platform or other Internet crowdfunding platforms "Service model." Under such a model, P2P platforms or Internet crowdfunding platforms raise funds through themselves and invest in their own projects. The trust companies can provide additional financial services and transactional trust to the P2P platform by exerting their own investment management capabilities. At the same time, through its own participation, it has also indirectly increased the credibility of the P2P platform projects, product sales and brand promotion both have a very good effect.

In October 2014, Baidu Financial Center and CITIC Trust, China Film Corporation and DeHeng Law Offices jointly launched the financial industry platform of "One Hundreds of Have a Play" culture industry, including the production of the "One Hundred Phantasins Play" and the movie "The Golden Age" Side cooperation, the financial products available for sale through the Internet, the minimum purchase amount of 10 yuan, 180-day product life, with the "consumer + financial" dual attributes, investors can choose to obtain the right to consumer rights, including participation in the premiere, Reception, starring phone, dinner, doing extras, access to related movie memorabilia; on the other hand can also choose to get the movie's return on investment, investment rate of return and the "Golden Age" at the box office linked to the box office below 2 Billion yuan, the rate of return of 8%, then every 100 million yuan at the box office, the yield increased by one percentage point, cap yield of 16%. As the third-party organization, CITIC Trust, the most important role to be undertaken in it, is to guarantee the realization of consumers' rights and interests in consumption. At the same time, after the expiration of the product, the user's cash compensation back all the CITIC Trust consumer trust account, CITIC Trust will trust the user funds for financial management, and users can redeem at any time through the Baidu financial platform.

Future prospects

With the success of Yuen Po in 2013, major Internet companies have made great efforts to set up specialized financial departments to launch various Internet wealth management, P2P wealth management and crowdfunding investment products. At the same time, traditional financial institutions also set up Internet Finance Departments And other business units, trying to follow the trend of Internet finance. Internet financial products are characterized by wide coverage, reduced intermediate links, fast information dissemination, and user-friendliness. With the ability to reach individuals directly from both funds and projects, operational efficiency is higher than any offline promotion. As a trust company that has been seeking business transformation, several feasible models have been found through pilot projects. If we can seize the opportunity of Internet finance development, we can open up more market space.

Macro situation

State Department: Agrees to Establish Sichuan Tianfu New Zone as a National New Zone

Recently, the State Council issued a reply on agreeing to set up a new zone in Tianchuang, Sichuan Province. It was pointed out in reply that the Tianchuang New Area in Sichuan Province has a prominent geographical position, a complete transportation infrastructure, a sound industrial foundation and a strong science and education. It is necessary to establish the Tianchuang New Area of ​​Sichuan Province as a strategy for the in-depth implementation of the western development program, positively and steadily push forward the new-type urbanization and thoroughly implement the innovation-driven development strategy As an important measure to play an exemplary and leading role in developing the open-ended economy in the hinterland, promoting the restructuring and upgrading of the western region and improving the national development pattern in the region. Sichuan Tianfu New District is located in the south east of the main city of Chengdu in Sichuan Province. The area covers 7 counties (cities and districts) under the jurisdiction of Chengdu, Meishan and Ziyang with a planned area of ​​1,578 square kilometers.

China Banking Regulatory Commission: Conduct special inspections on implementation of new regulations of interbank banking institutions

Recently, CBRC released Circular No. 250 on the Implementation of Special Inspection of Implementation of New Regulations of Banks in Banking Financial Institutions (Circular No. 250), and conducted a comprehensive inspection for the first time on the implementation of the new regulations on interbank banking industry and the effect of new regulations on banking industry. According to the Circular, the special inspection work is divided into self-examination and regulatory verification by the institution, in which the self-inspection scope of the institution covers all banking financial institutions, and self-inspection scope of No.127 refers to the financial institution established according to law in our country, The investigation scope is the commercial bank set up according to law in our country. All banking financial institutions should conduct a comprehensive self-examination and clearance according to the new rules of the same industry, and conduct reconciliation of the same business according to the requirements. Self-examination found that the problems should be rectified immediately, and the problems of non-compliance should be seriously internalized. At the same time, all legal person institutions must submit the self-examination report to the counterpart regulatory department, banking regulatory bureau and banking supervision branch before October 24, 2104.

Three departments: promote the fund loan off-site

Recently, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the Central Bank jointly issued the "Notice on Developing Individual Housing Loans for Housing Provident Fund", which includes relaxing the fund loan conditions, promoting loans in different places and reducing intermediate expenses. Workers in full and paid in full payment of housing provident fund 6 months (inclusive) can apply for housing provident fund individual housing loans. For those who have paid the housing provident fund in different places and paid less than 6 months, the deposit time can be calculated according to the deposit certificate issued by the original paid-up housing provident fund management center. At the same time, in accordance with the principle of supporting the basic housing consumption, housing provident fund loans to purchase the first set of self-occupied housing or the second set of improved ordinary self-occupied housing employees.

Shanghai and Shenzhen Stock Exchange released short-term corporate bond business pilot measures

On October 15, the Shanghai and Shenzhen Stock Exchange promulgated the Pilot Measures on Short-term Corporate Bond Business of Securities Companies (hereafter referred to as the "Pilot Measures"), and formally issued short-term corporate bonds of securities companies on the exchange bond market, allowing the Pilot Commission of China Securities Regulatory Commission Issue qualified securities companies and China Securities Finance Co., Ltd. to issue short-term corporate bonds. Securities company short-term debt refers to the securities company for the purpose of short-term financing, agreed within one year (inclusive) debt service. Short-term debt securities companies to implement the balance management, the securities company may within the limits set by the China Securities Regulatory Commission, the Exchange before the record, determine the issuance date of each bond, duration and size. Similar to SME private placement bonds, short-term debt of securities companies is governed by strict investor suitability management system, with no more than two hundred investors per issue.

China Insurance Regulatory Commission (CIRC): There are five major risks in the VC investment trust and 29 insurance companies are named

Recently, the CIRC conducted a centralized analysis of trust investment data of insurance institutions and carried out on-site inspections of 12 insurance companies. As of the end of the second quarter, a total of 739 trust schemes involving a total of 32 trust companies were involved in its cooperation with a total accumulated investment balance of 280.5 billion yuan. China Insurance Regulatory Commission said that in general, the risk of investment trusts in insurance funds is basically controllable. However, at the same time, the CIRC also proposes that investment funds in insurance funds still have the rapid growth of investment scale, high investment concentration, risks in connected transactions, and unclear basic assets And credit rating mechanism is not perfect and other five major risks. Among them, 29 insurance companies were named 42 times by the China Insurance Regulatory Commission.

Central Bank: China's new loans in September reached 857.2 billion yuan M2 increased by 12.9%

Central Bank announced on October 16 China's financial data for September. As of the end of September, the broad money (M2) balance was 120.21 trillion yuan, up 12.9% over the same period of previous year, an increase of 0.1 percentage point from the end of last month and a decrease of 0.7 percentage point from the end of last year. The narrow money (M1) amounted to 32.72 trillion yuan, 4.8%, respectively, 0.9% and 4.5% lower than the end of last month and the end of last year respectively. The balance of currency in circulation (M0) was 5.88 trillion yuan, an increase of 4.2% over the same period of last year. The first three quarters of the net cash 27.4 billion yuan. Meanwhile, RMB loans in the first three quarters increased by 7.68 trillion yuan and foreign currency loans increased by 61.5 billion U.S. dollars. Renminbi deposits increased by 8.27 trillion yuan and foreign currency deposits increased by 140.2 billion U.S. dollars. The weighted average monthly interest rate of interbank lending in September was 2.97 percent, Month bond repurchase weighted average interest rate of 2.93%; the national foreign exchange reserves balance of 3.89 trillion US dollars.

Comments: M2 growth picked up when the monthly rate of increase of 13% on a month-on-month basis, a significant rise from 7% in August, indicating the policy effect of loosening of central bank monetary policy (500 billion SLF in September). Stock and bond financing generally showed steady growth. The general direction of monetary policy to relax unchanged. M2 moderate current growth, CPI inflation pressure is small, PPI deflation intensified, there is downward pressure on aggregate demand, monetary policy is expected to remain loose.

Bureau of Statistics: September CPI rose 1.6%, PPI fell 1.8%

On October 15, according to the National Consumer Price Index (CPI) and the Manufacturer's Price Index (PPI) released by the National Bureau of Statistics in September 2014, the CPI increased by 0.5% MoM and 1.6% MoM, while the PPI decreased by 0.4% MoM %, Down 1.8% from a year earlier. Yu Qiu-mei, a senior statistician of the Urban Bureau of the National Bureau of Statistics, explained that from the year-on-year figures, the year-on-year rate of increase of the CPI dropped 0.4 percentage point from the previous month. On the one hand, as the chain saw a sharp rise in the same month last year, As a result, the hikes in September this year dropped 0.7 percentage points from the previous month. On the other hand, the new factor in September increased by only 1.3 percentage points, below the average of the past five years.

Central Bank: The amount of funds withdrawn this week and the amount of maturity

On Thursday, the central bank opened a 14-day repurchase operation of 20 billion yuan. On the day there was no repurchase of the open market. According to the projections, the net open-market of the central bank was 20 billion yuan. Statistics show that the open market this week (October 11 -10 17) 20 billion are repo and 20 billion of the central bank bills expire, no reverse repo maturity. The central bank open market on Tuesday (October 14) carried out 20 billion 14-day repurchase operation. Therefore, the central bank withdrawn funds this week and the amount of maturity.

Comments: The decline in economic growth in 2014 was mainly reflected in the readjustment of the two major industries in the real estate and manufacturing sectors, with the growth rate of investment in the two major industries drastically reduced. October "mortgage New Deal" on the one hand to stimulate the demand for credit loans, on the one hand to promote bank lending, but after the introduction of such a policy market approval, follow-up real estate investment and macroeconomic conditions remains to be seen.

Industry News

CITIC Trust: Registered capital increased to 10 billion yuan

Approved by the shareholders' meeting of CITIC Trust Co., Ltd. and approved by China Banking Regulatory Commission for approval of increasing registered capital of CITIC Trust (Yinjian Fu [2014] No. 577), the registration of CITIC Trust Co., Ltd. The capital increased from RMB1.2 billion to RMB10 billion. The contribution ratio of the shareholders of the Company remained unchanged and the Articles of Association of the Company were revised accordingly. The capital increase has completed the change of business registration procedures.

One hundred episodes: box office less than expected, will be the lowest 8% yield payment

As a "hundred episodes of play" test of water, the movie "Golden Age" in the eleventh tranche of the box office results were mediocre, released 10 days at the box office revenue of 43.1 million yuan, lower than its previous large data of 200 million -23 million Box office forecast. According to the previous episode of 100 episodes of product settings, product revenue and the "Golden Age" at the box office linked to a minimum rate of return of 8%, then every 100 million yuan at the box office, the yield increased by 1 percentage point, cap yield of 16 %. A spokesman for CITIC Trust said the most important role the trust company plays in the consumer rights protection is to protect the consumer rather than the investment. The final yield of the product is not related to CITIC Trust. The industry believes that the minimum rate of return should be paid by Baidu, although the box office products are not happy, but from the publicity point of view has reached a sufficient effect, and by means of investment stuck a group of investors.

Shandong Trust: Jinshunda project is overdue and is undergoing disposal

Affected by the crisis of capital chain rupture in Shandong Jin Shunda Group Co., Ltd., Shandong Trust involved nearly 150 million yuan trust liquidity loan project "stepping on thunder". The trust product name is "Trust Fund of Shandong Trust-Jin Shunda Group Liquidity Loans Fund Trust Plan" with a total scale of RMB150 million and a term of one year. The funds are used to issue trust loans to Shandong Jin Shun Da Group to supplement its daily Liquidity required for business turnover. By way of credit for third-party corporate credit guarantee and individual unlimited joint and several liability guarantee. The first period has now expired, the second pre-product has ended early. On the one hand, Shandong Trust has sued Jinshun Da Group, seized part of Jinshun Da Group's corporate accounts, and on the other hand, it has also negotiated with relevant parties to try to properly solve the problems as soon as possible.

CNAC Trust: Apollo 340 will be paid as soon as the beneficiaries of the full protection of the principal and interest

In response to media reports earlier, Air China Trust Apollo No. 340 Kunming Lixing Star City Trust Loan Fund Trust plans may face the risk of repayment, the relevant person in charge of AVIC 15 in an interview with reporters made it clear that the project will be reimbursed CNAC beneficiary People and interest will be fully protected. The prospectus was set up in accordance with Apollo 340 Trust Plan. The trust plan was set up in February 2013 and raised a total of 800 million yuan in two phases for the development of land parcels A1, A2 and A3 in the second phase of Kunming Lixing Star City. The collateral is the plot of A1, A2 and A3 of Kunming Lixing Star City Phase II Project and the construction in progress. The total appraised value of the above mortgaged property is about RMB1,509 million. In addition, Yunnan Guanyi Group (Holding) Co., Ltd., the guarantor, Large local state-owned enterprises in Yunnan Province have good credit status.

Hua Chen future: the default interest of the first phase of the project will be paid in the near future

October 14, Hua Chen future announcement that, with the Zhigu Group special asset management plans involving multiple transactions in various sectors involved in the many rounds of communication and coordination, many parties have put aside their disagreement, by advance or temporary relief from the relevant fees Ways to raise funds for the first year to pay the principal interest, in the October 20 completed the first payment of interest. After determining the payment of interest, on the issue of the next investor's principal, several financial institutions involved will then work together with Huainan city government to restructure the project in order to complete the investor's principal and the second phase Interest payment.

Huaxin Trust: reduction of 23.66 million shares of Xi'an Minsheng Group

Recently, Huaxin Trust announced the reduction of rights and interests of Xi'an Minsheng Group's report on changes in equity, the announcement pointed out that Huaxin Trust in accordance with the needs of its own development, October 10, Huaxin Trust through the Shenzhen Stock Exchange bulk reduction of Xi'an Minsheng Group shares of 2366 shares, the transaction price of 5.53 yuan / share, the proportion of total shareholding in Xi'an Minsheng 4.9988% of the total share capital. Notice shows that before the changes in equity, Huaxin Trust held a total of 34.8 million shares of Xi'an Minsheng shares, the shareholding ratio of 7.35%, after the reduction, Huaxin Trust Xi'an Minsheng shares held by the number of 11.14 million shares Share ratio dropped to 2.3536%.

Present: Kunlun Trust Co., Ltd. shareholders, directors, supervisors and senior management

Distribution: CNPC Asset Management Co., Ltd., Kunlun Trust Co., Ltd. departments

Editor: And Jin to feed: Lin Yin proof: Lin Yin

Tel: 010-63597713 Post Code: 100033 Address: Beijing Financial Street, No. 1 Jinyaguang Building, Room 716, Block B