On April 12, 2021, the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, Foreign Exchange Bureau and other financial management departments once again jointly held an interview with Ant Group. Pan Gongsheng, deputy governor of the People’s Bank of China, answered questions from reporters on the interview on behalf of the four departments.

Pan Gongsheng, Deputy Governor of the People’s Bank of China: Since the start of the rectification work of Ant Group, the financial management department has conducted in-depth communication with Ant Group on rectification measures and urged Ant Group to form a comprehensive and feasible rectification plan. The financial management department will urge Ant Group to effectively implement the rectification plan, grasp the pace of work, maintain business continuity and normal business operations, ensure that the broad masses of people’s experience of financial services does not decline, and continue to improve the level of inclusive financial services.

The core is just one sentence: “Ant Financial has applied for the establishment of a financial holding company as a whole.” Don’t cover the Internet, you are the business of printing. In fact, this interview helped Ali, because the conclusion clearly gave a sentence “to maintain business continuity and normal business operations, to ensure that the broad masses of people’s experience of financial services does not decline”. Translation and translation means that Ali’s business continues to be done, and the business of putting imprints on the Internet does not need to be stopped. This general direction is stable. It’s just that you don’t try to use the nature of the Internet, a technology company, to conceal the nature of your financial company, let alone “play light” and avoid supervision. You must have the minimum risk capital, capital adequacy ratio requirements, and internal supervisory procedures of traditional banks. Didn’t Jack Ma say that the Basel Agreement is an “old people’s club”? Congratulations, you are also an “old man”, and you will no longer be able to borrow 100 yuan for 2 yuan in principal in the future. From this perspective, there is a reason why Ali’s share price rose by 7% today, because the bad news has indeed landed on the boots: Anti-monopoly Law 47 took away 18.2 billion, but did not touch on the split of the company; the interview asked Ant Financial to apply for the establishment. Being a financial company is actually tantamount to continuing to buy and sell (you can’t be a hundred times the valuation). These news all confirm the “stability” of Ali’s business, after all, the biggest disadvantage is the failure to do business. Although as a fun person, I would like to witness the dismantling of Kang Caien with my own eyes. It is still a lifetime. However, the government is still relatively restrained. At the moment, it only used coercive force to restrict Ali’s profit margin and financial coefficient, and did not use the big killer of market access rights. Therefore, although Ali is already a super-monopolistic sample with financial capital as the core, data monopoly as leverage, and data-dependent cross-industry related business as the channel, it is now only framed. In the territory that Ali has already eaten, the excess monopoly gains continue. So it can only be said to be a phased victory. Come on, fight Xixi, come on, Jingdong Pictures. Before there is a mature response plan, magic can only be defeated by magic. So Ali really has to thank the country. It is the country that helps Ali get out of the void and return to the original aspiration with his head. If you take the data, you should optimize the algorithm to improve production and matching efficiency. As a result, one or two of you take the data and put the prints. Rather than optimizing the algorithm to serve all businesses, it is better to rely on monopoly to directly harvest head profits, and it is better to make money by placing prints. Therefore, it must be supervised in accordance with financial companies, and there must be risk isolation, and related transactions must be strictly controlled. If you have monopoly data, it does not mean that you understand credit, insurance, and financial management, nor does it mean that you can bear out-of-control responsibilities. It only means that you have monopolistic sales channels. Convenience stores have many online stores, but convenience stores cannot sell narcotic drugs, because convenience stores cannot bear this responsibility without this ability. Now a ticket Internet company engages in financial business under the banner of high technology, and its essence is no different from that of a convenience store selling narcotics. So no matter what the name of your store is, what you sell must be regulated according to what regulatory standards. This is actually helping Ali control disorderly expansion and reduce potential risks in advance. If the “two yuan of principal loaned out 100 yuan” explodes across the country, it is not as simple as fines and financial regulatory rectification. However, I still want to see the dismantling of Konzern once…

zhiwo

By zhiwo

0 0 vote
Article Rating
Subscribe
Notify of
guest
11 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
helpmekim
6 months ago

In view of the fact that this topic will definitely be a hot search, let me draw a key point for you first! Don’t spray if you don’t like it! When analyzing such problems, the most effective way is to read the draft. The draft is as follows: Open this draft. It is not difficult to find that the core content of the full text is undoubtedly the second part: Q: The rectification plan of the Ant Group What is the main content? A: Since the start of the rectification work of Ant Group, the financial management department has conducted in-depth communication with Ant Group on rectification measures, and supervised Ant Group to form a comprehensive and feasible rectification plan. The rectification content mainly includes five aspects: First, correct unfair competition behavior in the payment business, give consumers more choices in payment methods, and disconnect the improper connection between Alipay and other financial products such as “Huabei” and “Bibai”. Rectify irregularities such as nesting credit business in the payment link. The second is to break the information monopoly, strictly implement the requirements of the “Credit Investigation Industry Management Regulations”, operate personal credit investigation services with a license in accordance with the law, collect and use personal information in accordance with the principle of “lawfulness, minimum, and necessity” to ensure personal and national information security. The third is that Ant Group has applied for the establishment of a financial holding company as a whole, and all institutions engaged in financial activities are included in the financial holding company to accept supervision, improve risk isolation measures, and standardize related transactions. Fourth, strictly implement the requirements of prudential supervision, improve corporate governance, earnestly rectify financial activities such as illegal credit, insurance, and wealth management, and control high leverage and risk contagion. Fifth, the liquidity risk of important fund products was controlled and the balance of Yu’e Bao was actively reduced. The financial management department will urge Ant Group to effectively implement the rectification plan, grasp the pace of work, maintain business continuity and normal business operations, ensure that the broad masses of people’s experience of financial services does not decline, and continue to improve the level of inclusive financial services. In contrast to the five aspects of the rectification plan, we analyze one by one: First, correct unfair competition behavior in the payment business, give consumers more choices in payment methods, and disconnect Alipay and other financial products such as “Huabe” and “Borbe”. Improper connection to the payment link, and correct irregularities such as nesting credit services in the payment link. This article actually pronounced the death penalty for the “Huabe” business. Everyone knows that Huabei is essentially a virtual credit card. In the past, when consumers used Alipay for transactions, the business of Huabei was directly embedded in the payment link. Once Alipay and Huabei were disconnected After improper connection, the “Huabe” business no longer exists. As far as this item is concerned, compared with “Huabe”, the business of “Baibei” will not be affected too much. The second is to break the information monopoly, strictly implement the requirements of the “Credit Investigation Industry Management Regulations”, operate personal credit investigation services with a license in accordance with the law, collect and use personal information in accordance with the principle of “lawfulness, minimum, and necessity” to ensure personal and national information security. This article mainly corresponds to Alipay’s Sesame Credit business. The purpose of supervision is to strengthen the protection of consumer personal data privacy. Objectively speaking, the form of this article is greater than the content, and its lethality is limited, but the use of Sesame Credit will be subject to some restrictions in the future. The third is that Ant Group has applied for the establishment of a financial holding company as a whole, and all institutions engaged in financial activities are included in the financial holding company to accept supervision, improve risk isolation measures, and standardize related transactions. This is the top priority. It is the final qualitative assessment of Ant Group and will directly affect the company’s valuation. After the Ant Group’s IPO plan was suspended last year, the market generally expected three possibilities around the follow-up rectification plan: One is to continue to go public according to the original plan and value the technology company after a small rectification. Of course, this possibility has long ceased to exist since the regulation was set last year. The second is to split the business, technology belongs to science and technology, finance belongs to finance, and the two businesses are valued separately. This is a plan that the Ant Group strives for. The third is to establish as a financial holding company as a whole, and all businesses are incorporated into the financial sector to be supervised. For ants, this is the most unfavorable solution. This time the central bank clarified that the Ant Group as a whole has applied for a financial holding company. It can be said that everything has been settled. The Ant Group’s 3 trillion valuation has gone forever, and it is conservatively estimated that it needs to be discounted by 50% or even lower. Fourth, strictly implement the requirements of prudential supervision, improve corporate governance, earnestly rectify financial activities such as illegal credit, insurance, and wealth management, and control high leverage and risk contagion. This article is mainly to limit the leverage ratio of Ant Group. As we all know, before Ant Group’s IPO was suspended last year, the company’s financial business leverage ratio was astonishing, using only tens of billions of capital to leverage trillions of business scale. This supervision clearly requires Ant Group to reduce its business leverage ratio. If you follow the requirements of the Basel Agreement for systemically important banks, the leverage ratio of Ant Group in the future can only reach 12.5 times at most, which will directly compress Ant Group’s future imagination. . In addition, according to this article, Ant’s “mutual treasure” and the agency sales of wealth management products will also be affected to a certain extent, among which the “mutual treasure” business may be completely shut down. Fifth, the liquidity risk of important fund products was controlled and the balance of Yu’e Bao was actively reduced. This article is mainly for Alipay’s Tianhong Fund and several other currency funds introduced by the platform. Although the purpose of the regulator is to control liquidity risks, this action will objectively affect the scale of the development of other businesses of Ant Group. The company’s future performance is also a big negative.

heloword
6 months ago

No way, who makes the ants too arrogant? Last year, it was revealed that more than 3 billion yuan of capital was released and more than 300 billion yuan of loans were released, forming a high leverage of hundreds of times. It doesn’t pay attention to national financial institutions and leeks at all. Imagine taking a sow to cross 120 sows. If this bar collapses, wouldn’t a sow here be wiped out? I personally think that this interview will be a big blow to Huabei. Correct unfair competition behavior in payment business, give consumers more choices in payment methods, disconnect Alipay from improper connections with other financial products such as “Huabe” and “Borbe”, and correct the nested credit business in the payment link And other violations. Huabei is a tool that relies on credit consumption and can only be used when consuming, that is, I consume in advance, buy it this month, and pay it next month. But at this time, stopping Huabei directly and correcting the behavior of nesting credit business in the payment link is undoubtedly stuck in Huabei’s neck. I don’t know what adjustments will be made to Huabei, but it still has no effect. The core point is to include Ant Financial as a financial holding company. In the past, Ant Financial was the number one technology company, but it was actually a financial company that collected debts. Escape financial supervision and do what financial companies do under the banner of technology. It’s all right now, just call it to stop. Technology is technology, and finance is finance, and we will stay under financial control in the future. I just don’t know how much Ant’s previous listing valuation will shrink. But Teacher Ma is not interested in money, so the problem shouldn’t be big.

helpyme
6 months ago

There are quite an array of pushes across the entire network to push CCTV’s full live broadcast. It can be seen that it is an organized and planned large-scale regulatory landing requirement from top to bottom. It was previously jokingly that the end of China’s Internet is “loan usury”. Now various apps that urge people to borrow money, should I touch my head and ask myself whether it is “iron or iron”? Ant Financial’s business model is to provide “loan usury” and leverage 100 times through ABS, regardless of the life and death of the national financial system. Even more disregarding the life and death of leeks. On the one hand, it absorbed a large amount of savings (Yuebao) without obtaining a bank license. On the other hand, it advocated pre-consumption and issued a large number of so-called credit loans (borrowing). How high is the annualized interest of ants? It is based on credit ratings, with a low of 5% and a high of 18%. In other words, if users borrow 10,000 for a year, they will pay 1,800 yuan in interest alone, which is more ruthless than those who specialize in high profits! What’s more ruthless is that the ants are not willing to pay 10,000 yuan by themselves, but let the bank do it. They only pay 100 yuan, but they can earn half of the 1,800 yuan interest (900 yuan). The translation of the content of the interview with ants is: 1 can no longer grab the credit card, borrowing flowers can not be nested into the payment process, you must write down the annualized interest rate, and you are not allowed to mislead the masses with the daily interest rate. 2 Zhima Credit must be included in credit management, and can no longer be played independently, strictly protecting citizens’ information security. 3 Internet finance is finance, not technology, and honestly accept financial supervision and meet the Basel Agreement. 4. To deleverage, you cannot engage in unlimited ABS, engage in “money for money”, and exploit the profits of small and micro enterprises. 5. When funds enter the market, they can no longer be absorbed and stored, and Yu’ebao must reduce the scale.

sina156
6 months ago

I personally think that it is a great blessing to be jointly interviewed by the four departments again. Many companies and many people have no chance to be jointly interviewed by the four departments. If you were not interviewed by the four departments when you were young, when can you be interviewed by the four departments? You have not been interviewed by the four departments in your entire life. In this world, each of us hopes to succeed and hope for a better life. If you don’t pay more than the number of times other groups are jointly interviewed by the department, how can you achieve the success you want?

yahoo898
6 months ago

Regarding being interviewed, this is now a very popular topic in China, and many companies have this problem. I personally think that being able to be interviewed is a great blessing. Many companies do not have the opportunity to be interviewed. If you are not being interviewed when you are making money, when can you be interviewed? You haven’t been interviewed in your life, do you think you are very proud? Today, these companies in China can be interviewed. I think it is the blessing of people like them. This is life. You become the number one company in China today. The first is to pay a price. There are at least 50 million companies in China, and the relevant departments did not choose other companies. They chose this company. Of course, this one is different. Ali was fined more than 10 billion yesterday. why? There is no complaint or no complaint on the path of my own choice. This is my choice. Now that I have chosen, instead of letting myself be split up, it is better to make the interview a little more comfortable, fine one time, and work for 200,000 years. That’s it.

leexin
6 months ago

Yu’e Bao, Huabei, and Borrowing are indeed very convenient and cost-effective at the beginning, and it can be said that it is a win-win situation for users and Ali. However, with Ali increasingly occupying a monopoly position, the Dragon Slayer boy has gradually become an evil dragon. The increase in interest rates and various advertisements to encourage lending have made users spend more unknowingly. And its biggest problem is that it bypasses traditional supervision and adds too much financial leverage. It is very likely that it will only receive 100 million in deposits but dare to lend out several billion. Although under big data, Alipay is indeed better than banks in providing microloans based on everyone’s credit status, but with the improvement of business intentions, the original user-oriented criteria will also change. In my case, there is no way to earn income on a monthly basis. It is not meaningful to spend a lot of money. It may not be able to be re-opened after it is closed, and it seems that it is because of detection.

greatword
6 months ago

Come and come, draw some key points. The following content is from the Deputy Governor of the People’s Bank of China Pan Gongsheng, on behalf of the four departments, answered reporters’ questions on the interview. Since the four-department joint supervision meeting in December last year, Ant Group has established a dedicated team to formulate rectification plans under the guidance of the financial management department and actively carry out rectification work. This time, the financial management department once again jointly interviewed relevant personnel of Ant Group, mainly to require Ant Group to face up to the serious problems in financial business activities and the seriousness of the rectification work, to benchmark the regulatory requirements and the proposed rectification plan, and to conduct in-depth and effective rectification. To ensure the realization of lawful operation, integrity, innovation, and healthy development. Don’t make trouble, guys, take rectification seriously, how can it be just a playful act? The first is to correct unfair competition behavior in the payment business, give consumers more choices in payment methods, disconnect the improper connection between Alipay and other financial products such as “huabei” and “borrow”, and correct the nesting in the payment link Irregularities such as credit business. The knife finally came, cruel. Especially the last sentence has been identified as a violation of “nested credit business”. The era of all-in-one eat-all is about to pass temporarily. The third is that Ant Group has applied for the establishment of a financial holding company as a whole, and all institutions engaged in financial activities are included in the financial holding company to accept supervision, improve risk isolation measures, and standardize related transactions. All businesses, there is no place outside the law, all must be added to the family bucket, don’t play tricks. Fifth, the liquidity risk of important fund products was controlled and the balance of Yu’e Bao was actively reduced. There is not much explanation for this, it is all clearly stated, and everyone understands it. One line, two meetings and one game, the four giants attack together, the horse has been taken?

loveyou
6 months ago

Once a project has been established, a “project leader” who checks the progress will come to guide on-site from time to time. No one is responsible for the promotion, only moving the mouth without moving the legs, there will be no results, and the project will never be implemented. The first interview: (from Zhihu “Economic Observer”) On November 2, 2020, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange gave the actual controller Ma Yun and Chairman Jing Jing of Ant Group. Xiandong and President Hu Xiaoming conducted a supervisory interview. Second interview: (from Zhihu “Economic Observer”) On April 12, 2021, the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, Foreign Exchange Bureau and other financial management departments once again jointly interviewed Ant Group. Pan Gongsheng, deputy governor of the People’s Bank of China, answered questions from reporters on the interview on behalf of the four departments. The first interview is equivalent to the initiation of the project. The relevant personnel of the project sit together to discuss the “project design goal”, build the overall framework and approximate project progress and delivery time. Each node needs to make a phased summary and return, and the results are displayed and delivered. Until the project is officially landed, the “supply” is stable for a period of time, and there is no abnormal feedback from the customer, the mass production stage can be embarked on. Finally, after a few small batches, come to a project closing report. The project is proceeding steadily, and the alarm bell rings. Therefore, this is not the first time, and it is not the last time with high probability. Until the problem raised is completely resolved.

strongman
6 months ago

Let me talk about a point that makes me feel very uncoordinated: the time for public relations. Zhang Yong on the front foot said that the punishment would not affect, and the ant on the back foot was hit again. Although the fine for the front foot is the platform business of Taobao, and the financial business of the ant for the fat back foot, this is almost inseparable for Ali. As long as there is a bit of wind, Zhang Yong should not have the public relations effect of being slapped in the face. And this interview was conducted by four departments. It is absolutely impossible that the four departments before Zhang Yong spoke out and the four departments immediately responded to the interview together. It is absolutely impossible. It’s only possible that this interview was already planned and fully coordinated. And Zhang Yong will make such a poorly effective public relations, I think there are two possibilities: First, the business confidence related to the Taobao platform must be stabilized; Second, the above news source is missing from Alibaba. Guess which one, everyone? Or is there a third possibility?

stockin
6 months ago

A lot of friends asked me, is it because Huabei won’t be able to repay the minimum next month? I will answer here, no. Compared with the ticket, Ali’s more difficult problem is how to complete the rectification in accordance with the “Administrative Instructions” issued by the State Administration for Market Regulation: After the State Administration for Market Regulation has completed its investigation, the “Administrative Instructions” will respond to the problems in the investigation. Baba put forward 16 guidelines, requiring it to report before April 30, and submit a self-examination compliance report to the State Administration for Market Regulation for three consecutive years. Since the investigation started on Christmas Eve last year and the rectification has been ordered, the time between them is still too short. As of now, Ant’s attitude is: Ant Group will apply for the establishment of a financial holding company as a whole, and realize that all financial services are under supervision; the payment business will return to the origin of payment, adhere to the positioning of small amounts of convenience and serve small and micro businesses; apply for the establishment of a personal credit company, according to law Licensed, legally and compliantly operate personal credit investigation services, strengthen the protection of personal information, and effectively prevent data abuse; incorporate all “borrow” and “huabe” into consumer finance companies, and carry out consumer finance businesses in compliance with laws and regulations; strengthen consumer rights protection , Strengthen financial consumer suitability management; improve corporate governance, abide by the legal rules of fair competition, regulate related transactions, strengthen risk prevention and control, create a fair competition market environment, and further strengthen the construction of social responsibility systems. The aforesaid matters will be implemented in accordance with relevant regulations such as regulatory requirements and the Articles of Association of the Ant Group after the implementation of corresponding procedures. One sentence summary: In the future, Ali may be Ali and ants may be ants. For ordinary people, we don’t need to worry for the time being, because we have said: “The financial management department will urge Ant Group to effectively implement the rectification plan, grasp the pace of work, maintain business continuity and normal business operations, and ensure that the broad masses of people’s financial services The experience will not decline and continue to improve the level of inclusive financial services.” So don’t be afraid, you won’t be able to pay it off tomorrow, and Ali will not pull you into the water. But from a longer timeline: After the rectification is completed, you open Alipay, and it is estimated that you will not see the two windows of Huabei and Bibai. This is indeed more troublesome for ordinary people, but in the long run, the advantages outweigh the disadvantages. I like to buy things with flowers. After double eleven, I am surprised how I spend more than 100,000 yuan every year. Friends who don’t make so many. It’s time to wean.

11
0
Would love your thoughts, please comment.x
()
x