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Report reporter Li Hui Beijing report

With the impact of comprehensive factors such as consumer domestic demand and performance pressure, and the financial business expansion of multiple platforms is on the track under the background of the basic completion of the financial business rectification of platform enterprises.

Recently, the two signals have attracted market attention.One is the old platform Tencent, which is relatively “restrained” in financial business. The recently released 2023 financial report shows that due to the increase in commercial payment activities, financial services and consumer loan services, fintech and corporate service business in the fourth quarter of 2023 were in the fourth quarter of 2023.Revenue increased by 15%year -on -year.Combined with Tencent’s Tenpay Tan Micro Loan in January 2024, its consumer credit business is entering the rapid growth channel.

The other is Douyin became the “new” in the industry.Douyin, which was at the end of the second echelon of financial business three years ago, has recently received market attention due to the frequent scale of financial business.In just a few years, Douyin’s consumer credit business has been close to giants such as ants and Tencent.Although the jitter has denied the “400 billion credit balance”, it has become the challenger who has the greatest impact on the market structure.

As the Ant Group has shot some market spaces in the rectification in the past three years, the new forces are quietly taking shape.

Racing high gross profit business

According to Tencent’s financial report, the gross profit margin of fintech and corporate service business increased from 33%in 2022 to 40%in 2023.This improvement is mainly due to the introduction of cloud business restructuring, high -gross -profit video number with cargo technology service fee income, the increase in commercialization of other commercial services, and the increase in high -margin product revenue of financial technology services.

In the fourth quarter data, the income of fintech and corporate service business increased by 15%year -on -year to RMB 54.4 billion.The financial report shows that the reason why fintech service revenue can maintain a double -digit increase year -on -year is because the increase in commercial payment activities and the growth of financial services and consumer loan services.

Relevant executives of Tencent also bluntly answered investors’ questions at the financial report and telephone. At present, Tencent’s value -added financial information services, such as wealth management and loan services, and installment payment services, are high -profit and high value -added services.

According to the official information of Tencent, the above -mentioned “high -gross interest rate products of fintech services” and “consumer loan services” include the split payment of particle loans, relying on financial payment small loans, and WeChat installment products that cooperate with financial institutions.

Public information shows that WeChat distribution has been conducted as grayscale testing since 2020, and has adopted a white list system. The product has not been opened to the market so far.WeChat splitting does not have a 40 -day interest -free period for Huayan and bank credit cards. Most of the gray test users are the unified price of 14.6%(annualized), and the amount is not high (more than 1,000 to 20,000 yuan). There is no interest -free period.It is more suitable for groups that are rushed with small money.

Some market participants have revealed that WeChat has increased its promotion since 2023, and currently has reached 100 million users.However, Tencent did not respond to reporters on the authenticity of this data.

However, the scale of WeChat sharing is also evident from the registered capital of Tenpay Payon Loan and the issuance of their asset securitization products.In January 2023, the registered capital registered capital of Tenpay increased from 10 billion yuan to 10.526 billion yuan.Earlier this year, the 5 billion yuan ABN (targeted asset -supported bill) approved by Tenpay’s small loan achieved 1 billion yuan to issue it. In addition, there were two periods of total 6 billion yuan ABS in the feedback state.

Insiders insiders in a payment institution in South China told reporters that considering that Weizhong Bank of Tencent has accumulated rich experience in particulate loan, and has not added horsepower in the sub -payment business. In the face of the more intense competitive landscape of the consumer financial market in 2024,The business may be further liberalized.Once fully liberalized, there is still room for increase.

The fierce competition comes from the amazing growth rate of the latecomers.A person inside a head platform bluntly said to reporters: “Douyin is too fierce, this year’s growth pressure is great.”

From the perspective of daily active users, Douyin has expanded from 400 million in January 2020 to 880 million at the end of 2023. At the same time, it has also driven its Internet credit business to enter the head camp.

Since 2021, Douyin has gradually improved from simple financial advertising to increasing the depth of participating in financial business, which is directly reflected in the capital increase rhythm of small loan companies.In January 2021, the registered capital of Zhongrong Micro -loan increased from 1 billion yuan to 3 billion yuan; in June of the same year to 5 billion yuan; in April 2022, it increased to 9 billion yuan, which became the highest registered capital in the industry at that time.Small loan companies.At the end of 2023, China Rong Micro -loan increased its capital to 19 billion yuan in one fell swoop, becoming a veritable small loan “one brother”.Even compared with licensed consumer finance companies, it is only lower than the registered capital of Ant Consumer Finance with a registered capital of 23 billion yuan.

The main products of the credit business on the Douyin platform are “rest assured” and “Douyin Monthly Pay”.Official information shows that the annualized interest rate borrowed at ease is 7.2%-24%.The larger interest rate gradient shows its wide range of customers.At present, rest assured that the use of self -employed+joint venture, cooperative financial institutions include nearly 50 banks, consumer finance, and trusts.

According to the conventional exhibition model, loan assistance institutions mainly rely on the relevant matching costs or technical service costs of collecting financial institutions.CPS (the fund party pays a certain percentage of the user’s acquisition of a loan amount to pay the diversion costs) and the dividing mode is a relatively mainstream charging method in the current market.

In addition, as a scarce customer -obtaining hot soil, the current expenses of financial institutions on Douyin are also considerable.The aforementioned loan aid institutions revealed to reporters: Due to the shrinking channels such as video patch advertisements, most of the current marketing costs in the loan industry are invested in the channel of Douyin, which is equivalent to hundreds of thousands of yuan a day.Millions of dollars are ranging, the cost of obtaining customers is 2,000 yuan, and high will exceed 5,000 yuan.

The transformation of customers of Douyin channels is indeed immediate.According to Qifu Technology 2023 Financial Report Investor Telecommunications Meeting: Since it has been cooperating with the leading short video platform since July, the user base has been rapidly expanded through embedded financial models. The total number of new users approved in 2023 has increased by 7% year -on -yearEssenceAbout 33%of the new credit households were added in the third quarter, and about 33%came from embedded financial channels.

In this regard, the relevant person in charge of Douyin Group told the reporter of “China Business Daily” that financial -related businesses are not the focus of Douyin Group.Small and micro -merchants’ general needs “.

Senior Loan Industry, Xun Shaofeng told reporters that the risk control technology of cash loans is similar. Each platform grasps risk pricing according to its own risk control strategy. Traffic is the most important scarce resource.The Douyin itself has a large traffic, the customer group is wide and contains more “sub -loan” groups, so the conversion rate is outstanding.

When the consumer loan forces are restructured in progress

According to the prospectus of the Ant Group’s previous impact of the IPO, as of June 2020, its consumption loan balance was 1.7 trillion yuan.In recent years of rectification, the reporter learned from the industry that this data has gradually dropped from 2 trillion yuan in the peak period in early 2021, and has dropped to more than 10 trillion yuan in mid -2022.

During these three years, many peers quickly pursued.Taking Douyin as an example, the balance of credit business involved has soared rapidly from less than 10 billion yuan in 2020.The reporter learned through many market institutions that the overall credit balance of the current market for Douyin+lending lending is estimated to be 300 billion yuan.Among them, most of the cash loan products are “rest assured”, and the “e -commerce loans” and “investment and flow loans” that are operated by Douyin Platform business and market use of the monthly monthly payment products are occupied by a small part.On the whole, the market volume has exceeded the previous second echelon head.

The above data Douyin was not confirmed.The relevant person in charge of the Douyin Group told reporters: Douyin’s financial business positioning service service in the vibrato system in the vibrato system, the universal needs of individuals and small and micro -merchants in e -commerce, life services in Douyin system.In 2021, Middle Rong Micro Loan launched products such as merchant loans such as small and micro -business owners in the vibrato ecology, and it has now accumulated a total of millions of merchants.

From the perspective of the extreme leverage that China Rong Small Loan is currently leverage, there is also a certain rationality.

According to the “Interim Measures for the Management of Online Small Loan Business (Draft for Opinions)” issued in November 2020: The balance of non -standardized financing in online small loan companies through bank loans and shareholders’ loans; The balance of standardized debt assets such as bonds and asset securitization products shall not exceed 4 times that of its net assets.In addition, in the “Interim Measures for the Administration of Internet Loans for Commercial Bank of Commercial Bank” in 2020, it requires: Commercial banks and cooperation agencies jointly contribute loans, and the investment ratio of partners in a single loan shall not be less than 30 %.

According to the above online small loan total 5x leverage rate and the minimum of 30%of the joint loan, the capital contribution rate is constrained, and the total credit scale of China Rong Microfinance 19 billion registered capital is reserved with a total of 16.5 times (5 times × 3.3 times).About 313.5 billion yuan.

However, due to the lack of strict distinction between the current aid and joint loan business, there are differences in market cognition. There are also individual voices that this calculation method is only suitable for the calculation of joint loan scale and not suitable for loan aid models.

An insider of a listed loan agency revealed to reporters that according to the speed of development since last year, our internal estimation of Douyin’s loan balance that the loan balance that led at the end of this year will reach the sum of the listed loan company of several main consumer loans.

According to the financial report of the listed loan company that mainly focuses on consumer loans, as of December 31, 2023, Qifu Technology, Lexin, Xinye Technology, and loan balances were 186.478 billion yuan, 124 billion yuan, and 67.4 billion yuan, respectively.In the loan balance below 50 billion yuan, including Xiaoying Technology 48.847 billion yuan, and Victoria’s Gold 34.466 billion yuan.

The composition of Tencent’s business is relatively complicated. From the perspective of business scale, the off -balance -sheet funds that have been leaning in joint loans are not considered. As of the end of 2022, the balance of personal consumer loans of Weizhong Bank exceeded 180 billion yuan.The registered capital of 10.5 billion yuan in Tenpay’s small loan theory can pry the size of the capital of 170 billion yuan.Among the non -listed platform companies that have not disclosed official data, the market estimation is about 200 billion yuan in loan balance. In addition, JD.com, Meituan and Xiaomi also occupy a certain market share in turn.

If the aforementioned loan aid institution said that the scale of Douyin leverage the sum of the credit scale at the end of 2024 reached the sum of several independent listing aid institutions, it will reach a scale of about 500 billion yuan.

In contrast, the current 19 billion yuan registered capital is difficult to support the expansion of China Rong Micro loan.In recent years, the market sound of Douyin’s shareholding or acquisition of licensed consumer finance is endless. Although it has been officially denied, from the eyes of many institutions, Douyin has won consumer finance licenses or enrolled banking banks.

Under the prosperity of live e -commerce and the favorable “stimulus” of the company, there is no shortage of latecomers on the online consumer credit track.On March 21, Kuaishou acquired 100%equity of Guangzhou Huanju Microfinance through its affiliate company to obtain online small loan licenses, and officially entered the credit business.According to Kuaishou’s 2023 financial report, its annual e -commerce GMV scale has exceeded 1.18 trillion yuan.Relevant executives of Kuaishou disclosed publicly in 2023: as high as 160 million users who read financial and economic content every week on Kuaishou APP, and its financial advertising conversion rate was 19 times that of ordinary users.

However, it is also necessary to see that because the business characteristics of consumer credit determine this kind of premier advantage, it is easy to form barriers. A user may use many apps, but the user’s credit is limited.The issue of common debt.According to the reporter’s understanding, some local city commercial banks relied on the Internet platform to grow quickly, but last year, the discrimination rate of personal consumer loans had exceeded 5%. In addition, private banks still took a completely non -pocket model to lying flat and profitable.

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