TouRongHui APP, a subsidiary of Ruixiang Group, announced a decision that is difficult for the outside world to understand on January 1st of the new year, that is, it decided to close the Internet financial supermarket that had been operating smoothly for more than three years and earned more than 1 billion yuan annually.
According to the analysis of published data, the cumulative P2P transaction volume of Touronghui’s Internet financial supermarket has exceeded 150 billion yuan, and the cumulative number of participants has exceeded 30 million.
“Thank you all users for your three-year companionship. During this wonderful time, users and we have witnessed the rise of Ruixiang Group...
Over the past three years, we have fulfilled our responsibilities, adhered to the bottom line, and carefully selected financial products for our users.
It guarantees 100% repayment of principal and interest for users, and has earned users a cumulative income of more than 12 billion yuan.
However, in view of the group's strategic adjustments, the Internet financial supermarket will withdraw from the stage of history.
In the future, users will no longer be able to log in to the platform they invest in through the Touronghui APP, but they can log in to the independent APP of the investment platform through their account and password to query investment transaction records and assets.
In addition, I hope that all users will do a good job in investment risk management, and I wish you all a happy New Year!"
As soon as this article came out, the Internet financial industry exploded again!
On the front foot, Leech Financial Services stepped on Lei Qiao to promote debt, but on the back foot, Ruixiang issued a letter to withdraw from the Internet financial management arena.
What's going on? Internet finance is going to die?
As the two Internet financial companies with the highest valuations in China, Leech Financial and Ruixiang are observed by their peers and the media under a magnifying glass for every move they make. They can also be regarded as the vane of the industry!
Affected by this news, Yimin Wangjin's stock price fell rapidly by 12%, with the stock price falling from US$49 to US$43.12, and the market value evaporated by more than US$1.47 billion!
When Wang Jingbo saw the stock price trend of Yimin Net Financial, his heart dropped.
Last month, she asked a professional researcher to conduct analysis. The other person listed a lot of reasons, such as industry growth rate, asset quality, and trillion-level market. In short, they suggested that she buy Yimin Wangjin's stock.
Therefore, Gopher Asset purchased 5 million ADS shares from Yimin Wangjin at a price of US$49/ADS, accounting for nearly one-third of the total additional issuance of 15.5 million ADS shares.
In other words, he became a 2% shareholder at a cost of US$245 million.
However, Yimin Net Financial suddenly plummeted and suddenly lost nearly 30 million US dollars.
Less than half a month after joining the stock, I had not made any money, and I lost 200 million yuan in one fell swoop.
Although the money was not his own but belonged to Gopher Asset's clients, Wang Jingbo was also very distressed.
Isn’t this a loss of one’s own brand? According to this loss method, it won’t take long for all customers to run away.
Wang Jingbo called Zhang Yida, who told her: "Mr. Wang, stock price fluctuations are normal. You are also in finance, so you should be used to it!"
Wang Jingbo did not dare to accuse Zhang Yida and said with a smile: "Mr. Zhang, that's not what I meant.
What I mean is, after the Internet Financial Supermarket is shut down, can Yimin Wangjin launch other forms of cooperation with Ruixiang?"
Wang Jingbo immediately asked about the idea. Yimin Wangjin relied heavily on Ruixiang's traffic.
Among Internet financial supermarkets, Yimin Wangjin has always received the best recommendation, and the price is not expensive.
The biggest reason why Yimin Wangjin is much better than its peers in controlling marketing costs is because of its related-party transactions with Ruixiang.
That’s why the U.S. stock market had such a big market reaction when they learned that Ruixiang was closing the Internet financial supermarket.
"Yes, there will be arrangements next. So, don't worry."
Although Wang Jingbo was a little anxious, when he heard what Zhang Yida said, he stopped asking further questions.
When she thought about it, Zhang Yida was also the major shareholder of Yimin Wangjin and held 44.56% of the company's shares (a decrease after the additional issuance).
There are a lot of interests in Yimin Wangjin Company, so it is impossible to just let it go!
Before announcing the closure of the Internet Financial Supermarket, Ruixiang also held a shareholders' meeting and threw out this resolution.
Some shareholders are very opposed to it. If you don’t want a business with an annual revenue of more than 1 billion, you just don’t want it. How heartless is this?
Zhang Yida listed the various risks of Internet supermarkets. When they heard the idea of "tens of thousands of people coming to pull banners towards the building", they did not dare to object.
If this scene really happens, Ruixiang may lose tens of billions of dollars in valuation, and it will be completely defeated in the "Three Wizards" and will no longer be able to threaten Leech Financial and Tenpay.
As a shareholder, Blackshirt Capital also participated in the shareholders' meeting.
Shen Beipeng gave Zhang Yida a thoughtful look and said to himself: It's a risk, it's a risk. If the stock issuance is carried out half a month later, Black Shirt Capital will be trapped in it.
As a co-shareholder of Ruixiang and Yimin Wangjin, he is very concerned about the closure of Internet financial supermarkets.
After the meeting, he and Xu Xiaoming chatted with Zhang Yida again and left happily after receiving a satisfactory answer.
Ruixiang closed the Internet financial supermarket, affecting dozens of domestic leading platforms.
Tang Lin also couldn't understand why Zhang Yida did this. For this reason, he made a special phone call to Zhang Yida.
The reason given by Zhang Yida is that the Qiaoxing debt incident has had a very bad impact, and Ruixiang will launch a transformation, de-financialization, and move towards a digital open platform.
Tang Lin was a little puzzled. Zhang Yida was right, Qiao Xing Debt was indeed a bit bad. Who would have thought that such a big financial institution would have such nonsense.
However, there is nothing new under the sun. In the financial circle, this kind of thing happens all the time. Who is close to money?
Logically speaking, as a party involved, Leech Financial Services should have a greater reaction, right?
You, the person watching the show next to you, are more anxious than the main actor.
Tang Lin didn't understand what Zhang Yida was thinking and stopped trying to dissuade him.
Because the contracts of Internet financial supermarkets are signed once a year, and the cooperation with Yiyindai expired two days ago. He has no reason to obstruct Zhang Yida.
For ordinary users of Touronghui, Ruixiang suddenly closed the Internet financial supermarket, which made them feel quite baffled.
Isn't this done well? Why did it stop when it was said to stop?
Ordinary users think that the Internet financial supermarket operates quite well and has not had any trouble in more than three years.
Zhuzhubao was so awesome back then that it was advertised by both CCTV and local stations.
Ruixiang Leng didn't let them enter the Internet financial supermarket. He chose partners with first-class vision.
There is also this year's Manlu Group, with Huang Jiaozhu endorsed and various film and television investments, making billions at the box office.
It was awesome, but in the end, the boss took tens of billions of money and fled to the United States.
Rui Xiang did not step on this big thunder.
Ruixiang closed the Internet supermarket all of a sudden, which really made users a little bit reluctant to let go. Where can they find such a good platform in the future?
There are also some users who love to think and have a keen sense of smell. They feel that Ruixiang is looking down on Internet finance. They have made up their minds to withdraw from major investment platforms after the investment expires, and hold the currency for a while to wait and see.
But most users are indifferent. There is no Internet financial supermarket in Touronghui. At worst, you can just download a few independent investment apps and you can still invest.
At the same time, Ruixiang has distributed a large amount of red envelopes for fixed investment in funds, red envelopes for insurance deductions, and red envelopes for bank financial management to the 30 million users on the platform who have P2P investment records.
Ruixiang did this because it wanted to retain some users and divert them from the Internet financial supermarket to several other financial supermarkets.
But many users don't buy it. They have enjoyed high interest rates of more than ten points, and who cares about the income of those few points?
…
Then, within a few days, Ruixiang announced a product launch conference in Beijing.
Ruixiang took out the big killer weapon that has been continuously polished and tested internally within the group - the mini program.
"A mini program is an application that does not require downloading and installation. It realizes the dream of having an application "at your fingertips". Users can open the application by scanning or searching.
It also embodies the concept of "use and go", and users do not need to worry about installing too many applications.
Applications will be everywhere and available at any time, but there will be no need to install or uninstall..."
At the product launch conference, Zhang Yida explained the Ruixiang Mini Program to thousands of partners and program developers in the audience.
Mini program is not an unfamiliar term to Internet people.
At the beginning of last year, Zhang Dalong, the "father of WeChat" and the "best product manager", proposed such a concept.
In a public speech, Zhang Dalong announced that the WeChat official account will launch an "application account", through which some functions of the App can be completed.
Then in September last year, Penguin started an internal beta test of the mini program. In November, it launched a public beta test.
It is not open to C-end users yet, but it is expected that it will only be in the next two days.
“In addition, Ruixiang will internally re-adjust and review te (financial) relationships.
In the past, Ruixiang's six major financial supermarkets were only back-end providers of financial products, and Ruixiang did many other tasks.
But we found that this doesn’t work! Professional things should still be left to professionals. So I position Ruixiang as a “technical worker”.
Ruixiang will open up a series of product technologies developed by Ruixiang over the years to its partners and developers.
Including but not limited to Ruixiang Cloud, AI, SaaS, etc. Partners can use a series of algorithm tools such as user connections, user portraits, precision marketing, etc. provided by Ruixiang to build a self-operation model that directly connects users.
To put it simply, Ruixiang no longer engages in financial brokerage transactions and is no longer an intermediary.
We provide excavators and forklifts to our partners, and it is up to you to dig the gold. We only provide tools and technology."
Zhang Yida's metaphor was a bit vulgar, but very down-to-earth, and many audience members burst out laughing.
Zhang Yida continued: "What Ruixiang wants to do is to open the platform, link the B-side and C-side, and create an open platform in the commercial field that is not limited to the financial industry.
The specific idea is to bring in developers, service providers and other ecological partners to become ecological partners.
Rely on Ruixiang's platform to promote their own services and businesses.
Compared with the previous model, users are not only sharp, but also developers and service providers.
In view of this, it would be too narrow to call Ruixiang a financial technology group. We will change our name to Digital Technology Group, Ruixiang Digital."