After returning to China, Zhang Yida immediately summoned Fan Hongyang, Fang Yuhan, Ding Siyao, Chen Shaojie and others for a brief meeting.
Zhang Yida briefly and clearly explained his thoughts and the news from the top.
"No way? Is it really one size fits all?"
Fan Hongyang looked in disbelief, "Didn't the regulatory authorities say that after the liquidation is completed, companies that meet the qualification requirements will be registered?"
If this thunderstorm, which amounted to hundreds of billions, had not occurred, Zhang Yida still believed that there would be a chance of registration, although the hope was slim.
But this time it all broke the news, the top management was furious, and the path of financial innovation was coming to an end.
"But we have worked hard for five years to build a 100-billion-level platform, and we gave up so easily?"
Fan Hongyang could not hide the disappointment on his face, even though he had also gained huge economic income from the growth of Yimin Net Finance.
But this company has also been with him for five years, and he has witnessed the company's growth with his own eyes, from weak to strong.
Now, as we watch the company slowly decline, or even be completely eliminated, any founder may feel empty in his heart!
"Transformation is our only way out."
Several people looked at Zhang Yida in confusion, transformation? How?
Zhang Yida explained the plan that he had planned long ago, "The financial management function involves funds. If such a big thing happens, it will definitely not be saved.
Because this has seriously affected the financial order, millions or even tens of millions of people have suffered heavy losses, and it can even be said that they have gone bankrupt.
Not only do regulators distrust the industry, but even ordinary users may no longer dare to trust this so-called online financial management."
Zhang Yida's tone was serious. Several people had been paying attention to industry trends in recent days, so they naturally knew that what Zhang Yida said was true.
After the industry has suffered such a setback, even if the regulatory agencies continue to allow operations, I am afraid that many users will be completely lost.
"Mr. Zhang, what you mean is... we can't do financial management, but we can still do asset management, right?"
Yimindai managed by Chen Shaojie is not P2P. According to industry terminology, it is called a "loan assistance platform".
P2P suffered a heavy setback, but the impact on Yimin Dai was not significant.
If Ruimin Financial Management cannot provide funds, they can still find cooperation with licensed financial institutions such as banks, trusts, consumer finance, and Internet small loans.
Moreover, the amount of funds is larger and the cost is even lower.
Zhang Yida looked at Chen Shaojie, nodded and said: "Yes, loan assistance can still be done. Funds are wholesaled from financial institutions, and the loan assistance platform itself handles customer acquisition, risk control, and lending. Bad debts are also covered by the loan assistance platform."
"This is a good way to reduce the cost of capital to 8 points or even lower."
Fang Yuhan smiled and said, "Actually, I have thought about it a long time ago, so that Xinglong Dai can cooperate with banks and other institutions. They will provide us with funds, and we will be responsible for finding small and micro enterprises and risk-control lending."
Zhang Yida asked: "How is Ruimin's financial management situation? I heard that many investors have come to your door?"
Fang Yuhan smiled bitterly, "Nowadays, platforms across the country are like this, so ours is nothing."
“Proper arrangements must be made for visiting investors. You can take them to visit the company and provide some fruit snacks and even meals.
We should show our magnanimity, be generous and generous, and not run away, so we don’t have to have too many taboos.
Those who are timid will only make investors look down on them and have even less confidence in the company."
Fang Yuhan nodded, indicating that he would definitely pay attention to this issue.
"There are three types of loan assistance platforms, loan supermarkets that only provide customer acquisition, loan assistance platforms that provide full funding, and loan assistance platforms that jointly lend."
Fan Hongyang looked at Zhang Yida and asked: "Which category should Yimin Internet Finance be in?"
"The loan supermarket can be eliminated first, and it is basically coming to an end."
Zhang Yida thought for a while and said, "Let's start with a loan assistance platform that covers all the details."
Covered loan assistance platforms now occupy the mainstream of the market. Banks provide funds, and the loan assistance platforms hire insurance companies and guarantee companies to increase credit.
If there is a bad debt, the loan assistance platform will first cover it. If it cannot be recovered, the insurance and guarantee company will take care of it.
Joint loans are very rare. Banks and other financial institutions provide most of the funds, and loan assistance platforms provide a small part.
In addition to dividing accounts according to the proportion of invested funds, the loan assistance platform also charges a technical service fee from banks and other institutions.
In addition, customer acquisition and risk control are also operated by the loan assistance platform, and the bank and the loan assistance platform share risks and benefits.
The joint loan model is relatively rare because it involves a lot of risk for banks.
Currently on the market, only a few leading institutions such as Leech Financial Services, WeBank, and Ruixiang are qualified to cooperate with banks in this model.
As for other financial technology companies, banks generally do not trust them for fear of stepping on thunder.
Fan Hongyang thought about it and realized that it was true that Yimin Internet Finance was still far behind the strength of the giants. If it could still maintain a market value of tens of billions of dollars or even higher, it would probably only have one or two opportunities to cooperate with banks for joint loans.
"What about the capital side of Yimin Financial Management?"
Zhang Yida sighed, “Reduce the number of bids issued and gradually reduce the proportion of P2P funds on the asset side.
When P2P funds are completely replaced by financial institution funds, we will completely withdraw from the P2P industry."
"I asked Yimin Wangjin to start the loan assistance business more than two years ago. What proportion of institutional funds does it have now?"
Fan Hongyang frowned, "Not high, less than 20%."
"I'll give you one year, and you must reach 100% institutional funding next year."
Zhang Yida looked at Fang Yuhan again and said, "The same goes for you, Xinglong Loan funds must be converted into institutional funds by the middle of next year.
In addition, Ruimin Financial Management also reduced the number of bids issued, and simultaneously compressed its inventory with Yimin Online Finance and Yimin Dai."
Chen Shaojie replied: "More than 50% of Yimindai's funds come from banks and other financial institutions. By the end of the year, 100% of the funds should be converted."
"Okay, this is what you said, I'm waiting for your good news!"
Zhang Yida smiled, this was the only good news he heard recently.
I feel that Chen Shaojie's political consciousness is still very high. He was punished for running away from an educational institution last time, so he probably wants to find an opportunity to make up for his mistakes.
"Mr. Zhang, what are our plans for Yimin Wealth?"
Among the four CEOs present, only Ding Siyao's Yimin Fortune did not receive instructions. She couldn't help but ask.
Yimin Wealth's main business is in wealth management, and has little to do with P2P and loan assistance businesses.
In terms of impact, the stock market has a greater impact on this company.
“This year has not been easy for the wealth management industry due to factors such as the trade war, the economic crisis, the cooling of the venture capital market, and so on.
Let the investment managers below be more stable, don’t ask for merit, and don’t make any big holes.”
Speaking of this, Zhang Yida thought of that crazy woman Wang Jingbo.
I wasn't crazy at first, but I was driven crazy by the sharp decline of Yimin Wangjin and Yimin Loan.
The shareholders of both companies have made money, but this woman is the only one who has taken over the high-ranking position and is reluctant to cut off the meat, so the situation is like this.
I just called myself and asked myself about my next plan for the two companies.
I just expressed my opinion casually, saying that I am bearish in the short term and bullish in the long term.
As a result, the crazy woman said that she had deceived her and was leading her to the point of no return step by step.
Zhang Yida was a little confused. If he didn't believe me, why did he call me? He just hung up the phone on her.
As a major shareholder and chairman, how could he convey unfavorable information to the outside world?
After the other three people left, Zhang Yida left Fan Hongyang alone and gave a special explanation.
"Get a consumer finance license?" Fan Hongyang was a little surprised.
Zhang Yida nodded lightly, "But there is a premise. The P2P withdrawal must be handled properly and nothing can go wrong.
If something negative comes out, the matter will basically become obsolete."
Fan Hongyang scratched his head, "But our total assets are still a long way from 60 billion?"
Zhang Yida smiled and said: "You don't have to worry about this, I will find a way. You just need to do what you are doing now."
"Okay, no problem."
Fan Hongyang was in high spirits, having changed from the loss and depression of the past few days.
He knows the significance of a consumer finance license, which means that after being recruited, the bandit will become a regular army, and the safety factor will be much higher.
Although supervision will be stricter, at least it won't suddenly stop having fun.