In the wave of P2P clearance, for the only institutions currently on the market, it may only be a matter of time before they exit the online loan business.
On May 31, the P2P institution Weidai.com (NYSE: WEI), which is listed on the US stock market, officially released the “Announcement on Weidai.com’s withdrawal from the online lending industry.” Based on national policies and industry trends, Weidai.com has carefully determined that it will withdraw from the online loan industry by June 30, 2020, and will no longer operate the online loan information intermediary business.
The above announcement also stated that, at the request of the majority of lenders, after comprehensive consideration, the deadline for signing the asset management plan is 18:00 on June 9, 2020, after the deadline The signing channel will be closed. For lenders who have not signed after the deadline for signing the asset management plan, the redemption plan will be announced as soon as possible.
Weidai.com is an online loan platform focused on auto mortgage lending services. The platform was established in 2011. On November 15, 2018, Weidai.com was listed on the New York Stock Exchange. As of the close of May 29th, U.S. time, the share price of Weidai.com was $ 1.59, a drop of up to 84% from the closing price of $ 10.25 on the first day of listing.
According to the official website data, as of February 2020, the microloan net loan balance was 8.583 billion yuan, the number of loan balances was 336,600, and the cumulative loan amount reached 298.662 billion The cumulative number of loans reached 7,823,600.
According to the 2019 financial report released by Weidai.com on May 27, Weidai.com ’s operating income in 2019 reached 3.358 billion yuan, a year-on-year decrease of 14.2%.
Among them, the loan service revenue was 2.955 billion yuan, a decrease of 15.52% compared with 3.498 billion yuan in the same period last year. The financial report said that the decline in loan service revenue was mainly due to changes in accounting policies and the reduction of corporate loans and outstanding balances; other business revenue was 273 million yuan, a year-on-year increase of 44.1%, mainly due to increased insurance revenue; net financing income was 1.45 100 million yuan, a year-on-year decrease of 41.3%, mainly due to the decrease in the balance of loans on the company ’s balance sheet.
In terms of expenditure, the operating costs and expenses of Weidai.com amounted to 1.910 billion yuan, a year-on-year decrease of 24.2%.
Among them, the financial guarantee liability reserve is 19.2 million yuan, a year-on-year decrease of 11.54%; original business and service expensesIt was 1.389 billion yuan, a year-on-year decrease of 21.0%, mainly due to the company ’s cost reduction and personnel optimization; sales and marketing expenses were 138 million yuan, a year-on-year decrease of 37.6%; management expenses were 282 million yuan, a year-on-year decrease of 25.7%; 100 million yuan, a year-on-year decrease of 41.4%. The financial report shows that the reduction of these four expenses is related to cost reduction and personnel optimization.
As for net profit, the net profit of Weidai.com reached 263 million yuan in 2019, a decrease of 56% compared with 605 million yuan in the same period of 2019.
According to the financial report, the withdrawal of Weidai.com has already been deployed. Since February 2020, Weidai.com has stopped providing new loans for online investors to subscribe to, including its “primary investment plan” and “X investment plan.” In order to enhance the confidence of investors and accelerate the return on investment, in April 2020, Weidai.com also entered into a cooperation arrangement with a company that provides asset management services, so that investors can choose The loans are transferred to these companies and the principal and interest are recovered. Weidai.com stated that the company has informed all investors on the platform of its business changes.
Apart from Weidai.com, there are several P2P online lending institutions in Hangzhou. For example, 51 credit cards will also withdraw from online lending business by the end of June. In response, an insider who left the online loan industry at the end of February told a surging news reporter that the Hangzhou government had previously required all platforms to be cleared by the end of June.