This month, many internet plus-related small loan companies under platforms such as TenPay, Meituan, Duxiaoman, jd.com, etc. have taken actions to issue ABN or ABS, and the issuance speed has clearly accelerated. Compared to the same period last year, the financing scale of many internet plus-related small loan companies under platforms has significantly increased.
On June 24, Caifubao Network Financial Micro-credit Co., Ltd. (Caifubao Micro-loan), the third batch of ABN was listed and traded on the interbank bond market, with a total size of RMB 1 billion. According to the registration amount of RMB 5 billion of corporate asset-backed commercial papers, Caifubao Micro-loan has issued 3 billion ABN, and the issuance progress bar has been pulled to 60%. The ABN and ABS issuances of several internet platform micro-loan companies, including Caifubao Micro-loan, Meituan Micro-loan, Chongqing Du Xiaoman Micro-loan Co., Ltd. (Du Xiaoman Micro-loan), and Chongqing JD Shengji Micro-loan Co., Ltd. have accelerated significantly this month. In just one month in June, JD Small Loans of Chongqing has issued three rounds of ABS with a total amount of RMB 2.5 billion.
According to incomplete statistics of Caifubao Network, multiple internet platform micro-loan companies, including Caifubao Micro-loan, Meituan Micro-loan, Du Xiaoman Micro-loan, and Chongqing JD Shengji Micro-loan Co., Ltd., have taken actions to issue ABN or ABS this month, and the issuance speed has obviously accelerated. In just one month in June, JD Small Loans of Chongqing has issued three rounds of ABS with a total amount of RMB 2.5 billion.
According to data from Eastmoney Information, the financing scale of micro-loan companies under several internet platforms has significantly increased year-on-year. By Choice, Du Xiaoman Micro-loan has issued a total of RMB 9 billion ABS in the year, an increase of 12.5% from the RMB 8 billion ABS issuance scale in the same period last year; Meituan Micro-loan has issued a total of RMB 108 billion ABS, an increase of 20% from the RMB 90 billion ABS in the same period last year; JD Small Loans of Chongqing has issued a total of RMB 8 billion ABS, an increase of 166% from the RMB 3 billion ABS issuance scale in the same period last year.
Su Xiaorui, senior researcher of Suhe Intelligence, said in an interview with Caifubao Network that the increase in the frequency of micro-loan ABS issuances is a reflection of its continuously strengthened strength and steady expansion, and the main purpose is to optimize its financing structure with various measures and consolidate institutional capital strength. Overall, the development trend of the micro-loan industry continues to improve.
Within six months, the eligibility for ABN issuance by micro-loan companies has been expanded, and now it has increased to four companies.
Normally, micro-loan companies can obtain funds through non-standard modes such as bank loans, shareholder loans, etc., as well as standard modes such as bonds and asset securitization. Since this year, financing barriers for micro-loan companies under internet platforms have been significantly relaxed.
At the end of last year, Caifubao Micro-loan and Meituan Micro-loan were approved to issue ABN. In January this year, Caifubao Micro-loan became the first micro-loan company to issue ABN among the four micro-loan companies approved to issue ABN since 2017.
In April, Chongqing Ctrip Micro-loan Co., Ltd. (Ctrip Micro-loan) and Du Xiaoman Micro-loan were approved for targeted asset-backed commercial paper registration, and their asset-backed commercial paper registration amounts were RMB 5 billion and RMB 10 billion, respectively. The registration quota is valid within two years from the date of registration. So far, Ctrip Micro-loan has issued the first round of ABN with an issuance amount of RMB 400 million in the month of approval.
It is worth noting that the financing application of Shenzhen Zhongrong Micro-loan Co., Ltd. (Zhongrong Micro-loan) has also been eased today. The bond project information platform of Shanghai Stock Exchange shows that the project status of the "Jingming No. 1-30 Asset Support Special Plan by CITIC Securities" has been updated to "Feedback Received" today. The project type is ABS, and the planned issuance amount is RMB 10 billion, and the issuer is Zhongrong Micro-loan.
The controlling shareholder of Zhongrong Micro-loan is Shenzhen Toutiao Technology Co., Ltd., which is under the Douyin Group. At the end of December 2023, the registered capital of Zhongrong Micro-loan increased from RMB 9 billion to RMB 19 billion, and its registered capital leapt to the top of the micro-loan companies under the internet platform with one stroke.
However, the ABS project issuance progress of Zhongrong Micro-loan has not made any breakthrough. The bond project information platform of Shanghai Stock Exchange shows that there are a total of two records of ABS issued by the issuer Zhongrong Micro-loan, which are the "Jingming No. 1-30 Asset Support Special Plan by CITIC Securities" and the "Jinghe No. 1-30 Asset Support Special Plan by CITIC Securities". The former was accepted in August 2022 and planned to issue RMB 10 billion. The latter was accepted in September 2023 and planned to issue RMB 5 billion. It is worth noting that the latter project was also updated in March this year, and the status of the project is "Feedback Received".