Why did Mi Zhuang Wealth Management and Onyx Bay suffer from online loan platforms founded by former executives of Alipay?

Evelyn Zhang 2020-01-06 10:21:38 0 3614

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Reprinted from: WEMONEY Lab

Author: Ocean Power

On the New Year's Day, the aftermath of the bells continued, Hangzhou's financial circle once again heard the thunder of the online loan platform being seized. On January 2, "Ping An West Lake" issued a police notice saying that

On the day of New Year's Day, the West Lake District Bureau of Hangzhou Public Security Bureau investigated and investigated the case of Hangzhou Agate Bay Technology Co., Ltd. (hereinafter referred to as "Agate Bay") for the illegal absorption of public deposits. At present, the person in charge of the company is under investigation by the public security organs, and related assets are also being detained.

It is worth noting that Chen Dawei, founder and chairman of Agate Bay, and his core team are basically from Alipay. This is the second online loan platform founded by a former senior executive of Ali in less than 10 days. Two days before New Year's Day, Mizhuang Finance, a P2P platform, was put on file for allegedly absorbing deposits. The founder Qian Zhilong was a former employee of Ali 75 and participated in the creation of Alipay.


A familiar Alipay resume

On December 29, 2019, the Hangzhou Public Security Bureau Yuhang District Bureau issued a notice, and Qian Molong, the legal representative of Hangzhou Xinbu Asset Management Co., Ltd., took the initiative to submit a case to the Hangzhou Public Security Bureau Yuhang District Bureau. The Qian is actually the well-known Qian Zhilong in the industry.


According to public information, Qian Zhilong graduated from the Department of Physics of Zhejiang University in 1999; joined Alibaba in 2000 with the number of 75. He completed three internal entrepreneurships in ten years, and established Chinese suppliers, Alipay, and Ali Mama in one hand. It should be said that at the time, he was regarded as a brave general in the Ali department.

In 2010, Qian Zhilong resigned as the general manager of the Alipay Consumer Business Department and started his own business. He developed the first mobile IM software group and shopping guide website in China. In 2014, he founded the youth shopping mall Aiyoumi. News of going public in Hong Kong in July 2019. So far, Aicai Group has completed four rounds of financing, with a total financing of 570 million yuan.

It is no coincidence. Compared with Qian Zhilong, who had participated in the establishment of Alipay, Chen Dawei's experience and position in Alipay are more beautiful.

According to people familiar with the matter, Agate Bay Chairman and CEO Chen Dawei joined the Ali Group in 2009 under the pseudonym "Fang Xuanling". He was once the dean of the Alipay Research Institute, the director of the Alipay investment department, and the assistant to the president of Ant Financial. Has rich experience and accumulation in the areas of clearing and settlement, Internet wealth management, etc.


During his time in Ali, Chen Dawei's proud work was that he joined Tianhong Fund in 2013, creating a well-known currency fund Yu'ebao in the first hand. In the next year, the annualized yield of Yu'ebao reached its peak, and then the yield gradually declined. It was seized by Tianfu Fund Network, a subsidiary of Oriental, to catch up. Chen Dawei was deeply saddened by this opportunity. Subsequently, Chen Dawei was transferred to serve as assistant to the president. His work mainly focused on writing PowerPoints and receiving important people, and gradually faded out of Alipay's core business.

In June 2015, Chen Dawei left the business. As the former Dean of the Alipay Research Institute, Chen Dawei's working ability and personal charm are naturally not small. Therefore, his core team of entrepreneurship has many former colleagues of Alipay. For example, Ma Ronghai, the technical director of Agate Bay, has been a senior engineer in Ant Financial's Wireless Division, and has participated in the development of Alipay wallets, open platforms, red envelope projects, Alipay service windows, and Double 11 promotion.

Datong Xiaoyuan's retirement notice

According to the information on the official website of Agate Bay, as of January 1, 2020, the accumulated transaction amount of Agate Bay was 41.78 billion yuan, and the balance of loans was 2.589 billion yuan.

At the beginning of December 2019, Onyx Bay issued an announcement saying: "Since 2019, there have been major changes in the online lending industry, and national policies have clearly taken exit as the main direction. In order to maximize the protection of the interests of lenders, the platform was decided in December 2019. Starting on the 8th, the company officially started to withdraw from work and realize stable development of the enterprise through business transformation. "

Onyx Bay said that the withdrawal work was carried out within the framework of relevant policies and regulations, and with the assistance of relevant departments, it carried out legal collections to maximize the protection of lenders' interests. "The company has established an exit working group consisting of a core team of CEOs, executives, employees, etc., which is responsible for the entire exit work to ensure the orderly exit of the existing online loan business and the safety of the lender's funds."

It is worth noting that similar online loan platform liquidation announcements have been seen by the public, including Mi Zhuang wealth management founded by Qian Zhilong. However, compared with the background of Onyx Bay's emphasis on major changes in national policies, the more prominent problem of Mi Zhuang's financial management is the increasing number of evasive debts.

"Unfortunately, after comprehensively judging various factors such as the continuing tightening of industry policies, the continuous deterioration of the operating environment, the difficulties in collecting external debt, the increasing number of malicious debt evasion, and the serious lack of investor confidence, the platform has been unable to guarantee continued good performance. Operation. With the careful decision of the company's management, we can only choose to stop the platform today and carry out an orderly exit process ... "Mizhuang Wealth Management said in the announcement.

According to the announcement, from 20:00 on December 18, 2019, Mi Zhuang Wealth Management Platform will stop publishing all the targets, and at the same time stop the individual redemption of the expired targets; carry out the overall asset inventory and evaluation from the time of the suspension, and establish in time The lenders committee will negotiate a redemption plan. It is understood that as of November 30, 2019, Mizhuang Wealth Management's loan balance was 1.319 billion yuan. The current number of lenders was 12,000 and the current number of borrowers was 120,000.

The Destiny of Liquidation

In the past few years, when online lending grew savagely, Hangzhou, together with Beishang, Guangshen, was known as the Internet loan town. Today, under the pressure of supervision, Hangzhou has become the hardest hit area for online loan platform liquidation. Many of these online loan platforms were created by Ali, especially after Alipay's former employees left, naturally including Mizhuang Wealth Management and Onyx Bay, which have recently occurred in succession.

Industry insiders analyzed that the onyx bay was investigated for suspected illegal absorption of public deposits. The big background is that the classification and disposal of online lending institutions is accelerating, and clearing within a time limit is imperative.

But what puzzles many people is that unlike other platform founders, former Alipay executives such as Chen Dawei and Qian Zhilong have had very successful experiences in corporate management, financial industry and even internal entrepreneurship. Why? Inadvertently fell in the field of Internet finance?

"Since its launch on December 12, 2015, the company has been able to develop and grow, and has survived previous compliance rectifications and market shocks." This sentence in the onyx bay clearance announcement revealed a bit of unwillingness and strength The hardship means.

A veteran in the online lending industry told WEMONEY Labs, "These former executives who resigned from Alipay and started their businesses have a strong sense of traffic in their bones. The first thing these people think of when doing online lending is how to maximize traffic, and then Consider the next step. But in the financial industry, especially in the credit field, borrowing money must be repaid. It is very likely that money cannot be returned, and these are not the solution of traffic. "

In the financial field, the relationship between product design, investment cycle, and underlying assets is very complicated, and it can never be solved by a simple flow. "From what we can understand at present, whether it is Mizhuang Wealth Management or Onyx Bay, there may be mismatches in product term allocation. When encountering huge external risk shocks, platform funds are likely to be broken. It is no longer possible to achieve an orderly settlement. In addition, from the industry thunderstorm in 2018, the bad debt rate has risen sharply. This is actually the real reason behind the accused being forced to surrender or be placed on file for investigation. "

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