In July 2016, more than half a year after the e-rent treasure case, probably because it wanted to knock the mountain and shock the tiger, the Shanghai Internet Finance Association organized more than 50 executives of the member P2P platform to visit Qingpu Prison.
Traditional finance is involved in banking, securities, visiting the prison is a regular course. P2P, this is the first time.
Two months later, the Shenzhen Internet Finance Association also organized a visit to the prison for members, who visited the Shenzhen Prison. The prison guards told the executives to stand upright and walk in unison, and everyone was "very impressed."
"No dignity, no freedom" - Li Sun, CEO of Wanying Financial, who was in the Shenzhen visiting team that year, told the Times Weekly reporter about this feeling.
A group of inmates who were distributing mooncakes and fruits passed by, and more than 20 prisoners squatted down in unison, waiting for the executives to walk away before getting up. Prison guards told executives: It's the rule. They shuttled between countless iron gates, iron fences, and barbed wire, and everywhere they went, authority and obedience. Before leaving, the prison guards told them:
"Don't look back when you go out, we don't want to see you anymore."
Pictured: Group photo of Executives of Shenzhen P2P Platform visiting prisons; Source: Shenzhen Internet Finance Association.
In January 2020, Wanying Financial was investigated, and Shenzhen prosecutors sued a group of executives for "illegally absorbing deposits from the public.". At the time of the incident, Wanying Financial owed 15,560 people 1.37 billion yuan.
Li Sun, who visited the prison three and a half years ago, became a "criminal suspect."
For visiting the prison that year, someone commented: "Is it useful?" Marx said that with 300% profit, people dare to commit any crime, even the danger of hanging their heads. "But it was Toyo Dunning who said it.
01
Li Sun is a microcosm. From 2007 to 2021, no industry has ever sprung up more than 6,000 platforms like P2P, involving trillions of dollars and millions of financial refugees. The most conservative estimate is that the P2P practitioners reached more than 1 million, and the industry became the king and the loser, as if the black river and lake, but unfortunately the whole industry collapsed, and many people stood on the dock.
In 1987, at the age of 23, Dai Zhikang graduated from the central bank's graduate school with a major in finance and entered the head office of China CITIC Bank. Shanghai rode the wind and waves all the way, and 5 years later, it established China's first public fund company "Tomishima Fund Company", which was mixed up in the financial circle.
2007 was Dai Zhikang's highlight moment. It has been 6 years since he jumped out of the financial circle and entered the real estate industry, the construction of the Zendai Himalaya Center in Pudong began, he was worth more than 10 billion yuan, ranking among the Hurun Rich List, and three years later, he auctioned the Bund 8-1 plot for 9.2 billion yuan. The "Lakeside Garden" real estate project he invested in as early as 1992 was the starting point for Jack Ma to start Alibaba in the early years.
Dai Zhikang and his Zendai company, who have been in the real estate industry all the way, have endured higher and higher debt ratios, and finally defeated real estate in 2015, determined to enter the P2P field, taking Internet finance, culture and great health as the three major strategies of Zendai company, and P2P makes them go to the road of no return.
In 2016, Zendai's P2P platform, as one of the first members of the Shanghai Internet Finance Association, did not know whether he had visited the prison.
The event was said to have shocked many practitioners.
At the end of 2017, Zhang Xiaolei of Qianbao Network surrendered himself; in June 2018, Tao Lei, chairman of Tang Xiaomong, turned himself in; in July, Yang Dingping of Chengdu Yatang Holdings surrendered; in August, Shanghai police arrested the main suspect in the Lianbi Financial case. Less than a year later, the police gathered the "Four Great Kings of Heaven" cards from folklore.
A year later, at the end of August 2019, Dai Zhikang surrendered himself to the Shanghai police, admitting that he had set up a pool of funds and embezzled funds.
More than thirty years ago, when Dai Zhikang walked out of the door of Wudaokou Finance College, he probably did not expect that he would become a prisoner of the P2P wave. On March 31, 2021, he stood in the dock. The prosecution has ascertained that the 7.521 billion yuan principal owed by the "Zendai Department" to more than 26,500 victims has not yet been paid.
Photo: Zendai Company trial, source: Shanghai No. 1 Intermediate People's Court
On this day, Dai Zhikang did not compete for fame and wealth, and denied "fund-raising fraud" in court, with the intention of competing for a characterization of "illegally absorbing deposits from the public".
A day before the start of the Trial of the Zendai Case, the Shanghai First Intermediate People's Court pronounced a verdict in the "Yonglibao" case, in which Yu Gang and others illegally raised more than 9.932 billion yuan, causing more than 28,000 victims to suffer economic losses of more than 1.277 billion yuan. Yu Gang and Zhang Yufeng were sentenced to life imprisonment and 15 years' imprisonment respectively for the crime of fund-raising fraud.
If Dai Zhikang is convicted of fund-raising fraud, I am afraid that he will face the same punishment as Yu Gang.
P2P has produced the worst result, probably because Dai Zhikang, who is from the financial class, has also begun to supervise arbitrage.
It is the sorrow of the individual and the sorrow of the environment.
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Read a brief history of Wall Street fraud to avoid pits for ¥59 to buy
02
In 2015, Wang Xuhang, a 30-year-old master's student, and Shanghai Tonghan Investment, controlled by Sun Qiliang and others, set up a "Niubanjin" P2P platform.
The bull plate gold business is fierce, and the scale of the platform has reached tens of billions after three years. During this period, Sun Qiliang took 2.69 billion yuan to buy funds and lend money to others. Fearing arrest, Sun fled to Singapore in late June 2018.
In July 2018, the Niubanjin case occurred, and 42,859 participants in the fundraising lost 3.613 billion yuan. The police arrested a number of executives, only Ran away from Sun Qiliang, and was wanted for a reward of 100,000 yuan.
At the end of December 2020, the first-instance trial of the Niubanjin case was pronounced, and Wang Xuhang was sentenced to life imprisonment for fund-raising fraud. The characterization of "illegal absorption of deposits from the public" that he intended to fight for in court did not do so.
Before and after the judgment of the Niubanjin case, the P2P case was pronounced and ushered in a peak period.
The online loan home has found that the average trial time of the P2P platform that has been filed has reached 25.18 months.
The P2P platforms that filed cases after 2018 have ushered in the judgment time after the end of 2020.
According to data from the Ministry of Public Security, from June 2018 to June 2019, public security organs in various localities investigated and handled more than 400 P2P online lending platforms suspected of illegal fund-raising crimes in accordance with the law. Before June 2018, and from June 2019 to the end of 2020, Lei Slow roughly estimated that there were about 230 P2P platforms registered, and the most conservative estimate of the platforms filed in the history of P2P thunderstorms was more than 630, and the actual data may be much higher than this.
On the China Judgment Documents Network, 2,150 P2P-related criminal verdicts reveal the harsh truth after the collapse of the P2P jianghu building. It also announced the imprisonment of thousands of practitioners.
Ray slowly picked up 2150 verdicts. Since January 2021, there have been 35 judgments on P2P-related criminal cases published online. In the year since April 2020, there have been more than 600 judgments. In each verdict, the fate of the prison of as few as one or two people and as many as ten people was announced.
03
After the State Council issued the "Promoting the Healthy Development of Internet Finance" in 2015, P2P executives were proud of themselves. High-profile participation, full of caves.
After 2019, P2P executives changed their minds like a headless fly, flying around.
In September of that year, Zhang Zhenxin, the founder of Pioneer Group, died in Britain. Leaving behind many mysteries, tens of billions of debts and crying investors. People called him a fraudulent death, unwilling to believe that he had died in a foreign country with closed news. Zhang Zhenxin, who attacked Internet finance in 2012, could not have expected this ending. In the rolling tide, there are several turning points that can be understood, and Zhou Shiping, a Red Ridge venture capital in 2009, and Dai Zhikang in 2014, have not understood.
But some people see through it, such as Shi Jianxiang of the fast deer system, Ding Ning of e-rent treasure, they just cheat money, and P2P as a tool is just right.
There are also some people who really understand. In 2015, when Hui Yi, CEO of Huaguo Financial, left the P2P industry, he told me that he was not optimistic about the big economic situation, and in this context, most P2P platforms were resisting systemic risks with corporate credit, and there was no normal exit mechanism in the P2P industry.
In June 2018, Huaguo Financial overdue detonated. Hui Yi, who has been out of his way for 3 years, but fell into a more crazy bitcoin, in June 2019, it was rumored that he committed suicide due to a 2,000 bitcoin explosion, and investors who did not want to believe him also called him a fraudulent death.
Dai Zhikang, who has been a bank executive, and Zhang Zhenxin, who has been the general manager of a securities company, are both from the financial science class, and they will not fail to understand that the P2P of the capital pool model is no different from that of banks, and if you want to control risks, what you need is capital adequacy ratio, risk preparation and provision.
At the trial a few days ago, the prosecutor asked Dai Zhikang about bad debts.
Prosecutor: What is the approximate scope of the bad debt rate?
Dai Zhikang: The real bad debt is about 15%. ”
With such a high bad debt rate, banks with risk reserves and provisions can't hold back, let alone P2P? One of the biggest problems in the P2P industry is that it has not solved the problem of business model sustainability, and on the asset side, secondary assets are rampant, the credit reporting shortcomings are obvious, and the risk control is almost ineffective. On the investment side, investors have poor risk tolerance, poor risk identification ability, and sit on high returns, but it is difficult to bear high risks. On the platform side, the profit belongs to the platform, and the loss goes to the investor. These three have obvious loopholes that cannot be filled.
Dai Zhikang of the Zendai Department, Wang Xuhang of Niubanjin, and Zhang Zhenxin of the Pioneer Group, the result of their use of credit to resist systemic risks is that in the end, dozens of people carry the consequences, and tens of thousands, hundreds of thousands of people have no return.
Wherever the P2P people have gone, most of them can be traced, and some people have either fled or died, trapped overseas. Some squat in prisons at home to atone for their sins.
Some people in the P2P jianghu have been full of spirits, some people have retreated from the rapids, and some people have struggled to get ashore, each with joy and sorrow.
Only tragedy makes people reflect.
This financial catastrophe, which has involved tens of millions of people, dare not easily forget, and we must erect a monument in economic history to tell future generations which one is the wrong way.
Resources:
"Shenzhen P2P Executives Visit Prison | Prison Guards: Don't Look Back" Times Weekly Liu Wei 2016.9