In fact, the majority of the United States is the latter, the former less, should not the same valuation system, after the infinite beauty of the LC market, although all the way down, but still the total market value of nearly 4.7 billion dollars, while ONDECK market capitalization of just less than 700 million dollars. In fact, there may well reflect the capital market business model of these two views, it is clear that the US capital market does not play baby games like financial companies, and commercial applications like Internet companies. Of course, here also implies a basic condition that the capital markets risk averse assets, LC model is platform model, the platform itself is not to take risks, all income from service fees, regardless of loan quality is good or bad, will not affect the service fee income, in this case, the business scale has nothing to do with risk, and therefore have the imagination, but ONDECK this model, which is the essence of small loan company is Chinese, all revenues from the lending interest income, ondeck loans issued by the company from five ranging from 1000 to 500,000 US dollars, the interest rate can go up to more than 50%, which shows the ONDECK business structure is actually a risk takers, income from its loan quality control, the so-called bad determines the final profit, this model In fact, the nature of the financial companies, the valuation system naturally will determine the market and do not overestimate this type of business model.
Cause I'm in the "private banks, okay? "Mentioned before, two fundamental flaws of this model, the first one is not sustainable profits, large financial level is a cyclical industry, so-called innovative risk control technology, in the large cycle is very difficult to resist Therefore profit often in an unstable state, similar to our past bank, Guo Guangchang said that banking profits this year speaks, now a significant decline in a large number of banking profits, is a typical case. The second is that this business model is subject to the capital, although the securitization of credit assets by way of expanding the scale, but ultimately limited, difficult to have imagination, and said plainly, is even banking on average less than 1.2 at times the pb, this business model to have much imagination itself is the problem. If you want to add under the third condition, then, it is what must be remembered is the long tail market, long-tailed it was decided not mean forever. You do not put the body in turn tail and unrealistic. Because the cut into a traditional financial institutions to take into account the place, do deep penetration, you can live, but does not mean you can leave this area, in other areas to do someone else. Leave your good field advantage, you too can not live, so this model will be capped, difficult high valuation. This is why ondeck been stagnant valuation reasons, after the second quarter earnings come out, and fell again.
If you add a fourth reason, then, is the long tail market began to enter a large number of new companies, the United States there have been many similar lending companies have claims to have regressed technology, we can design a variety of models, to this group of customers pay all kinds of loans, one is lucrative returns on average play baby games about 25%. On the other hand is on the corporate loans in the United States is not very strict supervision, and have actually restricted to personal loans and more. In this case, the competition will be very intense, no one can monopolize the market, this time to give these companies the possibility, in terms of not very high valuation.
LC model, with a monopoly in the United States, is a feature of the platform is very difficult to set up, but once built, can not easily be Gaosi, from a business model point of view, LC itself does not take risks, just as business matching, From the earliest P2P mode, up to today in fact, LC is an organization seeking to grant personal loans platform, because it is for the individual grant, so a bit of trouble on the procedure, but why LC in the listing, but also all the way down pattern, I personally feel The difficulty lies in the possible incremental LC qualified borrowers related to the decrease, or back in front of that long tail customers, the LC is a personal credit card lending population-based, replacing loans with relatively low credit card interest rates, on the one hand Space is limited population growth, on the other hand also by the card itself lending rates decline, the substitution effect is getting worse also relevant.
US Internet financial model, whether it is the platform model or lending model, the essence of all B2C or B2B model, a large number of institutional funds lent to individuals or companies that, under this model, in fact, is largely borrowing capacity and the cost of borrowing Competition and are more rational, unlike China, the pattern is the essence of China C2B or C2C, the individual's own contribution to the organization or to individuals, the key initiative in the hands of individuals, this time, individuals are to a large extent irrational, personal That lack of professionalism, lack of energy, the cost of loans is high, the case is also a lack of ability to judge risk, would eventually only go up lending mode, it becomes a money supply side, feeling the long run, China Personal circumstances also will come to the capital to take care of the professional bodies, this of course is a digression.
Back pleasant loans up mode, in fact, not carefully explained, is a lending agency model, the final reference is certainly ondeck market valuation system, of course, does not exclude foreigners to leave China too far, do not understand is there as a possibility lc of. In pleasant loan prospectus, I saw a description of risk reserves, in fact, is not it also shows that pleasant loans, he is positioning itself in the lending institution?
Personally, I feel myself the key question is how pleasant loan may explain with relations between letter should, in fact, in terms of nature, the relationship between the two is one, should be developed rapidly in recent years letter, pleasant loans also very fast, very fierce on the scale, this premise must be based on its letter should convey a lot of business on the basis of effective, should leave the letter, pleasant loans within three years is unlikely to increase in size several times, then how to sort out related party transactions between play Frozen Games the two should be a relatively complex issue, pleasant loan profits depends entirely on the business side of risk control ability, then how bad part of the bear, who will bear, has become the key point.
As China's first listed P2P companies, certainly have a good lead in the demonstration effect, domestic policy has been uncertain, a large number of P2P companies are seeking overseas listing, the United States is the first choice, but we have to recognize that the United States or, Hong Ye are the institutions dominated the market, institutions are rational people, who are not stupid, good things, to be nice, will lay eggs, in fact, the Nasdaq nearly 85 percent of companies are also zombie companies, active enterprise is not much, it means that the listing of the companies is just the beginning, not the end, unlike the Chinese market get together a bunch of idiot, even if it is institutions, back to the last is a retail, this market is a fight Silly market, just a story can be earthshaking up, listed, you can leave cash.
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