中國(guó)暫停審批網(wǎng)絡(luò)貸款公司

China has halted all approvals for new online lending companies, sending a chill through the country’s fast-growing fintech sector, which has produced some of the biggest and most well subscribed offshore listings this year.

中國(guó)已停止審批新的網(wǎng)絡(luò)貸款公司，使國(guó)內(nèi)快速發(fā)展的金融科技行業(yè)感受到一股寒意。該行業(yè)今年涌現(xiàn)了一些規(guī)模最大、受到最踴躍認(rèn)購(gòu)的境外上市交易。

The regulations came from a new state body set up to regulate internet finance. The rules also forbid fresh approvals of offline microlending companies that lend across provinces.

這些規(guī)定來(lái)自一個(gè)負(fù)責(zé)規(guī)范互聯(lián)網(wǎng)金融的新的政府機(jī)構(gòu)。規(guī)定還叫停了對(duì)線下小額貸款公司跨省放貸的審批。

Existing companies will be allowed to continue operating but may see their operations more heavily regulated.

現(xiàn)有的公司將被允許繼續(xù)運(yùn)營(yíng)，但可能會(huì)看到他們的運(yùn)營(yíng)受到更嚴(yán)格的監(jiān)管。

Online lenders have faced criticism for extending loans without proper due diligence, adding to China’s bad-debt troubles. Some online lenders are thinly veiled scammers, offering high interest, short-term loans to vulnerable borrowers and employing unorthodox collection methods, such as demanding nude selfie photographs, as collateral.

在線貸款機(jī)構(gòu)近來(lái)面臨批評(píng)，被指在沒(méi)有進(jìn)行適當(dāng)盡職調(diào)查的情況下發(fā)放貸款，加劇中國(guó)的壞債問(wèn)題。一些在線貸款機(jī)構(gòu)是幾乎不加掩飾的騙子，向弱勢(shì)的借款人提供高息短期貸款，并采用非正統(tǒng)的追討方式，比如要求自拍的裸照作為抵押品。

“[Regulators] are very scared that a lot of these firms have very little internal control and serious oversight as to who they are lending money,” said Christopher Balding, a professor at Peking University’s HSBC Business School.

“(監(jiān)管機(jī)構(gòu))非常害怕，因?yàn)檫@些公司許多都沒(méi)有什么內(nèi)控機(jī)制，對(duì)他們向誰(shuí)放貸也沒(méi)有認(rèn)真的控管，”北京大學(xué)匯豐商學(xué)院教授克里斯托弗•鮑爾丁(Christopher Balding)表示。

The announcement caused shares for some of China’s biggest fintech companies listed abroad to drop overnight.

《關(guān)于立即暫停批設(shè)網(wǎng)絡(luò)小額貸款公司的通知》導(dǎo)致在境外上市的中國(guó)一些最大的金融科技公司股價(jià)隔夜下跌。

Chinese online insurer ZhongAn, which raised $1.5bn in an IPO last month in Hong Kong, dropped as much as 4.8 per cent on Wednesday.

中國(guó)在線保險(xiǎn)公司、9月在香港通過(guò)首次公開(kāi)發(fā)行(IPO)籌得15億美元的眾安(ZhongAn)周三下跌4.8%。

Online microlender Qudian, which raised $900m on the NYSE last month, saw its shares tumble as much as 16 per cent Tuesday in reaction to the news, before recovering. Ppdai, another online microlender that raised $221m on the Nasdaq earlier this month, ended Tuesday down 14 per cent.

在線小額貸款機(jī)構(gòu)、上月在紐約證交所(NYSE)籌得9億美元的趣店(Qudian)，周二在消息傳出后股價(jià)一度大跌16%，之后才收復(fù)失地。另一家在線小額貸款機(jī)構(gòu)、本月早些時(shí)候在紐約證交所籌得2.21億美元的拍拍貸(Ppdai)，周二下跌14%。

The share values of both Qudian and Ppdai were also hit earlier in the month by allegations they had misrepresented their business models.

趣店和拍拍貸的股價(jià)在本月早些時(shí)候就曾受到打擊，原因是它們被指對(duì)自己的商業(yè)模式有不實(shí)陳述。

Investors have shown strong interest in fintech despite Beijing’s regulation of the sector, with some of the most valuable IPOs in New York and Hong Kong this year driven by Chinese fintech.

盡管北京方面對(duì)該行業(yè)進(jìn)行監(jiān)管，但投資者對(duì)金融科技板塊表現(xiàn)出強(qiáng)烈興趣，今年紐約和香港一些最大的IPO就是由中國(guó)金融科技企業(yè)進(jìn)行的。

Over the past year, companies such as Xiangyuan Culture Group, a Shanghai-listed entertainment and leisure company, and Renhe Pharmacy Group, a Shenzhen-listed firm, announced plans to spin off an online micro-lending unit.

還有一些公司在過(guò)去一年宣布了設(shè)立在線小額貸款業(yè)務(wù)的計(jì)劃，如上海上市的娛樂(lè)休閑公司祥源文化以及深圳上市的仁和藥業(yè)(Renhe Pharmacy Group)。

China has seen its fintech sector grow rapidly as consumers increasingly turn to online platforms seeking credit. China does not have a standard credit rating system, making it difficult for borrowers and small businesses to receive loans.

隨著消費(fèi)者越來(lái)越多地轉(zhuǎn)向在線平臺(tái)尋求信貸，中國(guó)的金融科技行業(yè)迅速成長(zhǎng)。中國(guó)沒(méi)有一個(gè)標(biāo)準(zhǔn)的信用評(píng)級(jí)體系，使得借款人和小企業(yè)難以獲得貸款。

About 40 per cent of consumers in China make payments online, and 14 per cent have gone on the web to borrow money, according to DBS.

星展銀行(DBS)數(shù)據(jù)顯示，中國(guó)約有40%消費(fèi)者在網(wǎng)上進(jìn)行支付，同時(shí)有14%上網(wǎng)借錢。

Yet fintech’s fast growth has prompted a reactionary wave from financial regulators, who have tightened scrutiny this year after a spate of fraud and financial collapses within the peer-to-peer lending space. The new oversight body includes China’s central bank and banking regulators.

然而，金融科技的快速增長(zhǎng)引發(fā)了金融監(jiān)管機(jī)構(gòu)的反彈。在P2P貸款領(lǐng)域發(fā)生一連串欺詐和財(cái)務(wù)崩潰事件后，監(jiān)管機(jī)構(gòu)今年加強(qiáng)了關(guān)注。新的監(jiān)督機(jī)構(gòu)由中國(guó)央行和銀行業(yè)監(jiān)管機(jī)構(gòu)組建。

“These are not companies with natural segues into the lending world so one of the natural worries is no one knows where this money is going,” said Prof Balding.

“這類公司并沒(méi)有進(jìn)入貸款業(yè)務(wù)的天然使命，所以人們的一個(gè)擔(dān)心就是沒(méi)有人知道錢的去向，”北京大學(xué)匯豐商學(xué)院的鮑爾丁教授表示。