The Case Study Of Debang Huabei Asset Support Special Plan

With the rapid economic growth,the growth of young consumer groups and the change of consumption concept,China's consumption trend has gradually shifted from the traditional high-income low-frequency large-amount consumption to the low-income high-frequency small-amount consumption.The emergence of "Internet +Finance" transfers traditional offline consumption to online consumption.Relying on real consumption scenarios,e-commerce platforms Taobao,Tmall and other platforms bring small consumer groups that cannot obtain credit support from traditional financial institutions into the Internet financial consumer market with the help of “Ant check later”.This initiative not only broadens Internet consumer customers,but also forms a huge receivables asset for enterprises.The small amount,short duration and poor liquidity of these financial assets make it very difficult for Internet enterprises to obtain high-quality capital sources from traditional financial institutions.Therefore,how to use these assets to solve the financing problem of Internet enterprises while improving their liquidity is very critical,and asset securitization properly solves this problem.Debang Securities Co.,Ltd.is famous for its asset management business,and has successfully issued a number of Internet consumer credit financial asset securitization projects."Debang Huabei phase 49 special plan of asset support for consumer credit financing" as the entry point to analyze the asset securitization project of Internet consumer finance in detail,hoping to provide reference for other similar projects by analyzing the key factors of its success and improving its deficiencies.First of all,this product”Ant check later” is described in detail,at the same time,it also introduces the main participants of the special plan,ant micro loan and Debang securities,and outlines the basic assets,transaction structure and corresponding credit enhancement methods of the special plan.Next,has carried on the concrete analysis to the key link of special plan,found that the basis of fine assets is the security of the special plan for issuing,multi-level risk control measures is the key to the successful issue of the special plan,buy cycle dynamics mechanism of the innovation of the underlying asset pool is solved the Internet consumer credit assetsand securities term mismatch problem.However,due to the late start of the special plan in relevant markets,there are still problems such as poor liquidity of securities products,lack of independent legal accounting subject status of the special plan,corresponding external credit enhancement measures and incomplete information disclosure.By the end of the article summarizes the enlightenment of this special plan,financial asset securitization project for other Internet consumption to perfect legal laws and regulations,risk management measures are put forward and the information disclosure mechanism,improve the securities market liquidity,the circular reference,such as buying mechanism to the Internet consumer financial asset securitization market in China is expected to get more long-term and healthy development.