金融国际之野望

The financial international ambitions

　　引言：香港上市公司金融国际一个月内参股18家小贷公司，让人惊异。是为了拉升股价，抢滩中西部开发，还是仅仅为了获取更多的内地经营牌照？无论如何，小贷市场的兼并大幕已经徐徐拉开

introduction：Hong Kong listed company financial international a month participation and small credit company，amazing。In order to pull up share prices，Beaching the Midwest development，Or just to get more mainland business licence？No matter how to，Small credit market merger unfolds has slowly opened

　　NBW记者 蔡辉 北京报道

NBW reporter CaiHui reports from Beijing

　　从6月到7月，香港上市公司中国金融国际（00721 HK.）短短一个月内参股18家小额贷款公司，突然加快了针对国内小贷市场的布局。

From June to July，Listed company in Hong Kong, China's financial international（00721 HK.）Just a month participation 18 small loan companies，Suddenly sped up the domestic small credit market layout。

　　另一边厢，今年恰逢小贷公司“多事之秋”。内蒙古有5家小贷公司因介入民间高利贷而被注销经营资质；温州有4家小贷公司主发起人入围资格出现流标；甘肃省有2家小贷公司行将退市，而这在甘肃省尚属首例。在这种肃杀气氛下,外资为何依然对小贷行业仍然看好？

The other side of the big battalions，This year coincides small credit company“An eventful year”。Inner Mongolia have five small credit company for intervention folk usury and cancellation of business qualification；Wenzhou have 4 small credit company main promoter finalists qualifications appear flow scale；Gansu province have two small credit the company is delisted，And this is in gansu province is the first。In this devastation atmosphere,Why foreign capital to small credit still remain positive about the industry？

　　短期为了拉升股价？ Short-term stock in order to pull to rise？

　　从注册地看，金融国际就是一间壳公司，于开曼群岛注册成立并已迁往百慕大存续，而且名字跟中金公司（CICC）的全称“中国国际金融有限公司”相似度很高。在联交所上市时，主营业务是对上市公司和非上市公司股权投资。据该公司公告，此轮投资，是因为预计小贷行业效应会越来越好，并给公司带来不俗回报。

See from the registered，Financial international is a shell company，Incorporated in the cayman islands and has moved to Bermuda surviving，And with cicc name（CICC）Full name“China international finance co., LTD”Similarity high。When listed on the sehk，Main business is to the listed companies and private company equity investment。According to the company announcement，This round of investment，Because is expected to small credit industry effect will be better and better，And bring about good returns。

　　但小贷联盟秘书长白澄宇认为，“作为股权投资公司，投资小贷公司应该是一种短期套利行为。”

But little credit league secretary general BaiChengYu think，“As an equity investment company，Small investment credit company should be a kind of short-term arbitrage behavior。”

　　这18家小贷公司主要分布于江西、内蒙古、山东、黑龙江等地区，参股比例为10%-30%之间。其中许多小贷公司都是今年刚开业，其中，江西省的润丰小贷5月注册，华峰小贷3月注册，过往业绩并不明显。

This 18 small credit company mainly distributed in jiangxi、Inner Mongolia、shandong、Heilongjiang, etc，Shareholding proportion is 10% - 30% between。Many companies are small credit has just opened this year，the，Jiangxi province runfeng small credit may register，Huafeng small credit march registered，Past performance is not obvious。

　　截至2011年末，金融国际的财报显示，现金及银行结为3821万港币。因此，此轮耗资4.64亿的收购，是通过香港及国际资本市场的融资而来，7月19日中国金融国际通过配售筹得资金1.08亿元。金融国际相关人员表示，公司仅仅是股权投资，在财务报表上视为投资，也不直接参与所投资小贷公司的日常经营。

By the end of 2011，Financial international earnings display，Cash and bank became 38.21 million Hong Kong dollars。therefore，This round of the purchase of $464 million，Is through Hong Kong and the international capital market financing and come，July 19 Chinese financial international through the placement to raise capital of 108 million yuan。Financial international related researchers say，The company is only equity investment，In the financial statements as investment，Also don't directly involved in the small investment credit company's day-to-day operations。

　　金融国际财报显示，2011年下半年亏损额为1.35亿元，不派息；而去年同期利润为744.1万元，较上年下跌40%。业内人士称，金融国际此轮收购，短期目的是为了拉升股价。

Financial international earnings display，The second half of 2011 loss for 135 million yuan，No dividends；And the same period last year profit for 7.441 million yuan，A last year fell 40%。The personage inside course of study says，Financial international this round of acquisition，Short term goal is to pull up share prices。

　　投资未饱和领域 Investment unsaturated areas

　　在此之前，金融国际已参与建立5家小贷公司，两次收购股权全部完成后，其在内地参股的小贷公司将增至23家，将成为持股小贷公司最多的外资机构。

Before this，Financial international has established in five small credit company，Two purchase after completion of all，In the mainland equity participation of small credit company will increase to 23 home，Will be holding small credit company most foreign institutions。

　　公告中，金融国际并没有对参股的小贷公司详细介绍，相关人员告诉记者，这些小贷公司是通过严格的风险防控体系筛选而出，具体筛选体系属公司内部资料，不便公开。但金融国际强调了小贷公司所在区域的发展前景，其中，江西省就有9家，占了参股总数的一半。“中西部地区小贷行业发展还不饱和，是未来小贷行业发展相对较快的领域，”中国社科院农村发展研究所所长，中国小额信贷联盟理事长杜晓山告诉记者，中西部地区5000多个县仅有3000多家小贷公司，而温州明年就计划发展到100家小贷公司，“外资一直偏向于投资这些区域，包括富登在成都周边布点，而金融国际在江西布点。”

Announcement in，Financial international and no participation of small credit company detailed introduction，Relevant personnel tell reporter，These small credit company is through the strict screening out the risk prevention and control system，Specific screening system of internal material，Inconvenient public。But financial international emphasized the small loan companies in the region development prospects，the，Jiangxi province has nine，Accounted for half of the total number of shares。“The Midwest small credit industry development is not saturated，Small credit is the future development of the industry relatively fast field，”The Chinese academy of rural development institute director，China microfinance union chairman DuXiaoShan told reporters，The Midwest in more than 5000 counties only more than 3000 small credit company，Wenzhou next year development plan to 100 small credit company，“Foreign capital has been in favour of investment these areas，Including rich appeared in chengdu stationing，And financial international stationing in jiangxi。”

　　另一点值得注意的是，它所参股的小贷公司主要服务于农村金融，规模小，收成本相对较低。记者搜索发现，18家小贷公司均没有自己的官方网站，只在其他资讯网站有信贷员或办公室的联系方式。其中，江西润丰小贷公司在今年5月开业，在73个自然村设立了便民服务联络点，截至6月共发放三农贷款7335万元，占总贷款额度70%以上。而另一家位于江苏的丰源小贷业务类型同样是农村企业及种养殖类贷款。

Another point is worthy of note，Its participation of small credit company mainly in the rural financial service，Small scale，The cost is relatively low。Reporter found that search，18 small loan companies are not his official web site，Only in other information web site a loan officer or the contact way of the office。the，JiangXiRun abundant small credit company in May this year opened，In 73 natural villages set up service for the convenience of the contact points，By June agriculture were issued loans 73.35 million yuan，About of the total loans by more than 70%。And another is located in jiangsu province fengyuan small credit business type is also rural enterprises and ZhongYangShi kind of loan。

　　据介绍，外资进入可以改善小贷公司现金流的问题。丰源小贷去年8月刚成立，注册资金2亿，有8名工作人员。“最大的掣肘是现金流，”工作人员告诉记者，他们的后续资金主要来自银行，而银行是利润导向，投资意愿不强。“资本公司介入，应该可以改善此类问题。”

According to introducing，Foreign capital to enter can improve small loan companies cash flow problems。Fengyuan small credit last August just established，The registered capital of 200 million，There are eight workers。“The biggest handicap is cash flow，”Staff, told reporters，Their follow-up funds mainly come from the bank，And the bank is profit guide，Investment will not strong。“Capital company involved in，Should be able to improve this kind of problem。”

　　政策放宽或介入经营 Policy to relax or intervention in business

　　“外资布局小贷公司，目前主要是发起人、控股及参股三种形式。在大部分地区外资最高只能参股30%，政策没有放宽的情况下，外资主要是参股为主。”广东省小额贷款协会工作人员如是表示。“国内的小贷公司主要以中小企业贷款为主，与国外的个人与微型企业的小额贷款理念不同。”白澄宇认为，“因此，外资经营小贷公司，一般以自己成立公司为主。”

“Foreign layout small credit company，At present mainly sponsors、Holding and participation three forms。In most areas the highest foreign only 30% equity participation，Policy under the condition of not relax，Foreign capital is mainly participation is given priority to。”Guangdong province small loan association staff said so。“Domestic small loan companies mainly small and medium-sized enterprise loan is given priority to，And foreign individuals and miniature enterprise of small loan idea is different。”BaiChengYu think，“therefore，Foreign business small credit company，General with his company was established mainly。”

　　尽管原则上放宽外资进入小贷行业，但外资企业既要到外经贸拿批文，又要到外管局拿额度，真正参股的并不多。同时，由于小贷公司属于地方金融办管理，和地方金融办的关系是顺利投资的保证。金融国际所投资的小贷公司将转变为中外合资企业。白澄宇认为，这对企业的产品类型将产生影响。

Although in principle to relax foreign capital into the small loan industry，But the foreign capital enterprise should not only to get approval of foreign trade and economic cooperation，And safe to take line，Real participation is not much。At the same time，As a result of small credit company belongs to the local financial do management，And local financial do relationship is the guarantee of successful investment。Financial international invest little credit company will turn into a sino-foreign joint venture enterprise。BaiChengYu think，The enterprise's products will have an impact。

　　“如果政策环境不允许，它可以通过股权转让获利，但目前小贷公司不可以跨县域经营，利润空间恐怕有限；如果小贷公司转制成村镇银行或金融公司等金融机构，它有可能增持股份，介入经营，这也是投资牌照的形式。” 杜晓山告诉记者“这次金融国际参股小贷公司应该是持观望态度。”目前，国内各地小贷公司的审批难度不一。江苏省是完全放开审批的，而广东省需要经过区、市、省三级金融办审核，且原则上每个区域每年只能增加一家小贷公司。

“If the policy environment not allowed，It can be through the equity transfer profit，But the present small loan companies can't cross county business，I'm afraid co., LTD., profit space；If small credit transformation of the company into town bank or financial companies, and other financial institutions，It is possible to increasing shares，Intervention operation，This is the form of investment licence。” DuXiaoShan told reporters“The financial international participation small loan companies should be sidelined。”At present，The country to small credit company's examination and approval are difficult。Jiangsu province is completely let go of examination and approval，And guangdong province need to pass area、city、Provincial level 3 financial do audit，And every year in principle each region can increase a small loan companies。

　　杜晓山认为，金融国际可能通过设立地方办事处的形式，管理集中区域的小贷公司。如汇丰银行投资多家村镇银行后，计划以控股集团的方式运营。

DuXiaoShan think，Financial international may through the establishment of the form of local branch offices，Management focus area of small loan companies。Such as HSBC bank investment several villages and towns after the bank，Plan to holding group way operation。

　　数据点：金融国际财报显示，2011年下半年亏损额为1.35亿元，不派息；而去年同期利润为744.1万元，较上年下跌40%。

Data point：Financial international earnings display，The second half of 2011 loss for 135 million yuan，No dividends；And the same period last year profit for 7.441 million yuan，A last year fell 40%。

　　《金融国际之野望》表格 蔡辉

《The financial international ambitions》Form CaiHui

　　 地区 注册资本（亿元） 注册时间 参股额度 支付期限（天内）

Region registered capital（One hundred million yuan） Registration time participation quota payment term（days）

　　信州区润丰小额贷款股份有限公司 江西上饶 1 2012年5月 30% 180

XinZhou area runfeng small loan co., LTD., jiangxi shangrao 1 May 2012 30% 180

　　信州区百利小额贷款股份有限公司 江西上饶 1.2 2012年2月 30% 180

XinZhou area baili small loan co., LTD., jiangxi shangrao 1.2 in February 2012 30% 180

　　华帅小额贷款股份有限公司 江西上饶 1 2012年3月 10% 180

HuaShuai small loan co., LTD., jiangxi shangrao 1 March 2012 10% 180

　　国津小额贷款有限公司 天津 1 2010年9月 30% 90

Countries tianjin small loan co., LTD., tianjin 1 September 2010 30% 90

　　九智小额贷款有限公司 天津 1 2011年6月 30% 90

Nine wisdom small loan co., LTD., tianjin 1 June 2011 30% 90

　　盛联丰小额贷款有限公司 深圳 1.5 2012年4月 30% 180

Cheng group abundant small loan co., LTD., shenzhen 1.5 in April 2012 30% 180

　　盈安小额贷款股份有限公司 江西上饶 1 2012年5月 30% 180

Surplus Ann small loan co., LTD., jiangxi shangrao 1 May 2012 30% 180

　　仁恒小额贷款股份有限公司 江西上饶 0.5 2009年8月 30% 180

Yanlord small loan co., LTD., jiangxi shangrao 0.5 in August 2009 30% 180

　　华源小额贷款股份有限公司 江西上饶 0.5 2012年1月 30% 180

We small loan co., LTD., jiangxi shangrao 0.5 in January 2012 30% 180

　　国昌小额贷款股份有限公司 江西上饶 0.6 2012年1月 30% 180

Countries prosperous small loan co., LTD., jiangxi shangrao 0.6 in January 2012 30% 180

　　信州区鸿业小额贷款有限公司 江西上饶 1 2012年2月 30% 180

XinZhou area hongye small loan co., LTD., jiangxi shangrao 1 February 2012 30% 180

　　国昌小额贷款有限公司 江西上饶 0.8 2010年5月 30% 180

Countries prosperous small loan co., LTD., jiangxi shangrao 0.8 in May 2010, 30% 180

　　巴林石小额贷款有限责任公司 内蒙古包头 0.612 － 30% 180

BaLinShi small loan co., LTD., Inner Mongolia baotou 0.612 30% 180

　　土默特右旗小额贷款股份有限公司 内蒙古赤峰 1 － 30% 180

Tumed YouQi small loan co., LTD., Inner Mongolia chifeng 1-30% 180

　　联信睿盈小额贷款有限公司 大连 0.5 － 30% 180

Federal interference, small loan co., LTD., dalian 0.5 30% 180

　　丰源农村小额贷款有限公司 江苏江阴 2 2011年9月 20% 30

Fengyuan rural microfinance co., LTD., jiangsu province jiangyin 2 September 2011 20% 30

　　鑫隆小额贷款股份有限公司 上海 1 － 20% 90

Xinlong small loan co., LTD., Shanghai 1-20% 90

　　（注：哈尔滨市南岗区盛元小额贷款股份有限公司原注册资本为0.5亿元，此次增值扩股注册资本扩大为1.5亿元，金融国际认购其新注册资本10%股权）

（note：Nangang district of Harbin cheng yuan small loan co., LTD., the original registered capital of 050 million yuan，The value-added increase the registered capital to expand for 150 million yuan，Financial international subscribe for its new registered capital 10% equity）