[ 本次名媛坊募股，估值为1个亿，现在想要购入名媛坊20%的股权，需要付出2000万元。红岭之前50万元的投资翻了40倍 ]

[the debutante lane placement,Valuations for 1,Now want to buy a 20% stake of note lane,Need to pay 20 million yuan.Red hill before 500000 yuan investment turned forty times]

　　就在各种资本蜂拥进入P2P网贷行业之时，行业领头羊红岭创投正在向风险投资转向。他试图在借款企业中建立数据库，并选取优良企业入股并从中获取超额回报。

In all kinds of capital mob P2P network when the credit industry,Industry leader red hill venture is to risk investment to.He tried to establish the borrowing enterprise database,Choose the good enterprise invest and obtain excess returns.

　　而从P2P网贷行业来看，作为互联网金融的突破口，P2P网贷正在寻求金融与互联网结合的发展模式，一些网贷平台试图变成多种金融产品的销售平台，而另一些网贷平台则通过建立数据库发展风险投资。

And from a P2P network credit industry,As the Internet financial breakthrough,P2P network credit is seeking financial and combination of Internet development mode,Some net credit platform trying to become a variety of financial products sales platform,And some other net credit platform, through the establishment of database development risk investment.

　　两年赚40倍 Two years make forty times

　　不到两年，红岭创投对名媛坊的投资翻了40倍。红岭创投由网络借贷向风险投资转向的第一步已经跨出。

Less than two years,Red hill venture investment to note fang turned forty times.Red hill venture by the network lending to risk investment to step out of the first step has been.

　　2011年3月，红岭创投创始人周世平发现借款人中一家叫名媛坊的淘宝店增长迅速，于是他找到名媛坊的负责人徐飞飞告诉他想要入股。最终红岭创投以50万元，购入名媛坊20%的股权。

In march of 2011,Red hill, the founder of the venture ZhouShiPing found a note that the kitchen taobao shop to the rapid growth,Then he found the head of the note fang xu feifei tell he wants to become a shareholder.Finally red hill venture with 500000 yuan,Note fang bought a 20% stake.

　　本次名媛坊募股，估值为1个亿，现在想要购入名媛坊20%的股权，需要付出2000万元。红岭之前50万元的投资翻了40倍。

The debutante lane placement,Valuations for 1,Now want to buy a 20% stake of note lane,Need to pay 20 million yuan.Red hill before 500000 yuan investment turned forty times.

　　相比之下，红岭创投在网络借款上的盈利则是小巫见大巫。

Compared with,Red hill vc in the network on the loan of profit is a fraction of.

　　红岭创投成立于2009年初，在短短3年里，季度借款规模从2009年二季度的43.45万元到2012年一季度的2.31亿元，再到2012年四季度的4.71亿元。

Red hill vc was established in early 2009,In a short span of three years,Quarter borrowing scale from 2009 in the second quarter of 434500 yuan to 231 million yuan in the first quarter of 2012,Then in the fourth quarter of 2012 to 471 million yuan.

　　“2012年红岭创投在网贷上的策略显得有些保守，此前红岭的交易量一直是网贷老大，但是目前已经有一些网站超越了红岭。”网贷之家负责人徐红伟告诉第一财经日报《财商》记者。

"2012 red hill vc and credit in the strategy is conservative,After the red hill of the volume of trade has been the net credit,But at present there have been some website beyond the red hill."And the home of the credit XuGongWei told the first financial daily[Money business]reporter.

　　“单纯做P2P网贷风险太大，3年下来我们已经产生了大量的坏账垫付，网络贷款业务只能保持微利。”周世平告诉记者。

"Simple do P2P network credit risk is too big,3 years down we have produced a lot of bad loans disbursements,Network loan business can only keep small profit."ZhouShiPing told reporters.

　　目前，一笔借款的利息收入主要归投资人，网贷平台在其中只收取一些中间业务收入。“新开发一个借款人用的人力成本非常大，而平台之间的竞争会导致中间收入下滑，导致网络借贷在近年一直是微利甚至只能保本的生意。”

At present,A loan interest income mainly to investors,Net credit platform in which only collect some intermediate business income."The newly developed a borrower with human cost is very big,And the competition between platform can lead to middle income decline,Lead to network lending in recent years has always been a meager profit even can only break even business."

　　这与目前国内P2P网贷的保本制度有关，P2P网贷模式起源于国外，不过国外的只承担撮合职能，并不承担贷款违约风险。但在国内，为了吸引出资人，大量网站给出了100%保本承诺。即一旦违约，借款人可以得到本金赔偿。

This and the current domestic P2P network loan break-even system relevant,P2P network credit pattern originated from abroad,But foreign assume only bring together function,Does not bear the risk of loan defaults.But in our country,,In order to attract investors,A large number of web site gives a 100% break-even commitment.Namely once default,The borrower can get principal compensation.

　　转型风投卡壳 Transformation wind for stove pipe

　　不过，网络借款业务给红岭积累了大量企业数据库资源。记者了解到国内一些PE已经准备和红岭建立联系能够通过其寻求项目源。

but,Network loan business to red hill has accumulated a large number of enterprise database resources.The reporter understands some domestic PE is ready to establish contact and red hill to seek through its project source.

　　“这能有效降低红岭创投的失败率，别人投10家成功一家，而红岭拥有的信息资源能够让他们对小企业更加了解，增加胜率。”徐红伟告诉记者，“由于企业还要依靠红岭做借贷，红岭相对他们有更强的谈判能力。他不仅能够用更低的价格来购买股权，并且可以谈判更苛刻的入股条件。”

"It can effectively reduce the failure rate of red hill venture,People throw 10 a success,The red hill have information resources can let them to know more about small businesses,Increase losing."XuGongWei told reporters,"Due to the enterprise depends on the red hill do lending,Red hill relative they have more strong negotiation skills.He not only to be able to use lower prices to buy shares,And can be more harsh conditions in negotiations."

　　名媛坊是目前红岭投资的几家企业中最为成功的一家。

Note fang is the red hill investment several enterprises in a most successful.

　　据红岭预计，如果转型成功，风投业务带来的收入将占到总体收入的50%。

According to the red hill is expected to,If successful transformation,Wind is cast with business income will account for 50% of the total income.

　　在名媛坊案例中，除了股价的直接增值外，一笔大资金的进入能够迅速“催肥”名媛坊，使得红岭创投之前的投入以更快的速度增值。而借款人资金实力的增强也会极大降低后续借款的风险。

Note in the case of the lane,In addition to direct the stock value,A big money to quickly enter"Feed out"Debutante fang,Making red hill before the venture into the faster speed value.And the borrower financial strength enhancement will greatly reduce the risk of subsequent borrowing.

　　红岭创投理想的道路是，从债权到股权投资再到帮助企业找到下一轮投资者的一条龙服务。显然，这个链条在最后一个环节卡壳了。

Red hill throws the ideal way is,From the creditor's rights to the equity investment to help enterprise find the next round of investors' one-stop service.obviously,The chain in the last link the stove pipe.

　　其实在P2P领域，其他一些网站也开始将网贷平台作为突破口，平安集团旗下的陆金所试图将自身发展成为互联网金融产品交易所，目前陆金所已经在其平台上试水信托产品销售。另一些平台则试图和银行合作，能够通过互联网来销售理财产品。

In fact in P2P field,Some other website also began to net credit platform as a breakthrough,Peace group's LiuJin have tried to their own development become the Internet financial products exchange,At present LiuJin has in its platform test the waters trust products sales.Some other platform is trying to and bank cooperation,Can through the Internet to sell financial products.

　　但是红岭创投的路子则完全脱离P2P贷款业务，试图转型到企业孵化和风险投资领域。

But the red hill venture way is completely out of P2P loan business,Trying to transition to the enterprise incubation and risk investment fields.

　　风险首先来源于处理红岭创投和监管的关系。

Risk comes from red hill first deal with the relationship between venture capital and supervision.

　　在媒体报道了名媛坊在互联网的招股后，这种做法被认为有向非特定群体募资的风险，虽然互联网招股究竟是否算非法募资还有待争议。

In the media reported the debutante lane in the Internet after offering,This kind of practice is thought to have to the specific group need to recapitalise risk,Although the Internet offering is whether illegal need to recapitalise remains to be controversial.

　　不过周世平的反应非常谨慎，红岭创投立即设法从名媛坊的招股中抽身，原本投资人的股份将全部由红岭牵头成立的投资公司代持，但是红岭目前放弃了这一计划。

But ZhouShiPing reaction is very cautious,Red hill vc immediately try to note the offering from lane removed,Originally the investors shares will be entirely by red hill lead established investment company and hold,But the red hill at present to give up the plan.

　　目前这次招股的形式从红岭创投牵头红岭投资者向名媛坊入股，转为名媛坊运用红岭平台向红岭投资者招股。

At present the offering from the form of red hill venture lead red hill investors to beauties in lane,Note to lane use red hill platform to red hill investors stock offering.

　　利益关联是否超越红线 Benefit correlation is beyond the red line

　　名媛坊招股，红岭创投是在摸着石头过河。

Debutante fang offering,Red hill vc in crossing the river by groping the stone.

　　投资人在名媛坊的投资交流群中不断和企业之间互动，其热闹的程度犹如一场网上招股路演。不同的是，这次路演没有承销商，投资人通过红岭创投获取信息，传统的风险投资机构转化为个人投资者。

Investors in the investment of note fang communication group continuously and interaction between enterprises,The busy degree is a online offering road shows.Is different,The road shows no underwriter,Investors through the red hill vc access to information,Traditional risk investment institutions into individual investors.

　　这些投资人中不少是之前有过未上市企业投资经验和实业的投资人，这些人问题犀利，路子广，还有一些人就住在深圳，之前就和名媛坊的负责人成了朋友，当然，另一些人投资名媛坊很大的原因是出于对红岭创投的信赖，以及名媛坊给出的回购方案。

The investment is among the many before had not listed enterprise investment experience and industrial investors,These people sharp,Way widely,There are some people lived in shenzhen,Before the person in charge of the lane and beauties became friends,Of course,Some other people invest in debutante fang big reason is for red hill vc's trust,And the buyback plan are of note lane.

　　“政府为何要限制个人投资行为，主要是因为担忧不特定公众没有这个投资能力，一旦发生风险会产生不稳定因素。所以后续一旦发生风险事件，红岭创投的风险也是很大的。”一位业内人士告诉记者。

"Why should the government limit individual investment behavior,Mainly because of no particular concern to the public without this investment ability,Once produce risk will produce unstable factors.So the subsequent event risk events,Red hill vc is a big risk."A personage inside course of study tells a reporter.

　　另外，这些分散的投资人在投资后并没有能力对企业进行监管。在名媛坊、红岭创投和投资人的三方关系中。投资人无疑是信息最不对称的，他们的信息来源高度依赖红岭创投。但是红岭在其中又有划不清的利益干系。

In addition,The dispersion of the investors in the investment and have no ability to enterprise supervision.Note in the lane/Red hill vc and investor tripartite relations.Investors is undoubtedly the most asymmetric information,Their sources of information is highly dependent on the red hill venture.But the red hill in them and stroke is not clear interests involvement.

　　风投业务的收入来源于企业每年度分红和股价的上涨。而后者，有待于新的投资人的进入。按照名媛坊的案例，红岭在早期购买了名媛坊股权，成本非常低。而红岭的投资人正在接第二棒。此后有没有更多的投资人会进入还不确定。但是红岭投资人的进入势必推高红岭持有股份的估值。

Wind is cast business income from enterprise annual dividends and share price rise.While the latter,To be in the new investors into.According to the case of note lane,Red hill in the early bought debutante fang equity,Cost is very low.The red hill investors are to the second bar.Since then have more investors will enter not sure yet.But the red hill investors into certainly will push GaoGongLing stockholding valuations.

　　这种利益关系让红岭创投很难保持绝对中立。一方面能够从名媛坊的招股中获利，另一方面又要充当名媛坊招股的中介。

This kind of interest relationship let red hill vc is difficult to maintain absolute neutral.On the one hand can note from the lane in offering profit,On the other hand, to act as debutante fang offering intermediary.

　　getty图

Getty diagram