The gray financial business of Mingchuang’s excellent products: the cash loan high-alloy rate of 400%, also opened a collection college


Editor’s Note: This article is from the WeChat public account “Mujin Business Review” (ID: hujinshangping), 36 is authorized to publish. Recently, the “Ten Yuan Store” famous high-quality products passed the news of the IPO. Since its establishment six years ago, the chain of low-priced consumer goods has opened more than 3,600 stores with annual sales of 17 billion yuan. However, behind its fabulous expansion, the gray financial chain carefully designed by founder Ye Guofu is exposing huge risks. “I don’t understand our people, just like you didn’t understand Alibaba ten years ago.” In 2016, Ye Guofu, a junior high school graduate, stood at the Entrepreneurship Dark Horse Community Conference, confidently separating the “education” offline retail. A lot of people. Ye Guofu has his own proud capital. In just three years, he has developed a ten-yuan store called “Chuangchuang Youpin” to 2,000 self-operated and franchised stores with annual sales of nearly 10 billion. By the end of 2018, the number of stores of “Chuangchuang Youpin” has reached 3,600 and the sales volume is 17 billion. Based on the initial input cost of an average of 2 million yuan in a shop, if “all the famous products” are invested by their own funds, they need at least 7 billion yuan. However, Ye Guofu neither borrowed money nor financed (only 1 billion strategic investment in Tencent and Gaochun Capital in the second half of last year). He relied on “Famous Excellence” to design a complicated and huge fund disk, and use the P2P platform, cash loan artillery, deposit fund pool, etc. to form a closed loop of funds. However, the basis for this closed loop is that Mingchuang’s products can continue to create reasonable profits for thousands of franchisees. Once the limelight passed, the franchise stores of Mingchuang Youpin suffered a large loss, and the franchisees withdrew their funds and defaulted on borrowing, which is likely to cause Ye Guofu’s funds to fall apart. However, Ye Guofu has entered the gray area of ​​cash loans and operates the collection business, which brings huge legal risks for himself and Mingchuang. The franchisees have deposited more than 2 billion yuan of public information, and the famous products established in 2013 have developed rapidly. By the end of 2018, more than 3,600 stores have been opened worldwide, with annual sales of 17 billion. The viral expansion rate of the famous products is remarkable. In 2013, only 27 famous products were opened. In 2014, the number of stores opened up to 373; in 2015, it increased to 1,075; at the end of 2016, it reached 2,000, with sales of 9.7 billion yuan. In this process, the model that Mingchuang Premium relies on is “joining and cooperating”. The franchisee bears the burden of brand usage, store rent, decoration fee and the first distribution. Mingchuang is responsible for store operation and Staff recruitment and merchandise distribution. In this model, the franchisee is equivalent to the LP investor, and only the capital is not required to be managed. The famous franchise is equivalent to the manager (GP). So far, Mingchuang’s direct sales and cooperative stores accounted for 40%, and franchise stores accounted for 60%. How much does the franchisee have to invest? According to the information published by Mingchuang Premium, taking a single store as an example, the franchisees need to pay a brand fee of 80,000 yuan (paid annually) and a currency guarantee of 750,000 yuan. The goods deposit is the first batch of goods and the subsequent mortgage of each purchase. Gold, to avoid the franchisee’s order troubles, shop renovation costs 350,000. The cooperation period is at least 3 years. During the cooperation period, the franchisees also have to bear the rent of the shop, the water and electricity fee, the salary of the employees, and the industrial and commercial tax. Therefore, the franchisees must invest at least 2 million yuan for the first time, and only 1 million to 1.2 million deposits for the famous products. Only this one, more than 2,000 franchise stores will deposit more than 2 billion yuan for the famous products. . There are no regulatory measures for this 2 billion yuan of funds, and the famous products can be used for both self-operated stores and external lending (more on this later). At present, the number of self-operated and cooperative stores of Mingchuang Youpin is about 1,400. If the ratio is 5:5 according to self-operated and cooperative stores, Mingchuang Youji needs at least 2.1 billion yuan of self-owned funds. This is close to the franchise fee and deposit charged by Ye Guofu from the franchisees. When the industry is thriving and franchisees can make money, no one will care about the whereabouts and security of deposits. Once the franchise brand goes downhill and the franchisees are generally losing money, the franchise fee will face a “swing”. This is the time to test the brand capital chain.One-third of the stores are in a loss, and the franchisees are making money for the franchisees who are famous for the broiler? What is the true rate of return? Under the huge initial cost pressure, why are there many franchisees choosing famous products? This has to mention the revenue settlement model of Mingchuang. According to the agreement between the two parties, the franchisees share 38% of the previous day’s turnover (33% of food and beverages) as cash, and Mingchuang’s share of 62% of cash income. Sanhe and the gods went to the construction site to move the bricks to enjoy the daily cash treatment, and Ye Guofu’s ingenuity applied to the offline retail franchise field, and actually received a miraculous effect. At the beginning of the creation of the famous products, the model did have its own unique features. The early franchisees were exposed to the brand dividends, and they still made money. However, with the rapid expansion and the increase of market competitors, the franchisees of Mingchuang superior products have to face the risk of loss. According to the investment network report, the staff of Mingchuang Excellent Products has revealed that 10% of the stores are in a loss state due to unsatisfactory site selection and excessive rent. Another media reported that, according to calculations, about one-third of the franchise stores of Mingchuang’s excellent products are in a loss state. What is the real situation? We can calculate the return on investment of the franchisee based on the public data. By the end of 2018, 3,600 stores of Mingchuang Youpin had achieved revenue of 17 billion yuan, with an average annual income of 4.72 million yuan, an average monthly income of 390,000 yuan and an average daily income of 13,000 yuan. As of the end of 2016, the 2,000 stores of Mingchuang Excellent Products achieved a revenue of 9.7 billion yuan, and the average annual income of a single store was 4.85 million yuan. This shows that with the rapid growth of the number of famous high-quality stores, its annual revenue has declined, and the efficiency of single-store operations has not improved. According to the daily average income of 13,000 yuan, according to the proportion of famous products and franchisees 62:38, the average annual income of franchisees is 1.8 million yuan. Let’s take a look at the cost of franchisees. In terms of shops, most of the famous products are located in large shopping malls in the bustling downtown area. The rent of 150-200 square meters is as low as 100,000 per month, and more than 20 million. The minimum calculation is 100,000 yuan, and the annual rental expenditure is 1.2 million. 4-5 clerk costs between 150,000 and 200,000 a year. The water and electricity fee is 15,000 per year; the industrial and commercial tax is calculated at a rate of 15%, at least 270,000 yuan; and the initial fee is 80,000 yuan per year; calculated, the franchisees have a fixed annual expenditure of 1.71 million to 1.76 million. After the revenue is offset, the franchisees are busy for one year. If you count the cost of the deposit of more than one million in the first year, the franchisee is actually losing money. In fact, according to the franchisee’s deposit and expenses, the annual capital investment is close to 3 million yuan. According to the annualized rate of return of 10%, the annual net profit of the store is at least 300,000 yuan. The calculation of the reverse calculation shows that the average annual income of a single store is at least 6 million yuan, and the franchisee can obtain a profit rate of more than 10%. The average annual income of this year is nearly 30% higher than the actual data of the current famous products. Based on an average annual income of 6 million yuan, the average daily turnover needs to reach 16700 yuan. According to the normal operation of 10 hours per day, the operating income should be 1670 yuan per hour. According to the customer’s unit price of 30 yuan disclosed by Mingchuang Premium, there are 55 customers per hour, and the average person pays per minute! In addition to the online red stores that are lined up all the year round, I am afraid that no store can achieve such customer concentration. Of course, to increase the operating income of a single store, in addition to increasing the number of customers, it can also be solved by increasing the unit price. However, more than 70% of the products of Mingchuang Premium are 10 yuan unit price, which seems difficult to change in the short term. Moreover, as the price of goods increases, the number of customers will inevitably be affected. In this sense, the income of the famous high-quality stores seems to have hit the ceiling, and the franchisees have expanded their brilliance and absorbed the “broiler chicken” under the huge margin mode. From the reality, the development status of famous and excellent products is far from the bubble that Ye Guofu once blown. Ye Guofu once said that by 2020, 6,000 stores will be opened globally, generally overseas, with revenues of 60 billion. But now, the number of stores has reached 60%, but revenue has only achieved 28%. To achieve 60 billion sales in 2020, the sales revenue of Mingchuang Premium will double in the next two years, and the average annual revenue of a single store will reach 10 million. Apart from financial fraud, the commercial reviewer can’t think of it. What is the possibility.Screenshots from the public disclosure of Mingchuang’s excellent products, and the founder of Nomi’s home, Chen Hao, once pointed out that most of the products of Mingchuang are durable goods, and the repurchase rate is low. The unit price is guaranteed to guarantee sales. Mingchuang Premium is a game for financial players. The surge in the number of stores has exposed the multiple operating risks of higher and higher joining costs, franchisees’ loss of losses, and rapid decline in domestic expansion. In fact, most of the franchisees of Mingchuang have a hard time escaping from the “circle of opening in March, the loss of opening in 2 years”. Gray financial map under the retail coat Of course, for Ye Guofu, it is not important for the famous broiler franchisee to make money. His secret of wealth lies in the closed loop of complex funds behind this model. Mutual Gold Business Review noted that in Ye Guofu’s financial map, there are both P2P platforms for C-side individual investors as funding terminals and asset terminals for B-side franchisees to issue operating loans. In addition, Ye Guofu It also quietly laid out the cash loan business, and its annual interest rate for cash loan high-altitude artillery products is as high as 360%. What is even more surprising is that Ye Guofu has also entered the collection business with great ambition. Its mutual gold distribution is far wider than the average Internet finance startup. It is not so much a famous retail chain, it is more like a lending company with a retail skin. In 2015, Ye Guofu established the P2P online loan platform to distribute Libao. The main operator of the platform is Guangdong Libaobaojinshun Technology Co., Ltd., with a registered capital of 222 million yuan and a paid-up capital of 55 million yuan. In January 2016, the legal representative of the company was replaced by Ye Guofu as his old ministry Mo Jinyun. Libao is the vice president unit of Guangzhou Pratt & Whitney Financial Association and the governing unit of Guangzhou Internet Finance Association, and Ye Guofu is the vice president of Guangzhou Internet Finance Association. As of the end of May 2019, the total transaction volume of Libao was 5.845 billion yuan, and the loan balance was 295 million yuan; the current loan number was 3209, and the current borrowing number was 401. According to the disclosure information of Xinwang Bank, on August 7, 2017, Libao completed the full-scale business online deposit. In terms of scale, the stock of Libao is not large, and the highest balance in 2017 is about 500 million. In terms of investment targets, the financing projects on the Libao platform are corporate financing projects, with a single target amount of 1 million yuan and a maturity of 3 months, 4 months, 6 months and 12 months. The 3-month target annualized rate is 7.5%, the 6-month annualized rate is 8.5%, and the 12-month annualized rate is 9.5%. From the basic information of the borrowers, most of them belong to the franchisees of Mingchuang. According to the previous publicity copy of Mingchuang’s excellent products, the average small and medium-sized investors still have certain difficulties because they have invested about 2 million yuan in the creation of a famous high-quality store. Therefore, the company has launched a franchisee financing service, with an average capital cost of 18% per year. Therefore, the profit-making treasure only earned more than 8% of the franchisees from the capital spread. The Mujin Business Review noted that some of the borrowers’ borrowings of Libao were suspected to exceed the “allowed single legal person to borrow more than 1 million in a single online loan platform”. For example, the business operation financing projects B1906023 and B1906024, the loan period is 12 months, the loan amount is 1 million, the borrowers are all Fuqing companies, the borrower’s monthly income is 320,000 yuan, and the debt is 0 yuan. Is this highly similar content a coincidence? Earlier, there were media questions that Ye Guofu’s sub-profit platform was suspected of self-confidence. The franchisees use the physical store or own asset guarantee to open a store through the financing of Libao, and the funds obtained are used to pay the brand franchise fee and deposit to Ye Guofu. In essence, the lender’s funds were returned to Ye Guofu’s hands through the hands of the franchisees, completing an internal loop. Some shopkeepers have enlarged the investment leverage through this financing method, and the risks behind it are self-evident. In the process, Ye Guofu did not provide any funds, but he ate more fish. He not only ate the capital spread between the lender and the borrower, but also accumulated more than 2 billion interest-free funds pool. There is a large amount of risk-free profit recorded.According to Libo’s previous publicity, Libao has formed a closed-loop financial ecosystem, which has been successfully applied to large-scale brand chains such as Mingchuang Premium, which has paid more than 12,000 people’s wages and reimbursement for such brand institutions. Settlement of multiple suppliers, settlement of more than 1,000 offline stores. After the annual interest rate of cash loan artillery reached 400%, after the creation of billions of franchise funds by famous products, Ye Guofu will reach out to the most profitable field: cash loans. I have to admire Ye Boss, a boss who started the retail of a 10-yuan store, and the financial sense is better than a large number of professionals who engage in mutual gold. In June 2015, Ye Guofu established Guangdong Lack of Money Network Technology Co., Ltd. In January 2016, Guangdong Lack of Money Network Technology Co., Ltd. established a subsidiary, Guangzhou Borrowing Network Technology Co., Ltd. From the time point of view, this should be the earliest batch of cash loan companies. 2345 was also a cash loan in 2015. The auction was still losing money in 2015. After the introduction of cash loan products in 2016, Cao Cao loan Successfully landed. It can be seen that the boss of Ye is the real old driver of the mutual gold circle. According to the company’s check, there are two software copyrights under the name of Guangzhou Borrowing Network Technology Co., Ltd., which are “borrowing money” and “lack of money”. Among them, “Lack of money” is Ye Guofu’s fist product. According to public information, “Lack of money” claims to have reached cooperation with a number of city commercial banks and consumer finance companies. The loan can be paid in as little as 10 minutes. The application threshold is low, at least 18 years old, and an ID card can be used. It is to help China’s hundreds of millions of wage earners, white-collar elites and college students to solve the problem of urgent turnover and borrowing money. Mutual Gold Business Review noted that after downloading “Lack of Money” on the Android market, the display software developer was Guangdong’s lack of money Network Technology Co., Ltd., and the last update was October 17, 2018. According to the requirements of supervision, after 2017, Internet financial institutions are strictly forbidden to carry out campus loan business for college students. It is puzzling why “lack of money” is also openly targeting college students as target customers. In the cash loan platform of complaints ≥ 100 in the first half of the 2018 complaint, “Lack of money” is also included in the complaint list along with many institutions such as Buy Man, Weibo Wallet, Credit White, and 360. Mutual Gold Business Review searched for “lack of money”, and related complaints were posted up to 699, mostly involving usury, violent collection, bombing of contacts and so on. For example, the complainant Mr. Li issued a document saying that he borrowed 7 times in “lack of money”, and the last loan of 2,220 yuan was overdue due to the change. After 92 days, the overdue cost was as high as 2042.4 yuan, and the comprehensive annualized rate was calculated to be 400%! Mr. Li said that “the lack of money” changed four outsourcing collection companies in three months, all violent collection! Insult the friends and family of the address book, and will be ill at home! In his complaint, Mr. Li stated that he is personally willing to repay reasonable and legal principal and interest expenses. The record of the dialogue with the collection staff submitted by Mr. Li showed that he proposed to repay the principal of 1,000 yuan first, and the rest was given in a few days, but was rejected by the collector. The interest rate of “lack of money” is high. The screenshots submitted by dozens of borrowers from the cross-finance business review have found that “lack of money” is over 1% of the one-day fee, and the total is not capped! In addition to the cut-off interest and interest charged, the comprehensive annualized rate is as high as 400%. For example, Mr. Dong’s complaint submitted on March 13, 2019 showed that he owed 1,000 yuan. After 100 days of overdue, the overdue fee was 1,000 yuan. After the platform forced 4,000 yuan from his debit card, the APP loan page showed that he still needs to repay. 360 yuan. On March 28, 2018, the China Internet Finance Association issued the “Internet Finance Overdue Debt Collection Self-discipline Convention”, which regulates the mutual fund overdue debt collection behavior, which explicitly requires the debtor to be in the form of interest, liquidated damages and various expenses. If the comprehensive capital cost charged exceeds the relevant national laws, the excess shall not be collected. What are the specific criteria? According to the relevant laws and regulations of the Supreme People’s Court, private lending rates are protected by law within 24% of the annual interest rate, and more than 36% are invalid. Judging from the lawsuit between the mutual fund company and the borrower that is currently pronounced by law in various parts of the country, the court only supports the mutual fund institution to collect the comprehensive rate within 24%.I have to mention that “the lack of money” was previously exposed by Hainan TV because of the violent collection. According to Hainan TV’s “Live Hainan” column reported on November 17, 2018, Ms. Fu, Hainan, borrowed 3,000 yuan in the “lack of money loan platform app” in 2016, and finally two periods were overdue, Guangdong lacked money. Network Technology Co., Ltd. entrusted the collection company to pursue the overdue expenses of more than 5,000 yuan. The collection staff not only sent hundreds of phone text messages to the relatives and friends of Ms. Mei’s address book, but also sent the PS to Ms. Liang’s husband and friends. Obscene pictures and text. When interviewing reporters questioning whether the other party’s extreme collection method is appropriate, Guangdong’s lack of money, Network Technology Co., Ltd. staff replied with a word, “How to collect is not your decision, if you feel insulted, you can complain.” Not only that, the company’s staff also threatened that as long as Ms. Fu did not settle the overdue fees, the indiscriminate bombardment of her address book would not end. It can be seen from many complaints that “lack of money” is a typical illegal 714 product that has no risk control and relies solely on high interest coverage and high overdue. Since its inception, the 714 product has become a tool for many speculators in the mutual gold industry to make quick money. Even after the supervision of three bans and five bans, CCTV 315 severely exposed the 714 platform, there are still many speculators taking risks and moving to underground lending. In essence, cash loan high-altitude products are a cancer in the cash-lending industry, distorting the values ​​of the entire mutual gold industry. Even the high-school students and the rich second-generation graduating from Yale in Oxford can’t stand the temptation to join the 714 high-altitude artillery, which shows that the mutual gold industry is deeply poisoned. In addition, the popularity of anti-aircraft products has also worsened the image of mutual gold companies in supervision and public opinion, accelerating the introduction of many one-size-fits-all policies, and ultimately hurting legal compliance practitioners. Mutual Gold Business Review also noticed that some of the users in the complaints had not repaid the loan since the beginning of the loan, and they never negotiated with the platform to repay the legal principal and interest. This minority group is obviously the old loaner. For this part of the users, the borrowing institution is completely Legal and compliant collection and litigation methods can be used and reported to the blacklist of institutions such as the Bank of China. However, cash lenders should not refuse borrowers who work hard to repay and actively negotiate with the platform to repay 24% of the rate. If in order to force users to pay interest rates that are more than ten times the national legal standards, they will not hesitate to use the violent collection tools, apparently stepping on the red line and breaking the law. For such situations, we must not simply use the phrase “payment of debts, recovery of money” to explain. The transformation into the “three no” cash loan products diversion mutual gold business commentary noted that in the lack of money APP, Guangdong lack of money Network Technology Co., Ltd. announced a “serious statement” on March 26, 2019, said There are illegal companies, institutions and individuals who use the company’s banner to provide fraudulent activities in the name of online lending, and said that the company has completely stopped the cash lending business and has never authorized any third party to conduct online cash lending. However, it is strange that until June 20, 2019, there were still people complaining in the complaints that “the lack of money” continued to be violently collected. It can be seen that even if “lack of money” is not allowed, the violent collection has not stopped. Therefore, the “lack of money” so-called “stop cash lending business, may be the company’s regulatory policy, to avoid the limelight transformation to do the diversion business. In the “lack of money” APP, there are multiple suspected anti-aircraft products, mutual The Golden Business Review opened one of the products, did not disclose the main information, and did not disclose any proof of lending qualification. According to the “No. 141 Document” regulating Internet credit, “No organization or individual can operate lending without obtaining the qualification of operating lending business according to law. “Business”. “Lack of money?” is the introduction of unqualified cash loan products, apparently violated the rules. “Lack of money?” Suspected to be a cash loan high-altitude product product diversion In addition, public information shows that “lack of money” operating entities are not The Internet small loan license does not have legal lending qualifications. However, since the “No. 141” was issued until its announcement, “Lack of money” has been carrying out cash lending business. In 2015, Guangdong Saiman Investment Co., Ltd. was established. Everyone Receives Credit Management Co., Ltd. (hereinafter referred to as “Everyone Receives”) with a registered capital of 50 million.According to the introduction of the company, the stock of assets has reached nearly 1.2 billion in the more than one year after its establishment, and nearly 200 full-time collectors have been installed in the national branches. Up to now, it has established branches in more than ten cities including Beijing, Guangzhou, Shenzhen, Chengdu and Chongqing, and established the collection college in 2016. Public information shows that on March 24, 2016, everyone received the A round of financing from the boss Ye Guofu. The company’s check-up information shows that Ye Guofu holds 97.88% of the shares held by indirect holders and is the actual controller of the company. The question of Shangjujun is: Has Ye Guofu’s personal income been involved in the collection of “lack of money” for his cash-sending products? .

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