Giants hunt third-party payment licenses

1. A monopoly profiteering license

According to wind data, as of the first half of 2016, there were 2,934 listed companies in A shares, of which 2,539 were profitable and 395 were losses. The net profit of all listed companies attributable to shareholders of the parent company was 1.38 trillion, including 21 banks. Net profit of the same caliber is 0.72 trillion yuan, 43 non-bank financial funds, net profit of the same caliber is 0.025 trillion, 21 banks, profits account for 52.1% of all listed companies, and the reputation is deep, and this is the background of bad debts of banks. Realized. The logic behind this is: due to the privilege brought by the monopoly of licenses, the cost of social capital circulation is high, the high cost, the difficulty of financing, to some extent, the bank is collecting taxes...

This kind of lying money business is inevitably not what you want to do. The financial industry exhibition industry needs ZF to approve the license.

According to legend, there are 7 kinds of licenses distributed on the land of Shenzhou. Collecting 7 licenses can summon Shenlong, calling for the rain. These 7 licenses are: banks, insurance, trusts, brokers, funds, futures, leasing, and collecting 7 licenses is like taking To the one-handed card, how to play is comfortable, how to play how to play.

The feng shui turns, every license must have a downwind, catch the opportunity to brush well, not financial resources, like last year's brokerage, this year's insurance. But collecting 7 pieces is not an easy task, and even if the license is also graded, is it national or local? Life insurance or property insurance? Such a kind of thing is not an easy task. Before that, only three CICC Groups, China Everbright Group and Ping An Group had seven licenses. According to legend, the Tomorrow’s Tomorrow Department has also collected seven licenses in recent years.

The old monopoly has not yet left, and the new monopoly has risen strongly. In addition to the traditional seven licenses, third-party payment licenses have risen strongly in recent years. Leading big brothers Alipay and Tenpay will inevitably become commercialized in the future.

Please keep in mind:

1. Please believe that capital investment is not for guests to eat. The current subsidy is for future harvesting, just like the real thing after the price increase, and many people regard the subsidy of the year as the normal state;

2. Please believe that everyone is equal before the interest. When a new monopoly is bigger than the old one, he will inevitably be more fierce than before.

Now I am a business, I am coming out to walk in the rivers and lakes, and there are not many financial licenses at the bottom of the box. I am embarrassed to say hello...

Second, the uneasy industrial giant

It’s very lively to eat melons, but all the industrial capitals that have a certain weight are in the cold, and the old business of their own business is getting harder and harder. The bank is “sunny umbrella, rainy day umbrella”, must I have to find a way to reduce the cost of capital. Pulling up a few business brothers, how much can be taken by traditional financial licenses, all the funds flow of their own funds are entered, the capital flow is internalized, and the previously paid capital tax is taken back to make up for the traditional main business. .

On the other hand, the third-party payment licenses have to be circled. The central bank has already stated that “the new institutions will not be approved in principle”. The losses on the old seven can’t be eaten again, take the cards and further rely on themselves. The flow of funds and the two giants grab the meat to eat, and take a step back in the future.

Third-party payment licenses cannot be bought and sold, but equity acquisitions are a means of legal compliance. Jingdong, Xiaomi, Wanda, Haier, Evergrande and other ambitious and wealthy star companies have all included payment licenses in the form of acquisitions.

In 2012, JD.com acquired a low-profile online banking online. The news of the small road was about 100 million. In January 2015, Wanda’s 315 million US dollars acquired 68.7% of the fast money. In February 2016, Xiaomi acquired 600 million yuan of Jiefu Ruitong. In August, Evergrande Group According to legend, 570 million acquisitions of Guangxi Jifutong, Midea Group 300 million acquisition of Shenzhou Tongfu 50% stake. In addition to the fast money received by Wanda’s father, the price of other bare licenses has risen from more than 100 million years ago to more than 600 million now. Even if one step back, in the land of China, the monopoly Sexual licenses were originally a good business.

Further, after the acquisition of the third-party payment license by Jingdong Online in 2012, Jingdong Online has only spent a day on its own capital flow, developing consumer finance, supply chain finance, wealth management, crowdfunding, payment, insurance. Seven business lines of securities. In January 2016, Jingdong Finance announced that it had received investment from investors from Sequoia Capital China Fund, Harvest Investment and China Taiping, with a financing amount of RMB 6.65 billion and a valuation of Jingdong Finance of RMB 46.65 billion.

And what is the starting point of all this? It was the year that angered Alipay, resisted the pressure of the new father Tencent, won the online banking online push of the independent Jingdong payment, internalized the company's capital flow, and then there are other formats, no one in front of the home, the next 0 Many are making wedding dresses for others. Eggs, do you think that shopping in Jingdong is now, the first order for online payment is WeChat payment, or Jingdong payment?

The vision of the industrialist is always the same, but some people see it early, some people look slow. Last year's only O2O players with similar formats but different styles, Wang Xing's "Most Transaction-Driven Information" group finally merged with Zhang Tao's "Information-driven trading" slow public comment to form "New Beauty."

According to the data released by New America University, in the past 12 months ended June 30, 2016, the number of active buyers of New America reached 220 million, and the number of monthly active users of its app reached 180 million. The (point of interest) information has reached 20 million, and the number of cooperative merchants has reached 4.32 million, covering almost all cities in China. The trading volume of the new US big moon is almost equal to 10 billion yuan, huge cash flow and two-way credit demand. Such a large amount of capital flow cannot be lost in vain.

In February 2016, the US group commented on its own payment function “Mei Group Payment”, but it was immediately reported. Because of the lack of third-party payment licenses, the US group payment was a violation. The central bank then negotiated the US group and asked for its downline related. Features. The US team commented on the recharge function of the US group wallet in April.

Sure enough, on September 28, the US Mission announced that it had completed the wholly-owned acquisition of Qianbaobao and obtained a third-party payment license. Qianbaobao is not an ordinary bare-brand company. It has already prepared to list the new three boards and obtained the first payment license. Successfully renewed the license, there are “3+1” national payment licenses: namely, Internet payment, mobile phone payment, and bank card receipt, plus foreign exchange payment. In recent years, the offline acquiring business has been carried out smoothly, covering 1.2 million small. The micro-merchant has already achieved an annual profit of about 50 million yuan. The price of this type of payment license company is inevitably low. The gossip says that 1.8 billion, and one said 2 billion.

In fact, many people did not understand the value of the new US big buy this account license, the US group is doing the BAT Big Three look down on the dirty and lively, but there is a strong offline team, no need to build a new team The national acquiring license means that 4.32 million platform merchants may be potential customers of his offline acquiring business. It is not difficult for online payment to introduce 220 million active consumers to the new US group through subsidies. The user's capital flow is internalized into the group, and there are many ways to play it later.

From the perspective of industry, internalizing capital flows is an inevitable step in scale development (just like large central enterprises have financial companies). Why is it not laid out before, it is very simple, and the volume is not big enough, such as rushing into Alipay and WeChat payment The strategic hinterland, greet him minutes may be the father's channel blockade, when the volume is not enough, rushed into the VIP room, the price is extremely high...

In the past few years, no one has dared to run out and said that Laozi has to pay for a third party. There is no strong father to support third-party payment. After sorting out the actions of industrial capital in financial licenses over the years, there are actually two trends:

1. Being exploited for so many years, large private groups are accelerating the deployment of traditional financial licenses (there is a partial relaxation trend in recent years), internalizing the capital flow, supporting the survival of the business through its own capital flow, and then investing resources outside. Grab the cake of traditional financial giants;

2. Any company that has a TOC business and has a large number of individual users is cutting into third-party payment. Under the background of the increase in the control of the mother-in-law, the price of the stock license is rapidly increasing, and they all hope to internalize the cash flow brought by their own traffic. In the case of the mobile payment new world (600628, stocks) order is undecided, the card is a bit.

The externalization of capital flow is always the sword of Damocles hanging over the top of the entrepreneur. If you have strength, what reason do you not take him down?

Third, the new logic under the new normal

What remains unchanged is the license, which is the investment logic.

There is a decline in prosperity. At present, in the third-party payment, mobile payment, Internet payment, offline receipts, three carriages triumphantly, telephone payment, prepaid card issuance and acceptance, but it seems to be fading. Telephone payment is basically replaced by mobile payment, and limited by the application scenario, the development space of the prepaid card service is also very limited.

However, the wind and water turn, the network link turned out, maybe a paper official document, the pattern will change greatly, how do you know that this prepaid card can play a new trick, especially the national many-to-many prepaid card Licenses, issued by third parties, used across regions, across legal persons, and across industries (think of the combination of these three elements, if the scope of use is spread out, then the card issuer is an interest-free bank...), this buddy and The bank is only one step away...

It’s just that the trust has been miserable in the past two years, but after the most strict draft of bank financial supervision in history has been issued, suddenly the trust license seems to be worthwhile because all competitors can’t make structured products, but the trust still can. In the land of China, the financial license is the same as reading. Whenever it is at a critical time, it is only when the book is used. When it comes to use, it hates less... Just yesterday, the drivers discovered that even if they open a special car, the Jingzhen Jingpai is the most embarrassing. ~

A few years ago, when mobile payment was just emerging, the market was speculating that the newcomers were rushing to eat in the giants’ mouths. Now everyone recognizes the facts. Without strong dad’s support, Shantouqing has no chance, and this The rhythm of the card continues, and the mother is teaching the child who is not sensible. Now let's think about the value of mobile payment license companies. It should be based on the perspective of being acquired. Whose shares are more dispersed, who has more licenses, who has no problem with renewing, who has a cleaner financial report, and who is more likely to be养养~

1. China PayPass (8326.HK)

At present, the company has: Internet payment, prepaid card issuance and acceptance, cross-border payment and RMB settlement license, and also won a national Internet small loan license some time ago. This is especially the national prepaid card issue and Accepted the license. This is regulated by the People's Bank of China. Only six national licenses have been issued. One of them is China PayPal. The remaining five licenses are: HNA Group (newborn, Yisheng), Ping An Group (Ping An). Sinopec (Yufu) and IDG (Zihexin), because the prepaid card is the most regulated, the exhibition industry does not have fast Internet payment, but the heavy players hold one in their hands.

At present, the company's largest shareholder is Lu Jinfa. Last year, 1.9 yuan/shares were allotted, and the shareholding ratio was 12.83%. Lu Jinfa is a wholly-owned platform of Shanghai Pudong District State-owned Assets Supervision and Administration Commission, which is mainly used for Shanghai's development and innovation and integrated financial business. The problem has come. It is very good to make a payment license and introduce a state capital to wear a red hat, but this holding ratio is too low.

In fact, the original plan still has a fund Lujiazui (600663, stocks) funds have to come in, total holdings to 25%, but then stopped, only Lu Jinjin came in, so there is no absolute controlling shareholder, the largest shareholder The proportion of shares is only 12.83%. At present, the market value of the whole company is about 2.5 billion. Therefore, it is still easy to go to the big position, and Lu Jinsui has changed the script after the whole Lujiazui (600663.SH). The situation is even more subtle. .

After several years of financial treatment, last year's annual report has been washed clean, and financially profitable. As of March 31, 2016, there are no interest-bearing liabilities on the account, cash and cash equivalents of 230 million Hong Kong dollars, and trading financial assets of 210 million. In August, it issued two total of 48 million US dollars of bonds and 12 million US dollars of convertible bonds for financing, followed by first obtaining a nationwide small loan license, and holding the silver merchant information, and won the largest single merchant prepaid in the country. Card service providers are accumulating more license resources, and these are licenses with profitable business, not just bare licenses.

The company relies on the prepaid card license exhibition industry to help merchants build a payment account system, superimposed marketing and management functions, and has developed a mature model in the sub-sectors of the park, medical care, transportation, etc. The origin of this is from the company management. With deep industry experience and contacts, interested partners can take a detailed look at the company's board of directors and management's resume, it is not difficult to understand why they got these licenses and continued to win.

The largest shareholder holds 12.83% of the shares, the relatively clean financial platform of Hong Kong stocks, the scarcity of licenses is complete, and as the first batch of 27 license companies, has successfully renewed the license, eliminating the risk of renewal, deep industry contacts, local tyrants Instead of spending 600 million to buy a bare card, it is better to come here to raise a card...

2. Gaoyang Technology (0818.HK)

At present, the company has: offline receipts, Internet receipts and mobile payment licenses. There are more businesses in the hands. The traditional industry solutions and chip businesses can maintain profitability. The core assets are offline acquiring business and Baifu. Shareholders of Global (0327.HK).

The offline acquiring business mainly engages in third-party payment business through the “pay-as-you-go” of 80% of its subsidiaries, and has the qualifications of offline receipt, internet receipt and mobile payment. The company has established branches in 23 provincial capital cities across the country. Although it was downgraded from the fourth in the industry after being punished by the regulatory authorities in 2014, the stability of the company's servers, the efficiency of settlement, and the strength of services are still relatively high in the industry. leading.

In 2015, the company resumed the acquiring business. In the first half of 2016, the turnover was 370 million, an increase of 160%, and the profit was 61 million. The year-on-year loss, covering 27 provinces, the cumulative number of connected merchants was 1 million, June 2016 The transaction volume is 60 billion.

Electronic payment (EFT-POS) terminal business, the company entered the electronic payment terminal business through its world's third largest and the country's largest POS terminal solution provider, PAX Global (0327.HK), which was originally a subsidiary of Gaoyang Technology. Delisted in Hong Kong in 2010. Gaoyang will purchase equipment from PAX Global, with a related transaction of 148 million in 2015.

In September 2014, the brokerage company reduced its holding of 0.8 billion shares, the price was 7.5 yuan, and the proportion of holdings fell from 40% to 33%. At present, Gaoyang Technology does not list with PAX Global, which is accounted for by associates. In the first half of 2016, PAX Global's revenue was 1.33 billion yuan, an increase of 20.3%, and the net profit was 311 million, an increase of 0.5%.

In terms of finance, the China Daily reported a cash of 1.97 billion Hong Kong dollars, a total debt of 1.06 billion Hong Kong dollars (operating liabilities, no interest-bearing liabilities), a net cash of 910 million, and a 32.56% equity interest in PAX corresponding to 2.097 billion, with the payment of the offline receipt business. To this volume, talk less about the starting price of 1 billion... Even if it is not the value of other old businesses, it is really cheap enough.

But there is a reason for the cheaper. The shareholding ratio of the major shareholder Qu Wanchun is 23.25%, which is not very high, but the bug lies in the fact that the second shareholder (12.04%) has a "situation" before the car peak, so I will not say more, the number of similar problems. The Kingdom (547.HK) has recently begun to solve the problem. No one can afford to go through the money, and the price is right. You can talk about it. In addition, the core subsidiary, PAX Global, is also in the whirlpool. The memory of the people who eat melon is very short, one or two. The earnings season will pass.

Where the company license and business are placed, the market will re-recognize its value when the storm passes.

Conclusion

Monopoly financial licenses have always been a strange commodity in the land of China. The pattern of the old 7 sheets has been stabilized. Now the brothers are thinking about how to get the profits back. The new third-party payment licenses have not been incremented. On the surface of the stock, the situation has been fixed, but the foundation is not stable. It is not difficult to find one's own life. It is a mile to be a local prince. The payment companies of Hong Kong stocks, such as China PayPal and Gaoyang Technology, are licensed companies with their own business and scattered shares. Less than 30% can control stocks, not only obtain scarce license resources, but also obtain Hong Kong stocks. Company platform, this is sour, only authentic...

What remains unchanged is the license, which is the investment logic. In the eyes of industrial capital, the strategic value of these companies must not only be the current market value.