Comprehensive evaluations of him by industry insiders and former employees who left in batches are: he spends generously on advertising, hires people with high salaries, but senior executives leave in batches, and there are many factions and fierce internal fighting.

Author: Li Ke

As a 100-billion-level mutual finance platform Mavericks Online , the evaluation of him by industry insiders and former employees who resigned in batches is: he spends generously on advertising, hires people with high salaries, but executives leave in batches, and is factional. There was fierce internal fighting in Lin Li.

As of July 7, the official website of Mavericks Online showed a cumulative transaction volume of 105.49241 billion yuan, an operation period of 6 years, and a cumulative registered number of 5.88 million people. As one of the top three mutual financial platforms in Shenzhen, it has always been questioned by the market in terms of business compliance, including illegal agency sales and diversion of asset management products, high bad debt rates, opaque credit disclosures, and suspected involvement in high-frequency debt swaps of financial products. The term of is mismatched with and capital pool . The APP illegally launched gold products, and the platform’s funds were even suspected of self-financing. The transaction volume exceeded 100 billion, but it has not yet been listed in bank custody.

has no venture capital or financing. It is rare for a grassroots platform to reach a scale of hundreds of billions in the industry. Its actual controller, Peng Tie, has always been behind the scenes and firmly holds the right to speak. He is an outstanding and capable person. People who are good at capital operations wanted to backdoor the listed company Tongzhou Electronics , but they encountered strong supervision and the backdoor failed.

Peng Tie has built a huge Mavericks financial empire around Mavericks Capital Management Group Co., Ltd. (referred to as "Mavericks Capital"). It controls as many as 88 companies, and the other two companies in his family Two important figures, Peng Gang and Peng Zihong, hold considerable shares in the equity structure of Mavericks. Their nephew Peng Zihong, as a department manager of Mavericks Online, holds important positions in 77 companies. His elder brother Peng Gang Listed in 176 companies.

The entire Mavericks series has a strong personal touch, especially the financial side. The development of Mavericks Online relies heavily on Peng Tie’s decision-making. In today’s market, the overall liquidity of funds is tight, bond defaults are frequent, and online loan platforms Against the background of frequent accidents, the risks of Mavericks Online are still worthy of vigilance.

1

Mavericks Online’s “Suixinniu” is suspected of self-financing and illegally launching multiple financial products.

A reporter from Securities Times logged into the Mavericks Online APP, which showed that there are four major investment sectors, namely online loans, Zhiying, gold, and fund business. Among them, Zhiying's product "Suixinniu" is a current product, with an investment starting from 1 yuan and deposits and withdrawals at any time. The historical annualized return rate is 7%, which is much higher than similar "baby-type" financial products.

The investment of this product consists of corporate debt, accounts receivable of listed companies, monetary funds and bank deposits. The issuing institution is Xi'an Financial Supermarket , which provides information intermediary services for investors and trustees in directional entrusted investment relationships.

It is worth mentioning that in mid-December last year, the regulatory authorities issued the "Notice on the Special Rectification and Acceptance Work of P2P Online Lending Risks", which clearly stipulated that the current financial products provided by P2P were deemed to be in violation of regulations. For a time, online loan current financial management products were pushed to the forefront. Current products may cause capital pool and asset maturity mismatch problems. Therefore, online loan platforms are seeking rectification and have removed current products from their shelves.

According to a reporter from the Securities Times, we learned from multiple sources that the Shenzhen Municipal Finance Office has repeatedly interviewed Mavericks Online executives and requested that current financial products be removed from the shelves. However, the company will still raise interest rates through financial management and other activities. Providing demand deposits or quasi-deposit products is suspected of being borderline.

committed crimes against the trend, and the illegal launch of current products is just one of them. returns to Xi'an Financial Supermarket, the asset provider of "Suixinniu". Tianyancha information shows that Maverick Capital 100% controls Xi'an Financial Supermarket, and on March 27, 2018, its investment in Xi'an Financial Supermarket increased from 1 million yuan to 1 100 million, on March 29, Maverick Capital withdrew from Xi'an Financial Supermarket. After the change, Xi'an Private Financial Street Investment Holding Co., Ltd. (hereinafter referred to as "Xi'an Financial Holdings") became its controlling shareholder.

However, if the layers of veil are lifted, although the relationship with Xi'an Financial Supermarket is clearly cut off, in fact, the actual controller of Cinda Capital Management Co., Ltd. in the shareholder list of Xi'an Financial Holdings, Xiao Lin, has a close relationship with Peng Tie. Inextricably linked.

In other words, although Maverick Capital has withdrawn from Xi'an Financial Supermarket, it is actually still related to the product provider. The left hand is the capital side and the right hand is the asset side. So where did the funds go?

A Securities Times reporter showed through the "Directed Entrusted Investment Management Agreement" provided by the "Suixinniu" product on the Xiaoniu Online APP that the trustee of the product is Shenzhen Mingou Asset Management Co., Ltd., and Tianyancha information shows that Mingou Asset Management Co., Ltd. The actual controller of the company is Maverick Capital.

The logical relationship is: Xi'an Financial Supermarket provided products to Mavericks Online, investors purchased the products through Mavericks Online, and finally the money flowed to Mingou Asset Management Company. As for Mingou Asset Management Company, the money was invested Wherever they go, this cannot be traced, and the disclosure of information is not transparent, but the actual controller behind these three companies is Peng Tie. Behind a series of capital operations, the whereabouts of the funds are questionable, and there are suspicions of self-financing and the risk of fund misappropriation.

In April this year, the Leading Group for the Special Rectification of Internet Financial Risks issued a notice (referred to as "No. 29") that clearly stipulated that relying on the Internet to issue and sell various asset management products (including but not limited to "targeted entrustment plans") without permission "Directed financing plans", "financial management plans", "asset management plans", "income rights transfer") and other methods of publicly raising funds should be clearly defined as illegal financial activities, which may specifically constitute illegal fund-raising, illegal absorption of public deposits, and illegal issuance of securities. wait.

violated the provisions of Document No. 29, directed entrusted investment management, and the platform was suspected of self-financing and capital misappropriation risks. This is the second one. In addition, the Mavericks online platform also provides fund agency services. Its APP clearly displays high-yield funds, including Qianhai Kaiyuan Jingxin Mixed A/C, as well as stable income funds Golden Eagle Yuansheng Bond E and Golden Eagle Tianli Credit Bond C. category and many other fund products.

It is worth mentioning that although fund services are provided by Shenzhen Xiaoniu Fund Sales Co., Ltd. (hereinafter referred to as "Xiaoniu Fund"), it is understandable that Xiaoniu Fund sells fund products as an agency with a sales agency license, but it is clearly stipulated in Document No. 29 The asset management business is not allowed to divert traffic through the Internet platform, and it is obvious that Xiaoniu Online APP is diverting traffic for its affiliated companies.

Desheng Financial Services CEO Wang Shengjiong told a reporter from the Securities Times that the reason why diversion is not allowed is that it does not comply with the relevant provisions of the "Measures for the Suitability Management of Securities and Futures Investors" and that online lending institutions have not conducted risk level assessments on investors. Or selecting qualified investors and using Internet platforms to attract traffic is illegal, and this has been expressly prohibited.

is suspected of illegally diverting asset management products. This is the third one.

2

Behind the high-frequency debt transfer , there is a large liquidity of funds, suspected maturity mismatch and capital pool

Open the official website of Mavericks Online. Whether it is an exclusive bid for newbies or products such as Anwen Investment and Shengcainiu, there is such a problem. That is, after purchasing a product with a term of more than 6 months in , it can basically be transferred after one month, and Shengcainiu can be transferred after 7 days of investment.

Generally speaking, such high-frequency transfer of claims is to improve the liquidity of the platform. Since current assets are expressly prohibited, the longer the maturity of the asset, the higher the dependence on debt transfer, because there will be times when investors are in urgent need of money, so the platform allows debt transfer in the name of long maturity and high returns. , relying on the operating model of current-like products to achieve high-frequency debt swaps. Mavericks Online relies on its automatic bidding tool to further increase the debt conversion rate, thereby increasing the liquidity of the entire platform.

As of now, the cumulative transaction volume of Mavericks Online is 105.49241 billion yuan, but the cumulative borrowing amount is about more than 42 billion yuan, which means that more than 60 billion of the amount is accumulated from the transfer of debts, and high-frequency debt transfers are piled up. Hundreds of billions of water shares were traded, but the actual loan amount was far lower than this.

“In fact, the ordinary debt transfer model (non-platform third-party creditors transfer their credit asset income rights to investors through the platform) is prohibited by the regulatory authorities. Although the individual debt transfer model is not clear, the risks are still there. It’s very big, because the transfer of creditor’s rights will to some extent involve issues such as capital pool, maturity mismatch, and splitting of bids. The creditor’s rights relationship is not one-to-one correspondence. In fact, it is a left-hand transaction and a right-hand transaction.” Named industry insiders expressed this opinion to the Securities Times reporter.

Xue Hongyan, director of the Internet Finance Center of Suning Financial Research Institute, said that the design of personal creditor's rights transfer is most afraid of overdue creditor's rights, which will involve everyone from the underlying borrowers to the investors who have participated in the transfer. The relationship between creditor's rights and debts will be complicated, which will also greatly Expanding the scope of impact of overdue claims is also a kind of risk diffusion to a certain extent.

"For the "credit transfer" that is currently common on P2P platforms, or other forms of platform customers' undue creditor's rights transfer behaviors and services, they are all subjective and intentional, but they form the objective fact of time-limited split. "Wang Shengjiong said.

3

Behind the zero overdue rate: Related guarantees, disguised credit enhancement

In the entire Mavericks Capital system, Mavericks Puhui provides assets for Mavericks Online, and Mavericks Online invests and raises funds. These two businesses are the core of the Mavericks Capital system. Asset side and capital side.

On Mavericks Online, if the underlying asset defaults overdue, Mavericks Puhui will guarantee the source of repayment, which involves issues of related guarantees and disguised credit enhancement. The "Interim Measures for the Management of Business Activities of Online Lending Information Intermediaries" issued on August 25, 2016 clearly stipulates that online lending platforms are prohibited from directly or indirectly providing guarantees or guaranteed principal and interest to lenders. Here Mavericks Online clearly involved disguised credit enhancement and illegal guarantees, violating the relevant regulations of the regulatory agency.

Speaking of guarantee issues, we have to mention the overdue rate of Mavericks Online. According to the official website of the China Mutual Finance Association, among the platform operation information disclosed by Xiaoniu Online, as of February 28, 2018, the overdue rate of amount and project overdue rate of Xiaoniu Online was zero.

This means that the platform has no risks or very low risks. Such a powerful risk control system not only puts banks and other traditional financial institutions to shame, but also crushes Alibaba Small Loan, which has a massive amount of borrower data.

A question arises here: compared to banks, the customer groups faced by online loan platforms are equivalent to secondary customers, but they can create lower overdue rates than banks or even zero overdue rates. This seems a bit counterintuitive.

can see that by the end of February 2018, Mavericks Online’s amount to be repaid reached 11.74 billion yuan, and the number of people financing it reached 989,000. With such a high amount to be repaid and the number of people financing, how does the platform ensure that borrowers are not overdue at all? In addition, the high amount to be repaid by the platform also means that the platform's loan scale is large, and accordingly, the risks it bears are also high. If the loan cannot be recovered in time, the platform will be under huge payment pressure.

Chairman of Hongling Venture Capital Zhou Shiping previously said in an interview with a Securities Times reporter that no platform can achieve zero risk and zero overdue, as long as it is related to the online loan industry, there will be bad debts , saying that it has zero bad debts. For overdue platforms, you can imagine whether this model can exist. Although regulations require investors to bear their own risks and break rigid payment, there are still many platforms that advance payments. Because the platform does not advance payments, this model basically cannot operate.

The person in charge of a P2P platform in Shenzhen told reporters that when investors measure the safety of online loan platforms, overdue rates are one of the must-see indicators, and overdue rates are not very glamorous data, so many platforms choose to avoid them at the beginning. However, due to regulatory needs, it is now necessary to announce it. In order to retain customers and cause unnecessary panic, many platforms will whitewash the overdue rate, because once the real data is released, it may bring a run risk to the platform.

reporters interviewed many industry insiders to ask for their opinions on the zero-overdue platform. They all said: “The data is too fake."

A retired management member of Maverick Online told reporters that the bad debt rate of the entire Maverick Online platform should be more than 30%, so it needs to continuously roll out funds and develop new users. "The capital end is small Niu Online and the asset side Mavericks Puhui cannot be separated. They are actually two sides of the same coin. Mavericks Puhui brings customers to Mavericks Online in the form of referrals. Mavericks Online issues bids to raise funds. Mavericks Puhui lends money. Lending means lending. There are overdue and bad debts. Although from a financial perspective, these bad debts are placed on Mavericks Puhui, in fact Mavericks Puhui has no money. The money comes from Mavericks Online. This part of the bad debts is actually generated by Mavericks Online. Financial risks are also concentrated in Mavericks Online. It seems that Mavericks Puhui’s bad debt rate is 30%. In fact, Mavericks Online’s bad debt rate is 30%. Until the end, you will find a problem: if there is no new capital, , bad debts continue to increase, and the platform’s cash flow will dry up. "But this statement has not yet received a response from Mavericks.

The overall annualized interest rate of Mavericks' online financial products is relatively high, especially for newcomers. 's exclusive annualized interest rate for novices can reach 11%, and stable investment and financial management The product's target annualized interest rate reaches 12%. According to data from Pingdaizhijia, as of the end of June 2018, the comprehensive rate of return of the national online lending industry was 9.6%. Against the background of the decline in the comprehensive income of the entire online lending industry, Xiaoniu Online in order to expand new

When talking about illegal fund-raising, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, once said that we strive to make the people realize that high returns mean high risks through various methods. The reporter warned of the risks and said, “If the rate of return exceeds 6%, there will be a question mark. If the rate of return exceeds 8%, it will be very dangerous. If the rate of return exceeds 10%, you will be prepared to lose all your principal. "

Not only that, the platform also promotes cash back activities. The official website shows that for an investment target with a term of 6 months, the target annualized interest rate is 9% + 2% interest rate increase for novices only. The investment amount is more than 1 million, with the highest 25,000 yuan can be cashed back.

However, while interest rates continue to increase, the platform is still in a state of net outflow of funds. Data provided by Wangdaizhijia shows that since April 4, the balance of Mavericks Online has dropped from 16.22 billion yuan to 16.22 billion yuan. 11.55 billion yuan, with an average daily net outflow of more than 50 million yuan. The current products provided by the company also face greater regulatory risks. Once the current products are forced to be removed from the shelves for rectification, the company will face greater pressure on redemption

4

bank custody. The delay in launching

should be taken note of. As a platform that has been in operation for 6 years and has a turnover of 100 billion, Xiaoniu Online has not launched bank depository yet, and its road to bank depository has been quite difficult.

A reporter from the Securities Times learned that as early as 2016, Mavericks Online had been mentioning that it was about to launch bank custody. The first person to contact and have signed an agreement was a branch of China Guangfa Bank Guangzhou, but in the end no agreement was reached due to various reasons.

On April 6, 2017, Mavericks Online announced that it had officially signed a fund depository agreement with Huaxing Bank. Since then, it has been upgrading and debugging the system. Finally, Mavericks Online claimed that due to the upgrade failure, the systems of both parties were incompatible and the data was no longer connected, thus canceling the agreement. Agreement.

announced on February 6, 2018 that it had completed the technical docking with Shangrao Bank’s fund custody. However, three months later, Xiaoniu Online issued another announcement stating that in order to avoid policy changes that would bring operational instability to platform users. , Xiaoniu Online decided to change its depository bank and has signed a depository agreement with Fubon Huayi Bank.

The person in charge of an online lending institution in Shenzhen told a Securities Times reporter that the platform’s frequent changes in depository banks reflect two problems. First, the poor experience of the depository bank affects business development, and ultimately leads to the failure of cooperation. However, this situation is not common, because if a bank is willing to do fund depository for you, the platform will be a very proactive party except for the management fee issue; Second, when banks carry out custodial cooperation and conduct data docking and risk investigation with cooperative institutions, they will exclude high-risk institutions, and banks are unwilling to provide credit endorsements for high-risk institutions.

Bank custody is an important indicator of whether a platform can be registered. If there is no bank custody, the hidden danger behind it is that the platform can directly access user funds, especially demand or demand-like products, and the risk of the fund pool is very high.

5

Peng Tie, the man behind Mavericks

, has no venture capital or financing. It is rare for a grassroots platform to reach a scale of hundreds of billions in the industry. And behind all this, there is a key figure - Peng Tie.

Public information shows that Peng Tie was born in a small village in Shaoyang City, Hunan Province in 1976. He is the youngest of six brothers and sisters. He graduated from Shaoyang Normal University and later went to Hunan University to study and Sun Yat-sen University to graduate in finance.

His most well-known personal experience is that he served as the president of Kaisa Financial Investment Co., Ltd., which is affiliated to the Hong Kong listed company Kaisa Group . In 2012, he established Maverick Capital. Before founding Maverick Online, Peng Tie participated in the founding He joined the online lending platform Renren Jucai and was responsible for the risk control business, and then left to found Xiaoniu Online. In 2015, Peng Tie led Mavericks Online to re-invest in Renren Jucai, but withdrew again in 2017.

According to Tianyancha data, Peng Tie has built a huge financial empire around Mavericks Capital Management Group Co., Ltd., with as many as 88 companies that he has control over. Some of the small companies under Mavericks are not even named. Directly refer to them with the numerical codes one, two and three.

It is worth mentioning that its biggest feature in equity investment is not equity participation, but holding shares. The investment proportion is basically more than 80%, and it has absolute say. Peng Tie personally holds 89.6% of the equity of Mavericks Capital, and its companies such as Mavericks Online, Mavericks Financial Services, Mavericks Pratt & Whitney, Mavericks New Wealth, and Mavericks Investment all hold 100% of the shares.

"Peng Tie is a person with strong personal ability, ambition, and unique vision. He has a strong desire to control the company. At that time, Mavericks Online was developing rapidly, and some VC institutions wanted to invest in the shares, but they could not agree on the price. , and he was unwilling to dilute his equity, so he missed it, and later venture capital investors did not dare to come in. In fact, everyone likes to call him Brother Tie in private, and he still has a sense of loyalty," said a former Mavericks insider. Comment on Peng Tie.

The entire Mavericks Capital system also has a strong family flavor. Data from Tianyancha shows that Peng Gang and Peng Zihong are the two most important figures in the Mavericks capital structure. His nephew Peng Zihong serves in 77 companies. In important positions, his elder brother Peng Gang has his name in 167 companies. According to a reporter from the Securities Times, although he holds multiple positions, Peng Zihong only serves as an investment manager in the institutional department of Mavericks Online, while Peng Gang is even more mysterious. Some insiders ridicule that Peng Gang is only known to be an investment manager. A corporate legal person, but I have never seen a real person.

Although Peng Tie is low-key, the company he controls is not. In particular, Mavericks Online is very proud in terms of brand promotion. In January 2016, it signed a contract with Dapeng with an endorsement fee of 8 million yuan. Mavericks has also cooperated with the Shenzhen Red Diamond Football Team, the NBA powerhouse Dallas Mavericks, and the International Champions Cup China. According to reporters, Mavericks Online’s previous advertising expenses were at least 20 million.

Without the entry of venture capital or any financing, where did the funds for Maverick Capital’s crazy expansion come from?

"He is very good at equity operations. A very important time point is 2014. Before 2014, Mavericks Capital used Mavericks Online Funding, and more of the money raised was invested in the real estate business, and after 2014 , turned more to capital operations, the more well-known of which is Mavericks Capital using the money raised from its subsidiary Mavericks Investment to acquire Tongzhou Electronics ," an industry insider who did not want to be named told reporters.

According to the Daily Economic News, Mavericks Online launched a product called "Demand Niu 01" in 2014, and the current Niu 01 issue was transferred to "Shenzhen Maverick Capital Xinfu No. 3 Investment Enterprise (Limited Partnership)" The partnership share income rights project is self-financing, and the project itself is also fake. The purpose of financing is capital turnover and expansion.

6

backdoored Tongzhou Electronics , but had no choice but to encounter strong supervision.

Mavericks and Tongzhou Electronics 's "fate" originated from the stock liquidation crisis held by Tongzhou Electronics 's actual controller Yuan Ming.

On May 6, 2015, Yuan Ming pledged 121 million shares to Guoyuan Securities to raise 740 million yuan. At that time, the average closing price of Tongzhou Electronics on the 20th was 13.46 yuan. After that, A shares began to fall, and Tongzhou Electronics also fell all the way to 10 yuan. On January 12, 2016, trading of Tongzhou Electronics was suspended because the stocks pledged by Yuan Ming were close to the 160%-150% warning line.

In order to solve the risk of forced liquidation of pledged stocks, Yuan Ming turned to Mavericks for financial support. On March 10, 2016, Xiaoniu Long Bank, a subsidiary of Maverick Capital, signed a "Loan Agreement" with Yuan Ming, stipulating that Xiaoniu Long Bank would provide Yuan Ming with a loan of 870 million yuan, mainly used to repay the loan to Guoyuan Securities and other loan.

But there is a problem involved here. Yuan Ming pledged restricted shares to Guoyuan Securities. Now he has hired Maverick Capital to be the "takeover". Before the lifting of the ban, it cannot be circulated in the secondary market. How to sell it? Even if both parties agree, the exchange does not agree. Both buyers and sellers should be very clear about this. It is not just restricted shares, but also restricted shares related to the change of controlling shareholders. This change of controlling shareholders is even less likely to be random.

So there is the following scene.

The loan agreement between the two parties set a condition. According to the "Loan Agreement", Yuan Ming pledged 123 million shares of the company he held to Xiaoniu Longxing, and promised to urge his controlling company "Together in the Same Boat" to provide joint and several support for the loan. Liability guarantee guarantee and sign a guarantee agreement within two days from the date of loan issuance.

Then the two parties performed a "play" together.

After Xiaoniu Longxing issued the loan as scheduled, Yuan Ming only went through the stock pledge registration procedures, but failed to ask Tongzhou Co-Creation to provide guarantees in accordance with the agreement. For this reason, Xiaoniu Longxing filed an arbitration application with the Shenzhen Arbitration Commission (it was just an arbitration, and it was not even willing to fight a real lawsuit), requesting that the loan be withdrawn in advance and the debt be paid off with shares according to the loan agreement, that is, 123 million shares of Tongzhou Electronics shares were transferred to Maverick Capital, and they didn’t even ask for cash, which shows that they are eager to acquire shares.

On April 9, 2016, Tongzhou Electronics announced that the two parties reached a settlement agreement on April 1. The Shenzhen Arbitration Commission ruled based on the settlement agreement that Yuan Ming should use his 123 million shares of Tongzhou Electronics The shares were used to offset the 870 million yuan arrears of Maverick Dragon Bank, and the shares were transferred and registered to the name of the applicant within ten days from the date of the ruling.

Since then, a routine of selling off restricted shares and transferring controlling shares has been put in front of the audience.

What is worth pondering is that the two parties also signed another agreement, stipulating that in addition to repaying the original 870 million yuan loan, as compensation and reward for Yuan Ming's transfer of all shares, Xiaoniu Long Bank will pay an additional 330 million yuan in compensation. . In addition, after Yuan Ming meets the specific conditions stipulated in the terms and conditions of the agreement, Xiaoniu Longxing is willing to pay an additional 300 million yuan in incentives. This means that Mavericks paid a total of 1.5 billion yuan to obtain the stocks and controlling rights held by Yuan Ming.

However, the exchange sent several letters of inquiry and concern, and in the end Peng Tie’s backdoor dream came to nothing.

According to a reporter from the Securities Times, Mavericks Online proposed an A-share listing plan as early as 2015, and had private contacts with accounting firm Deloitte and investment banks. Peng Tie has also publicly stated on many occasions that he has a listing plan, targeting the Hong Kong Stock Exchange. Mavericks Online and Mavericks Puhui were packaged and listed on Mavericks Financial Services. At the end of 2016, Wang Jiefeng, the executive of Evergrande Financial Services Internet Finance Group, was hired with a high salary to serve as the president of Mavericks Financial Services. The purpose was to assist Mavericks Financial Services. Financial Services Group went public in the United States. However, according to reporters, Wang Jiefeng has resigned for some reason, but it has not been made public.

went from announcing an IPO on the A-share market, to moving to the Hong Kong Stock Exchange, and then planning to go public in the United States. This was the first mutual financial company to propose an listing plan, but it got up early in the morning and rushed to a late meeting. Even the late meeting was not able to Whether it can catch up remains to be seen.