The first half of 2020 is of great significance for the financial leasing industry。The impact of the epidemic on the leasing company's business is still being eased, and the "Interim Supervision and Management Measures for Financial Leasing Companies" (hereinafter referred to as the "Measures") and the relevant provisions of the Civil Code of the People's Republic of China (hereinafter referred to as the "Civil Code") on financial leasing contracts issued by the China Banking and Insurance Regulatory Commission have hit the ground。

Despite the changes in the external economic environment and the changes in the new regulations of the industry, China's financial leasing industry still maintained a steady development momentum in the first half of the year。According to the Financial Times reporter, at the industry level, stricter supervision has promoted the accelerated reshuffle of the industry, and the supporting external development environment is also continuing to improve。At the business level, a number of leasing companies are gradually recovering the leasing business that they missed due to the epidemic, while making preparations in the changing environment and accelerating their efforts in the capital market to broaden financing channels, improve liquidity, and cope with possible risks。

A look at the new rules landing: development environment improvement

At the beginning of January this year, the Banking and Insurance Regulatory Commission issued the Interim Supervision and Management Measures for Financial Leasing Companies (Draft for comments), and five months later, the formal "Measures" landed heavily。The Measures draw a number of red lines for financial leasing business operations, aiming to guide financial leasing companies to operate in compliance, prevent risks, and promote the healthy and sustainable development of the industry。

"I am very happy to see that the regulator has finally issued a formal regulatory approach, which very clearly points out that the direction of industry supervision is to do real leasing business, and the channel business is difficult to sustain.。We call on enterprises in the industry to jointly embrace and adapt to regulation, and adhere to compliance and bottom-line operation。Lion Bridge Financial Leasing (China) Co., LTD. (hereinafter referred to as "Lion Bridge") chairman and CEO Wan Jun said。

In addition to the regulatory level, the financial leasing business has also ushered in major changes at the legal level。The Civil Code passed by the third session of the 13th National People's Congress also has an important impact on the financial leasing business。Zhang Zhiping, a lawyer from Beijing Huirong Law Firm, told the Financial Times that the registration of financial leasing into secured transactions will completely solve the problem of confronting a bona fide third party that has plagued the industry for many years。

Innovative policies to support the development of financial leasing are also being introduced at the local level。It is reported that Tianjin Customs recently launched three innovative regulatory models to help solve outstanding problems in the development of financial leasing business and support new breakthroughs in financial leasing business。比如，The logistics supervision process is optimized in the mode of remote entrusted supervision.In the leasing assets transaction business supervision mode，Innovatively put forward the way to declare the bonded verification list，Complete the customs supervision process of "lease asset transactions" between leasing enterprises and between leasing enterprises and overseas leasing enterprises，Help to solve the problem of foreign exchange payment and subsequent lease contract changes;And in the development of differentiated guarantee system，Through research and judgment of enterprise risk，Different guarantee amounts are applicable to enterprises with different risk levels。

Second look at financing bond issuance: enhance corporate liquidity

At present, the financing demand of the domestic real economy has gradually recovered, and the pace of bank credit delivery has gradually accelerated。According to financial statistics released by the central bank, yuan loans increased by 1.48 trillion yuan, an increase of 298.4 billion yuan year-on-year;In May, the amount of social financing increased by 3.19 trillion yuan, 1 trillion more than the same period last year.48 trillion yuan。

The business of financial leasing companies is also in a state of gradual recovery。Wan Jun said that since the outbreak of the epidemic, the company's business has suffered some shocks, and the entire business has basically returned to zero from February to March。In April, as the market recovered, business began to pick up。Up to now, the company's financial sector business has reached more than 150% of last year, the logistics business has recovered to about 80% to 90% of last year's business, and the second-hand car trading sector business has basically doubled compared with last year。

      The Financial Times reporter learned that recently, financial leasing companies in the industry have obtained bank credit。CCB Trust, a subsidiary of China Construction Bank, China Construction Bank Shenzhen Branch and Lion Bridge recently signed a strategic cooperation agreement, including a 10 billion yuan comprehensive financial services program。Market analysts said that the bank to increase the intensity of credit for financial leasing companies is good news, leasing companies can borrow bank credit lines to increase the scale of the leasing market, further reduce costs, inject new impetus for business operations。

In addition to bank credit channels, financial leasing companies have accelerated their efforts in the capital market, issuing ABS, ABN and corporate bonds。Such as Haitong Hengxin, recently issued 1 billion yuan of corporate bonds;China New Leasing issued 1.6 billion yuan ABS products, the lowest interest rate of 2.3%;Yuexiu Leasing also issued 1.2 billion yuan of ultra-short-term financing bonds at the end of May。Since the outbreak of the epidemic, Shiqiao has continued to make efforts in direct financing, and has issued 3 ABS, 1 small public corporate bond and 1 ultra-short-term financing bond, with a total financing of 40.31亿元。As financial leasing companies continue to expand direct financing channels, their own liquidity will also improve and they can face the market more calmly。

Three look at local investigation: promote industry reduction and improve quality

According to the National financial leasing Enterprise Management Information System, as of the end of 2019, there were 11,124 financial leasing companies in the country, 518 more than the previous year, an increase of 5%。Among the more than 10,000 financial leasing companies, about 72% of financial leasing companies are in an empty shell and closed down state, and some companies' operation deviates from the main business, which brings certain adverse effects to the industry。

      According to the operating risks and violations of laws and regulations, financial leasing companies are divided into three categories: normal operation, abnormal operation and illegal operation, and classified supervision is implemented。In response to the problems of empty shells and "lost contact" enterprises in the industry, the requirements for cleaning up regulations are put forward to guide the local authorities to implement classified disposal。

In fact, since last year, the local financial supervision and management department has launched the investigation and liquidation of financial leasing companies within the jurisdiction。This year, the investigation work of local regulatory authorities continues to accelerate。On June 9, Ningbo City announced the first batch of 77 abnormal operation financial leasing companies list。According to the incomplete statistics of the Financial Times reporter, together with the list of abnormal operations and "lost contact" financial leasing companies announced by Shanghai, Tianjin, Shenzhen, Guangzhou and Hunan, so far, the number of abnormal operations, lost contact and suspected "lost contact" financial leasing companies announced by various places is 3307。

With the acceleration of the cleaning speed, the empty shell and illegal business enterprises will gradually retire, and the industry business environment will be significantly purified。Financial leasing expert Sha Quan believes that from the world experience, the financial leasing industry has a development process from small to large, from many to fine, and China's financial leasing industry should also embark on this development process。Industry downsizing need not worry, I believe that after this round of reshuffle, the entire industry will be more refined and healthy。(Financial Times)