Author | Source of IPO Jun | New Economy IPO
Recently, La Cala announced the 2020 semi-annual report. The semi-annual report shows that La Cala achieved operating income of 2.506 billion yuan in the first half of the year, a year-on-year increase of 0.38%, and net profit attributable to shareholders of listed companies was 436 million yuan, a year-on-year increase of 18.99%. Earnings per share was 0.54 yuan, a year-on-year increase of 10.2%. Cash flow was 506 million yuan.
The semi-annual report shows that the business development momentum in the first half of the year was good. Driven by the substantial growth of the financial technology business, the overall revenue of financial technology, e-commerce technology and information technology was 320 million yuan, a year-on-year increase of 109.36%.
Among the three major technology business segments, the financial technology business grew the most. The financial technology business achieved revenue of 199 million yuan in the first half of the year, an increase of 474% from the 34.67 million yuan in the first half of last year, mainly due to two aspects: first, the company's end of last year The wholly-owned Guangzhou Lakala Information Technology Co., Ltd. and the Guangzhou Lakala Pratt & Whitney Financing Guarantee Company established at the beginning of the year empowered external cooperative banks, trusts and other financial institutions, and at the same time provided value-added financial services for small and micro businesses. During the reporting period Realized income of 80.22 million yuan. Second, the company effectively integrated the Dashu Insurance Brokerage Company acquired at the end of last year, and established cooperative relationships with more than 60 property and life insurance companies such as PICC and China Pacific Insurance. During the reporting period, insurance brokerage fee income was 91.05 million, which was 1.7 times higher than the scale of insurance brokerage fee in 2019.
In addition, Lakala's semi-annual report also disclosed related transactions. Lakala’s transactions with Beijing Lakala microfinance (small loan company), Guangzhou Lakala microfinance (online microfinance), and Chongqing Lakala microfinance (online microfinance) amounted to 0.61 million and 458,000 respectively. Yuan, 2900 yuan.
Based on this calculation, the total amount of the three small loan companies in the current period was 467,000 yuan, a 97% decrease from the amount of 18.118 million yuan in the same period last year.
The New Economy IPO noticed that although the amount of related transactions between La Kala and Beijing La Kala (a small loan company) and Guangzhou La Kala (a small online loan) has been significantly reduced, the information on the two small loan companies involved in this year However, there has been a sharp increase, especially in March the two companies involved 16,183 and 11031 pieces of information respectively .
Inquiry about the judgment documents involving two small loan companies found that most of them were loan contracts in 2016 and 2017. Because the borrower failed to repay the loan overdue, the two small loan companies took the borrower to court and advocated an annualized 24% The interest to repay the principal and interest of the loan. Among them, Lakala Guangzhou Internet microfinance mainly sued the borrower through the Guangzhou Internet Court and the People's Court of Yuexiu District, Guangzhou City, Guangdong Province, while Lakala Beijing Microcredit Company sued the borrower mainly through the People's Court of Haizhu District, Guangzhou City, Guangdong Province.
Why did the Beijing Lakala Internet Microfinance Company, which is registered in Beijing, sued the borrower in Guangzhou? Perhaps we can guess one or two from the information involved in the surge of two small loan companies. Due to the large number of overdue loans in Beijing Lakala and Guangzhou Lakala, in order to urge borrowers to repay, the two small loan companies took the method of suing borrowers in batches (legal collection).
There may be two reasons why Beijing Lakala microloans did not file suits through the Beijing and Guangzhou area: First, the Guangzhou District Court even supports Beijing Lakala microloans in such mass prosecutions. The second is that the Beijing Lakala small loan is suspected of "cutting the head interest" and is not supported by the Beijing District Court.
The New Economy IPO noticed that a large number of judgement documents involving Beijing Lakala small loans showed that the amount of contracts signed between Beijing Lakala small loans and the borrower differed greatly from the actual loan delivery amount.
1) "The Civil Judgment of the First Instance of the Loan Contract Dispute between Beijing Lakala Microfinance Co., Ltd. and Kong Shigui" shows:
The court (People's Court of Haizhu District, Guangzhou City, Guangdong Province) found that on February 23, 2016, the plaintiff (the lender) and the defendant (the borrower) signed the "Easy Installment Business Loan Contract (Version B)". Loan agreement: the loan amount is 30,000 yuan ; the loan period is 12 months; the repayment method: monthly repayment of the principal and payment of installment fees. However, in the case of loan delivery, the "Guangdong UnionPay Transaction Confirmation Letter" issued by the Guangdong Branch of China UnionPay Co., Ltd. confirmed that 25,800 yuan was transferred to the defendant (borrower) on February 24, 2016 .
2) The "Civil Judgment of the First Instance of the Loan Contract Dispute between Beijing Lakala Microfinance Co., Ltd. and Liu Xinhua" shows:
The court (the People's Court of Haizhu District, Guangzhou City, Guangdong Province) found that on June 8, 2016, the plaintiff (lender) and the defendant (borrower) signed the "Easy Installment Business Loan Contract (Version B)". Loan agreement: the loan amount is 18,000 yuan ; the loan period is 12 months; the repayment method: monthly repayment of the principal and payment of installment fees. However, in the case of loan delivery, the "Guangdong UnionPay Transaction Confirmation Letter" issued by the Guangdong Branch of China UnionPay Co., Ltd. confirmed that 15,480 yuan was transferred to the defendant (borrower) on June 8, 2016 .
Based on this calculation, in the above two cases, the proportion of Beijing Lakala small loans suspected of collecting "head interest" is 14%.
The New Economy IPO noticed that La Cala’s semi-annual report showed that the affiliated company "Koala Credit Service Co., Ltd." had no related transactions with La Cala in this period, and the amount incurred in the previous period was 31,800 yuan.
Although the koala's credit investigation service was not accepted in this period, Lakala, as a rental house, received 32,900 yuan of rental income from the koala's credit investigation in this period.
It is not difficult to find from the La Kala semi-annual report that La Kala has a close relationship with Koala's credit report. However, at the end of last year, CCTV exposed that the koala's credit report illegally cached citizens' information for a profit of 38 million, but Lakala tried his best to distinguish the relationship with the koala's credit report.
According to a CCTV report at the end of last year, the Huai'an police in Jiangsu recently cracked down on 7 companies suspected of infringing on citizens’ personal information in accordance with the law. They were suspected of illegally caching more than 100 million pieces of citizens’ personal information. Among them, the koala credit report under Lakala Pay was suspected of illegally providing There were more than 98 million inquiries about ID card return, and a profit of 38 million yuan . The police have arrested more than 20 persons involved in the case, including the legal representative, chairman, sales, and technology of Koala Credit Service Co., Ltd. and Beijing Haig Company.
In response to CCTV’s report that Lakala’s koala credit investigation is suspected of infringing on citizens’ personal information, Lakala officially stated that in terms of the company’s equity and voting rights, Koala Kunlun, the parent company of Koala’s credit investigation, stipulated that resolutions should be made on behalf of all shareholders of the company. Shareholders with more than two-thirds of the voting rights agreed to pass, but Lakala’s shareholding in Koala Kunlun is 32.4%, which is not enough to have a significant impact on the resolution of the Koala Kunlun shareholders meeting.
At the legal level, Koala Credit Report and Koala Kunlun are independent legal persons. The company's obligation to contribute capital to Koala Kunlun has been completed, and Koala Kunlun's investment obligation for Koala Kunlun has also been completed. Koala Credit Investigation bears criminal and civil legal responsibilities independently.
Although Lakala strongly denies the actual control of koala's credit report, it is true that the relationship between the two companies is intertwined. According to public information, Dai Qijun, chairman of Koala Credit Report, is the co-founder and executive vice president of La Kala. Ge Weiping has served as Vice President of La Kala since 2012. He participated in the establishment of Koala Credit Service Co., Ltd. as a shareholder representative in 2014; legal representative, Executive director and manager Zou Tieshan once served as general manager of Lakala East China; supervisor Huang Yi once served as deputy general manager of Lakala Convenience Payment Division.
In the end, Koala's credit investigation independently assumed legal responsibility, and Lakala gradually calmed down the turmoil, but its brand image plummeted because of this.