度小满拟发行60亿元消费分期ABS，已获上交所受理，融资新动向

Core Viewpoint - The issuance of a 6 billion yuan consumer installment ABS by Guolian Securities and Du Xiaoman highlights the complexities and risks associated with the consumer finance market, particularly in the context of asset-backed securities [1][3]. Group 1: Asset-Backed Securities Overview - The ABS plan involves a total issuance amount of 6 billion yuan, with the original rights holder being Chongqing Du Xiaoman Microfinance Co., Ltd. and the plan manager being Guolian Securities Asset Management Co., Ltd. [5] - Consumer installment financing allows banks and non-bank financial institutions to provide upfront capital for retail consumers, which is later securitized and sold to institutional investors, thereby expanding consumer credit supply and reducing on-balance-sheet pressure [3][4]. Group 2: Risks and Concerns - Rapid expansion in consumer finance can lead to potential default and liquidity risks, especially if the underlying assets are not of high quality or if the cash flow stability is questionable [3][4]. - There are concerns regarding the quality of the underlying receivables, questioning whether they are based on high-quality consumer profiles or merely driven by promotional activities [4][6]. - The potential for concentrated repayment pressure exists, where macroeconomic downturns could lead to widespread defaults, impacting the recovery of asset-backed plans and investor interests [8]. Group 3: Regulatory and Market Dynamics - The relationship between consumer finance expansion and financial deleveraging is complex, with regulatory measures needing to keep pace with market innovations to prevent disorderly growth [6]. - The need for enhanced transparency in information disclosure for ABS is emphasized, ensuring that the characteristics of underlying assets, including their repayment history and collection capabilities, are clearly communicated [8]. - Encouraging long-term investors and managing risks through capital requirements for non-standard and scenario-based loans are suggested strategies to mitigate potential systemic vulnerabilities [8].