新规来了，年化超24%的小贷被即刻叫停

Core Viewpoint - The recent issuance of guidelines by the People's Bank of China and the Financial Regulatory Administration marks a significant policy shift aimed at reducing the comprehensive financing costs in the micro-lending industry, with a target to lower these costs to within four times the one-year Loan Prime Rate (LPR) by the end of 2027 [1][2][4]. Summary by Sections Policy Implementation - The guidelines require micro-lending companies to clearly disclose the comprehensive financing costs of loans and to stop issuing loans with costs exceeding 24% immediately [1][5]. - By the end of 2027, all new loans must have comprehensive financing costs reduced to approximately 12%, based on the current one-year LPR of 3% [1][6]. Impact on the Industry - The guidelines are expected to accelerate the "clearing out" of the micro-lending industry, particularly affecting those companies involved in self-operated and joint lending businesses [2][13]. - The value of micro-lending licenses is anticipated to decline significantly, leading to a reduction in new business scale for micro-lending companies [13]. Regulatory Focus - The guidelines emphasize the need for local financial management institutions to monitor the lending activities of micro-lending companies closely, ensuring compliance with the new cost structures [1][6]. - There is a strong regulatory signal against arbitrage practices, with strict prohibitions on circumventing the comprehensive financing cost management requirements [6][14]. Financing Cost Dynamics - The comprehensive financing cost reduction will create a significant impact on micro-lending companies, with the new upper limit of 12% posing challenges for many firms to comply [8][9]. - The financing cost differentiation among micro-lending companies is notable, with some companies like Tencent's micro-lending unit having a much lower average issuance rate compared to others [10][11]. Market Positioning - The guidelines are likely to reinforce the role of licensed financial institutions, such as banks and consumer finance companies, as the main players in the inclusive finance sector, diminishing the attractiveness of micro-lending licenses for platforms [13][14]. - The ongoing regulatory environment has led to a significant reduction in the number of micro-lending companies, with the total dropping to 4,863 and a loan balance of 722 billion yuan as of September 2025 [15].