智通财经APP讯，鋑联控股(00459)发布公告，于2025年9月22日，公司间接全资附属公司骏联信贷与借 款人何镇北先生及按揭人订立按揭贷款协议，骏联信贷同意向借款人授出本金金额为1100万港元的贷 款，按实际年利率10%计息，还款期为12个月。 ...

格隆汇9月22日丨鋑联控股(00459.HK)公告，于2025年9月22日，公司间接全资附属公司骏联信贷与借款 人何镇北及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为港币1100万元贷 款，按实际年利率10%计息，还款期为十二个月。 ...

Core Insights - The financial business of Mercado Libre, particularly its payment and credit segments, is crucial for the company's growth and market valuation [1][3] - The payment business serves as a traffic entry point rather than a primary revenue generator, while the credit business is expected to drive profitability [7][42] Financial Business Overview - Mercado Libre's financial business is categorized into three main segments: payment services, credit services, and digital wallet services [3][4] - Payment services include on-platform payments, off-platform payments, and Buy Now Pay Later (BNPL) options, with revenue generated primarily through transaction fees [5][6] - Credit services focus on loans to consumers and merchants, with significant revenue derived from interest on outstanding loan balances [4][50] - Digital wallet services provide users with various functionalities, enhancing customer engagement and data collection for credit services [44][46] Payment Business Dynamics - The payment business operates on a low-margin model, with net profit margins typically ranging from 20% to 40% of the total fee rate [11][12] - Payment fees are under pressure to decrease due to market maturity and competition, making it challenging to increase revenue through higher fees [14][18] - The growth of payment services is largely dependent on expanding the merchant base rather than increasing transaction fees [21][22] Credit Business Potential - The credit business has a high profit margin, with a net interest margin (NIMAL) exceeding 20%, indicating significant profitability potential in the Latin American market [50][73] - The total outstanding loans reached approximately $9.35 billion, reflecting a growth rate of over 90% year-on-year [56] - Credit card loans have become the primary growth driver within the credit segment, with a user base that has doubled in recent years [62][64] Market Position and Competition - Mercado Libre's market share in the credit sector remains low, with significant growth potential as it captures a larger portion of the market [64][65] - The competitive landscape in Brazil shows a shift towards fintech companies, with Mercado Pago's market share growing but still lagging behind competitors like PagSeguro and Stone [37][38] - The company's strategy focuses on leveraging its existing user base from e-commerce and payment services to drive growth in credit offerings [76][77]

Group 1 - The core viewpoint is that the National Financial Regulatory Administration and the Ministry of Public Security are intensifying efforts to combat illegal activities in the financial sector, particularly focusing on "black and gray" industries [1][2] - The first batch of typical cases includes loan fraud and credit card fraud involving individuals posing as "professional debtors" and extortion cases disguised as "insurance refund agency" [1] - There is a commitment to a comprehensive crackdown on illegal activities in the credit sector, particularly targeting illegal loan intermediaries that disrupt financial order and security [1] Group 2 - Criminals are using "agency rights protection" as a cover for illegal profit motives, misleading policyholders and disrupting the financial market [2] - These activities involve false claims of high refund amounts and coercing insurance companies to pay more than the cash value of insurance contracts, which undermines normal complaint channels [2]

Core Viewpoint - The article emphasizes the importance of a comprehensive crackdown on illegal activities in the financial sector, particularly focusing on loan fraud and extortion under the guise of insurance claims [1][2]. Group 1: Loan Fraud Case - The case involving Ning and others highlights a scheme where individuals were packaged as "professional debtors" to commit loan and credit card fraud, resulting in a total fraud amount of over 7.38 million yuan [3][4]. - The court sentenced Ning to 16 years in prison and imposed fines totaling 800,000 yuan for his role in the loan and credit card fraud [4]. - The financial regulatory authority noted that such schemes severely disrupt the financial management order and pose risks to national financial security, necessitating strict legal action against the involved parties [4][5]. Group 2: Insurance Extortion Case - The case involving Lin and Ma illustrates a fraudulent scheme where they induced policyholders to withdraw insurance claims by fabricating evidence of misconduct by insurance companies, leading to losses of 2.1762 million yuan for the insurers [7][8]. - The court found Lin and Ma guilty of extortion, sentencing Lin to 11 years and Ma to 10 years in prison, with additional fines imposed [9]. - The financial regulatory authority stressed that any organization or individual must not engage in illegal activities related to insurance claims, as these actions disrupt the normal complaint and rights protection channels [10].

Core Insights - Mongolia will implement a credit scoring system starting September 10, 2025, aimed at improving loan management and reducing default rates [1] - The average loan interest rate in Mongolia was 17.2% from January to May 2025, reflecting a 0.2 percentage point increase from the beginning of the year [1] - The new credit scoring system is expected to lower loan interest rates to a range of 12% to 20% by enabling lenders to assess creditworthiness more effectively [1]

Investment Rating - The report indicates a bearish outlook for the Hong Kong stock market, suggesting a potential decline of at least 8% following the fear and greed index reaching 80 [1][7]. Core Insights - The report identifies four bubbles in the market: artificial intelligence (AI), Bitcoin, credit markets, and the Chinese market, with a particular focus on the potential bursting of the Chinese market bubble [2][8]. - The report highlights that the Hong Kong stock market's performance is closely tied to the strength of the US dollar, raising concerns about a possible strengthening of the dollar impacting market expectations [1]. - The report notes that the Chinese stock market is experiencing an unusual rally, largely driven by margin trading, which has raised concerns among regulators [3][4]. Summary by Sections Market Indicators - The Hong Kong fear and greed index has reached 80, historically indicating a significant market downturn, with an average decline of 11% following such signals [1][7]. - The report mentions that a specific stock, which is heavily held and has a large margin trading volume, could see a decline of approximately 23.5% if current trends continue [7]. Chinese Market Analysis - The report discusses the high correlation between the Chinese stock market and margin trading since November 2024, suggesting that the current rally may not be sustainable [2][3]. - It draws parallels to the 2015 Chinese stock market bubble, indicating that regulatory measures may be implemented to prevent a similar situation from occurring again [3]. - The report expresses concerns over the stagnation of corporate earnings in China, with a noted 12% underperformance compared to investor expectations during the earnings season [5][6]. Investment Trends - The report highlights a shift in investment flows, with foreign investors moving funds from other Asian markets into China, driven by a low risk perception as indicated by the CDCH risk indicator [6]. - It notes that the current valuation levels in the Chinese market are at a high point, suggesting a potential bubble, especially in the context of stagnant earnings growth [6][8]. Broader Market Implications - The report warns that a bursting of the Chinese market bubble could trigger a chain reaction affecting other bubbles, including Bitcoin, which could see a price drop from approximately $112,000 to $102,000 [7]. - It emphasizes the importance of market positioning and investor sentiment in the formation and potential bursting of bubbles, drawing on historical examples from various markets [9].

Core Viewpoint - China Huirong (01290) reported a decrease in operating revenue for the six months ending June 30, 2025, primarily due to external factors affecting the macroeconomic environment and the real estate sector [1] Financial Performance - The company achieved operating revenue of 346 million yuan, representing a year-on-year decrease of 2% [1] - Profit attributable to equity holders amounted to 32.76 million yuan, reflecting a year-on-year increase of 7% [1] - Basic earnings per share were reported at 0.03 yuan [1] Factors Influencing Performance - The decline in operating revenue was mainly attributed to the contraction in debt-related business, particularly real estate mortgage loans, which led to a decrease in interest income [1] - The increase in profit attributable to equity holders was due to a reduction in the proportion of non-controlling interests, despite the overall profit decline [1]

Core Viewpoint - The article examines the performance of private credit in light of the Federal Reserve's decision to maintain interest rates and Moody's downgrade of U.S. government debt, questioning why private credit consistently performs well [1][3]. Group 1: Analysis of Interest Rates and Private Credit - The analysis shifts from the effective federal funds rate to the "10-year minus 2-year Treasury yield" to compare the cost differences between public and private funding in terms of mid-term premiums [3]. - Historical data shows significant volatility in U.S. Treasury yields, particularly in years like 2000, 2003, 2007, 2020, and 2021, alongside a long-term trend from 2009 to 2019, indicating that declines in Treasury yields often coincide with declines in credit fund returns [4]. - There is a limited correlation between private credit returns and mid-term Treasury yields, with notable volatility in private credit returns during economic downturns when Treasury yields typically rise [5]. Group 2: Trends and Future Outlook - In the years following economic recessions, private credit returns tend to be significantly higher than average, aligning with historical deep value investment returns during such periods [5]. - The 2010s saw a gradual decline in U.S. Treasury yields without economic recessions, leading to a similar decline in private credit returns, although there was a rebound after volatility in 2017 [5]. - The future outlook suggests that private credit may experience short-term volatility in 2025, but could benefit from deep investments once the market stabilizes, despite potential early impacts from the downgrade of U.S. Treasury credit ratings [6].

Core Insights - The net profit of lending institutions and individuals in Mongolia doubled year-on-year in Q2 2025 according to the report from the Financial Regulatory Commission of Mongolia [1] Industry Overview - There are a total of 549 lending institutions and individuals operating in the country, comprising 362 legal entities and 187 individuals [1] - The total assets of the industry increased by 336.9 billion Tugrik (approximately 93.48 million USD) year-on-year [1] - The total loan amount reached 641.8 billion Tugrik (approximately 178 million USD) [1] Asset Structure - Current assets account for 96.7% of the total asset structure, with cash at 4.1%, debt at 57.9%, own assets at 1.9%, and other assets at 32.8% [1] - Non-current assets make up 3.3% of the total assets [1] - Liabilities constitute 49.9% of the total liabilities and owner's equity [1] Loan Distribution - The 362 legal entities issued loans totaling 635.6 billion Tugrik (approximately 176 million USD) [1] - 153 individuals provided loans amounting to 6.2 billion Tugrik (approximately 1.72 million USD) [1] - The average loan amount for legal entities is 4.5 million Tugrik (approximately 1,248.86 USD), while the average borrowing amount for individuals is 1.6 million Tugrik (approximately 443.95 USD) [1]