据美国做空机构CapitalWatch最新发布的两份重磅报告（以下简称报告），将纳斯达克明星上市公司 AppLovin、中国暴雷P2P平台团贷网、柬埔寨太子集团（Prince Group）三者推向舆论中心。报告直指 AppLovin核心股东唐浩，涉嫌转移团贷网约66.7亿元非法集资款，并与太子集团实控人陈志构建跨国洗 钱闭环。但AppLovin曾对此前的做空报告回应称"充满不实和错误说法"， 源头：中国最大P2P平台团贷网的百亿资金黑洞与转移轨迹 作为此次资金链的起点，团贷网的暴雷堪称中国P2P行业最具冲击力的事件之一。公开信息显示，这家 总部位于广东的平台爆雷前累计成交量超千亿元，待收余额超百亿元，涉及出借人超20万人。2019年3 月，平台实控人唐军、张林主动向公安机关自首，案件随即进入侦查阶段，巨额资金的去向成为核心谜 团。 团贷网创始人唐军与史玉柱合影 据东莞市公安局后续通报，唐军等人在平台崩盘前曾转移隐匿资金56.38亿元人民币，警方累计追缴资 金56.82亿元，查封房产、飞机、汽车等大量资产。而CapitalWatch的报告则提出了更庞大的资金规模指 控：在2018年2月至2019年3月的关键窗口 ...

Core Insights - Vietnam's population reached 100.3 million in 2023, with a GDP of $476.3 billion and a GDP growth rate of 7.09% in 2024, making it an attractive market for consumer finance [1][2][3] Group 1: Market Potential - The large population and rapid economic growth position Vietnam as a suitable market for consumer finance, particularly cash loans [1] - Previous attempts by Chinese financial companies to enter the Vietnamese market in 2017 and 2018 ended in failure around 2020 due to regulatory issues and high bad debt rates [2][3][4] - Recent changes in the Vietnamese market, including the introduction of a "regulatory sandbox" for fintech, have renewed interest among Chinese financial companies [5][6] Group 2: Regulatory Developments - The Vietnamese government issued Decree No. 94/2025/ND-CP on April 29, 2023, which will take effect on July 1, 2025, aimed at establishing a regulatory sandbox for fintech innovation [9][10] - The regulatory sandbox allows P2P lending service providers to participate, indicating a potential easing of regulations in this area [12][13] - The sandbox will enable the accumulation of data for the State Bank of Vietnam, which will help in managing risks and developing a national credit information database [15][16] Group 3: Participation Requirements - P2P lending companies must meet strict requirements, including local registration, a qualified management team, and no foreign investment [18] - The application process involves submitting detailed plans and undergoing a review by the State Bank of Vietnam and other relevant departments [19][20] - The regulatory framework includes provisions for consumer protection, requiring companies to disclose risks and establish complaint mechanisms [25] Group 4: Market Landscape - Vietnam has a growing mobile payment and e-commerce sector, with major players like MoMo, ZaloPay, and ViettelPay already established [29][31] - MoMo, a leading fintech company, has over 60 million users, capturing 70% of the e-wallet market [31] - The e-commerce sector is also expanding rapidly, with significant growth in transaction volumes reported in early 2023 [32] Group 5: Competitive Landscape - Various mainstream lending products are available in Vietnam, including cash loans from MoMo, FE Credit, and Home Credit, each with different terms and conditions [35] - Despite the presence of mainstream players, there are still non-mainstream or "black market" lenders operating in the background [36] - The Vietnamese youth population is increasingly familiar with loans, indicating a potential market for consumer finance products [37]