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《大行报告》杰富瑞:蚂蚁申设金控公司对阿里投资者影响正面 或可取个人信用徵信牌照
阿思达克 04-13 11:59
就阿里巴巴(09988.HK)(BABA.US)公布非并表关联方蚂蚁集团宣布近期已完成整改方案,将整体申设金融控股公司,实现金融业务全部纳入监管;杰富瑞表示,相信消息对阿里巴巴投资者属正面,指蚂蚁集团申设金融控股公司将成监管的里程碑,并确认了公司不会剥离金融科技资产,倘若其未来分拆上市,将令投资者关注其估值水平。

该行指,蚂蚁集团整改方案的蓝图已完成,但目前细节仍然未明,蚂蚁在其声明中表示将成立个人信用报告公司,共申请个人信用徵信报告许可,此表明蚂蚁集团未来有机会将获得内地个人信用代理机构的许可证,这对蚂蚁集团有很大的积极意义。

该行指蚂蚁表示,料花呗和借呗将转至金融控股公司运营,此符合预期,但目前尚不清楚蚂蚁集团将在其资产负债表上保留多少贷款。

杰富瑞表示,据渠道了解,蚂蚁旗下1.7万亿元人民币的消费贷款(通过花呗和借呗)的三分之一至一半为於共同贷款模式,假设联合贷款占总贷款30%,则贷款余额为1,700至2,550亿人民币。假设风险权重定为75%、按资本充足率为10.5%计,则需要134亿至201亿元人民币的资本,但目前尚不清楚蚂蚁集团会将这些贷款中的多少转为纯撮合贷款模型。

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