China Internet Crowdfunding and Wealth Management Industry Report, 2016
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Main business models of Internet finance include: (1) third-party payment; (2) network lending (P2P and network microcredit); (3) crowdfunding; (4) Internet wealth management; (5) Internet consumer finance; (6) virtual currency; (7) Internet financial portal; (8) guarantee; (9) credit investigation. The report focuses on Internet crowdfunding and Internet wealth management industries.

Crowdfunding Industry

Crowdfunding refers to the model that project sponsors release their creative ideas on Internet platforms to raise funds and, in return, give investors material objects, services or equities. It includes mainly rewards-based crowdfunding, equity-based crowdfunding, and donation-based crowdfunding. The first crowdfunding platform appeared in China in Jul 2011, and after 5 years of rapid development, the number of various crowdfunding platforms in China had totaled 332 by the end of April 2016. In 2015, RMB11.424 billion was raised by crowdfunding platforms successfully in China, an upsurge of 305.1% over RMB2.82 billion in 2014.

Among various kinds of crowdfunding, equity-based crowdfunding is favored by capitals. During 2014-2015, Internet companies, brokerages, insurance groups, equity transaction centers, and equity investment funds have sped up their layout in equity-based crowdfunding field.

In 2015, private equity financing raised the most funds which amounted to RMB27.119 billion, holding 54.79% of the total expected funds; reward-based crowdfunding accounted for 42.24% with RMB20.904 billion; public crowdfunding only occupied 2.97% with RMB1.469 billion. However, the average completion rate of public crowdfunding projects hit the highest level 42.95%, followed by reward-based crowdfunding projects with 26.80% and private equity financing projects with 19.14%.

互联网金融1_副本.png

Internet Wealth Management Industry

Internet wealth management refers to the service pattern in which relevant companies carry out cooperation with financial institutions to put wealth management products (including funds, insurance, trust, bills) online through internet technology and platform, thus realizing Internet-based wealth management. With introduction of easy monetary policies by the People’s Bank of China for several times since the second half of 2014, the yields of Internet wealth management products have fallen sharply, and a single money fund cannot fulfill peoples’ demand for wealth management. Accordingly, Internet wealth management platforms introduced other wealth management products, such as bond funds, blend funds, equity funds, bills, insurance, loans, stocks, etc..

Rate of Return of Internet Wealth Management Products in China by Month, 2014-2015 (%) 
 互联网金融_副本.png
Source: rong360.com; ResearchInChina

At present, main Internet wealth management platforms in China include Ant Financial’s Zhao CaiBao, JD Finance’s financial channel, Tencent’ Li Cai Hui, and Baidu Finance. From the perspective of asset size, Ant Financial'sYu’ebao outperforms its counterparts. By the end of 2015, Yu’ebao had served 260 million users with the total assets of RMB620.7 billion.

China Internet Crowdfunding and Wealth Management Industry Report, 2016 highlights the followings:

20120114.gifOverview of Internet finance in China (definition, business models, development history, cases of financing, trends);
20120114.gifDevelopment environments for industry (relevant policies, deposit and financing, Internet user, big data, cloud computing);
20120114.gifChina’s Internet crowdfunding industry (business models, development history, market size, rewards-based crowdfunding market, real estate crowdfunding market, equity-based crowdfunding market, trends);
20120114.gif13 major Chinese Internet crowdfunding platforms (profile, profit models, project financing, risk control, etc.);
20120114.gifChinese Internet wealth management market (definition, classification, relevant policies, fund sales institutions, fund sales payment institutions, operation of fund industry, market size of wealth management products, competitive landscape, wealth management platforms, mobile wealth management APP, etc.);
20120114.gif9 major Chinese Internet wealth management platforms (profile, layout in Internet finance, businesses, operation, etc.).

1 Overview of Internet Finance in China
1.1 Definition and Business Model
1.1.1 Definition
1.1.2 Business Model
1.2 Case of Financing
1.3 Development Trend 

2 Development Environments for Industry
2.1 Relevant Policies
2.1.1 The Central Governmental Policies
2.1.2 Local Governmental Policies
2.2 Deposit and Financing
2.2.1 Deposits of Financial Institutions
2.2.2 Financial Institution's deposit
2.3 Internet User
2.3.1 Netizen
2.3.2 Mobile Internet User
2.3.3 Online Payment User
2.3.4 Internet Wealth Management Users

3 China Internet Crowdfunding Industry
3.1 Business Model
3.2 Development History and Relevant Policies
3.2.1 Development History
3.2.2 Related Policies
3.3 Market Size
3.3.1 Number of Platforms
3.3.2 Number of Projects
3.3.3 Amount of Financing

4 Competitionin Internet Crowdfunding Segments
4.1 Rewards-based Crowdfunding
4.1.1Fundraising Amount
4.1.2 Popularity
4.1.3 Number of Projects
4.2 Real Estate Crowdfunding
4.2.1 Business Model
4.2.2 Competitive Landscape
4.3 Equity-based Crowdfunding
4.3.1 Overview
4.3.2 Profit Model
4.3.3 Exit Mechanism
4.3.4 Competitive Landscape

5 Major Internet Crowdfunding Platforms
5.1 JD Crowdfunding (z.jd.com) 
5.1.1 Profile 
5.1.2 Business and Profit Models
5.1.3 Rewards-based Crowdfunding
5.1.4 Equity-based Crowdfunding
5.1.5 SWOT Analysis
5.2 Taobao Crowdfunding
5.2.1 Profile
5.2.2 Project
5.2.3 Users
5.2.4 Business and Profit Models
5.2.5 SWOT Analysis
5.3 ZhongChou
5.3.1 Profile
5.3.2 Operation Process
5.3.3 Profit Model
5.3.4 SWOT Analysis 
5.4 Suning Crowdfunding 
5.4.1 Profile 
5.4.2 Operation 
5.4.3 Profit Model 
5.4.4 Crowdfunding Projects 
5.4.5 Private Equity Financing Platform Is Unveiled 
5.5 Renrentou
5.5.1 Profile
5.5.2 Profit Model 
5.5.2 Project Financing
5.6 vc.cn
5.6.1 Profile
5.6.2 Business Model
5.6.3 Project Financing
5.7 Yuanshihui
5.7.1 Profile
5.7.2 Profit Model
5.8 Luyanba
5.8.1 Profile
5.8.2 Profit Model
5.8.3 Recent Dynamics
5.9 Zhongtoubang
5.9.1 Profile
5.9.2 Profit Model
5.9.3 Risk Control
5.10 Dajiatou
5.10.1 Profile
5.10.2 Project Financing
5.10.3 Profit Model
5.10.4 Risk Control
5.11 AngelCrunch
5.11.1 Profile
5.11.2 Profit Model
5.11.3 Project Financing
5.11.4 Risk Control
5.12 Real Estate Crowdfunding Platform
5.12.1 Kuaiqian Payment and Settlement Information Co., Ltd
5.12.2 Pinganfang.com

6 Chinese Internet Wealth Management Market
6.1 Definition and Classification
6.1.1 Definition
6.1.2 Classification
6.2 Relevant Policies and Institutions
6.2.1 Relevant Policies
6.2.2 Fund Sales Institutions
6.2.3 Internet Fund Sales Institutions
6.2.4 Fund Sales Payment Institutions
6.2.5 Operation of Fund Industry
6.3 Wealth Management Products
6.3.1 Market Scale
6.3.2 Competitive Landscape
6.4 Wealth Management Platform
6.4.1 Foreign Internet Wealth Management Platform
6.4.2 Chinese Wealth Management Platforms
6.5 Mobile Finance APP
6.5.1 Overview
6.5.2 WaCai
6.5.3 Tong Ban Jie

7 Major Internet Wealth Management Platforms
7.1Zhejiang Ant Small & Micro Financial Services Group (Alibaba-related Company)
7.1.1 Equity Structure 
7.1.2 Layout in Internet Finance
7.1.3 Yu’ebao
7.1.4 ZhaocaiBao
7.1.5 CunJinbao
7.1.6 TaobaoLicai
7.1.7 Ant Fortune 
7.2 JD Finance
7.2.1 Layout in Internet Finance
7.2.2 JD Finance
7.3 Tencent’s Financial Platforms
7.3.1 Layout in Internet Finance
7.3.2 Li Cai Tong
7.3.3 Li Cai Hui (money.tenpay.com) 
7.3.4 Financial Supermarket (finance.qq.com) 
7.4 Baidu
7.4.1 Layout in Internet Finance
7.4.2 Baidu Finance
7.4.3 Baidu Caifu  (caifu.baidu.com) 
7.4.4 Baidu Launches the Crowdfunding Platform - cf.baidu.com
7.5 91JinRong.com
7.5.1 Profile
7.5.2 Profit Model
7.5.3 Risk Control
7.5.4 Development Strategy
7.6 eastmoney.com
7.6.1 Profile
7.6.2 Operation 
7.6.3 Revenue Structure
7.6.4 Gross Margin
7.6.5 fund.eastmoney.com
7.6.6 Sales Models of Wealth Management Products
7.6.7 Operating Results of fund.eastmoney.com  
7.7 jjmmw.com
7.8 5ifund.com
7.8.1 Profile 
7.8.2 Operation 
7.9 howbuy.com
7.9.1 Profile 
7.9.2 Main Products and Services 
7.9.3 Business and Profit Models
7.9.4 Operation 
7.9.5 Revenue Structure 
Business Model, Profit Source and Representative Firms in China’s Internet Financial Industry
Development Model of Chinese Internet Companies in Financial Sector
Number of Financing Cases and Amount of Financing in China's Internet Financial Industry by Month, 2014-2015
Number of Financing Cases and Amount of Financing in China's Internet Financial Industry by Field, 2014-2015
Number of Financing Cases in China's Internet Financial Industry by Investment Institution, 2014-2015
Number of Financing Cases and Amount of Financing in China's Internet Financial Industry by Round of Investment, 2014-2015
Number of Financing Cases and Amount of Financing in China's Internet Financial Industry by Region, 2014-2015
Relevant Policies on Internet Financial Industry in China, 2013-2015
Crowdfunding Policies Issued by Local Governments, 2015-2016
Deposit Balance of China’s Financial Institutions and YoY Growth, 2007-2015
Deposit Balance Structure of China’s Financial Institutions by Category, 2011-2015
China’s Aggregate Financing to the Real Economy and YoY Growth, 2009-2016
Number of Internet Users, YoY Growth, and Internet Penetration in China, 2010-2015
Number of Internet Users in China by Province as of the end of 2015
Number of Mobile Netizens, YoY Growth and % of Internet Users in China, 2007-2015
Number of Online Payment Users, YoY Growth and % of Internet Users in China, 2010-2015
Number of Mobile Payment Users, YoY Growth and % of Online Payment Users, 2013-2015
Internet Wealth Management Users and Utilization, 2014-2015
Business Process of Crowdfunding Platform
Comparison of Main Crowdfunding Models
Relevant Policies on Internet Crowdfunding Industry in China, 2014-2015
Number of Crowdfunding Platforms in China, 2011-2016
Number of Operational Crowdfunding Platforms in China by Category as of Apr 2016
Number of Crowdfunding Platforms in China by Province as of Apr 2016
Number of Crowdfunding Projects in China by Category, 2015
Expected Amount, Completed Amount and Completion Rate of Various Chinese Crowdfunding Projects, 2015
Amount of Financing by Crowdfunding in China by Province, 2015
Amount of Financing by Main Reward-based Crowdfunding Platforms in China
Investors of Main Reward-based Crowdfunding Platforms in China
Successful Projects of Main Reward-based Crowdfunding Platforms in China
Business Models of Real Estate Crowdfunding
Market Share of Real Estate Crowdfunding Platforms in China by Amount of Financing, 1H2015
Business Process of Equity-based Crowdfunding
Number of Equity-based Crowdfunding Platforms in China, 2011-2016
Profit Model of Equity-based Crowdfunding Platform
Exit Mechanism of Equity-based Crowdfunding Capital
Major Participants in Chinese Equity-based Crowdfunding Market and Their Layout
Advantages and Disadvantages of Major Participants in Chinese Equity-based Crowdfunding Market
Amount of Financing by Main Equity-based Crowdfunding Platforms in China
Ecosphere of JD Crowdfunding    
Project Operation Mode of JD Crowdfunding   
Performance of JD Crowdfunding’s Major Reward-based Crowdfunding Projects, 2015
JD Crowdfunding’s Reward-based Crowdfunding Projects Worth RMB10 million or more, 2015
Major Requirements of JD’s Rewards-based Crowdfunding on Financiers and Investors
Performance of JD Crowdfunding’s Major Equity-based Crowdfunding Projects, 2015
JD Crowdfunding’s Equity-basedCrowdfunding Projects Worth RMB10 million or more, 2015
SWOT Analysis of JD Crowdfunding’
Performance of Taobao Crowdfunding’s Main Projects, 2015
Crowdfunding Amount of Taobao Crowdfunding’s Successful Projects, 2015
Participants of Taobao Crowdfunding’s Successful Projects, 2015
Operation Mode of Taobao Crowdfunding’s Projects  
SWOT Analysis of Taobao Crowdfunding  
Operation Mode of ZhongChou’sCrowdfunding’
Profit Model of zhongchou.com
SWOT Analysis of ZhongChou’
Suning’s Crowdfunding Business Models and Features
Performance of Suning’s Crowdfunding Projects, 2015
Suning’sCrowdfunding Projects Worth RMB10 million or more, 2015 
Performance ofRenrentou’sCrowdfunding Projects, 2015  
Renrentou’sCrowdfunding Projects Worth RMB10 million or more, 2015
Business Model of Crowdfunding on vc.cn
Requirements on Investors’ Capital by vc.cn
Profit Model of Yuanshihui
Main Business of Luyanba
Milestones of Zhongtoubang, 2014-2016
Requirements on Crowdfunding Project and Lead Investor by Zhongtoubang
Number of Crowdfunding Project and Amount of Financing on Dajiatou, 2013-2015
Cumulative Amount of Crowdfunding Projects on Dajiatou by Industry, 2013-2015
Profit Model of Dajiatou
Financing Received by AngelCrunch
Major Product and Service Profit Models of AngelCrunch
Number of Successful Financing Projects and Amount of Financing on AngelCrunch, 2012-2015
Released Projects and Successful Financing Projects on AngelCrunch by Industry, 1H2015
Requirements on Eligible Investors’ Capital by AngelCrunch
Amount of Financing via Crowdfunding Projects on pinganfang.com
Chinese Institutions Securing Fund Sales License by the end of Apr 2016
Independent Chinese Fund Sales Institutions Securing Fund Sales License by the end of Apr 2016
Main Third-party E-commerce Platforms Securing Fund Sales License by May 2016
Online Fund Distribution Channels in China
Open-end Fund-related Rates in China
Model Comparison between Online Fund Distribution Channel and Other Distribution Channels in China
Third-party Payment Companies Securing Fund Sales Payment License in China by Apr 2016
Number of Fund Management Companies in China, 2007-2015
Issuance of Public Offering of Fund and Composition in China, 2007-2015
Issuance Structure of Open-end Funds in China by Type of Fund, 2012-2015
Net Value of Funds in China by Type of Fund, 2012-2015
Earnings of Funds in China by Type of Fund, 2009-2016
Rate of Return of Internet Wealth Management Products in China by Month, 2014-2015
Asset Size and QoQ Growth of Internet Wealth Management Products in China by Quarter, 2013-2016
China's Main Internet Wealth Management Products
Top10 Internet Wealth Management Products in China by Asset Size as of the end of Mar 2016
Top 10 “Bao”-suffixed Internet Wealth Management Products by Revenue, Q1 2016
Business Model of Major Foreign Internet Financial Platforms
Payment Instruments of Major Comprehensive Financial Platforms in China
Introduction, Financing and Profit Model of WaCai
Introduction, Financing and Profit Model of Tong Ban Jie
Equity Structure of Ant Financial
Alibaba’s Layout in Internet Finance
Subscription Amount, Redemption Amount and Net Asset of TianhongYu’ebao Money Market Fund, 2013-2016
7-day Annualized Rate of Return of Yu’ebao Fund, 2013-2016
Net Earnings and QoQ Growth of Yu’ebao Fund, 2013-2016
Main Products on Zhao CaiBao
Profit Model of Zhao CaiBao
Comparison of Yu’ebao and Zhao CaiBao
Data of Zhao CaiBao (Note: data as of May 16, 2016)
Price Comparison between Domestic Gold and CunJinBao, April-May 2016
JD’s Layout in Internet Finance
JD’s Financial Platform and Business
Tencent’s Layout in Internet Finance
Wealth Management Products and Their Rates of Return on Li Cai Tong, 2014-2016
Baidu’s Layout in Internet Finance
Channels and Relevant Businesses on Baidu’s Financial Platform
Financial Products and Their Features Introduced on “Investment” Channel of Baidu’s Financial Platform
Main Projects of Baidu Caifu
Main Platforms and Products of 91Jinrong
Financing Received by 91Jinrong
Revenue and YoY Growth of eastmoney.com, 2009-2015
Net Income and YoY Growth of eastmoney.com, 2009-2015
Revenue Structure of eastmoney.com by Business, 2009-2015
Gross Margin of eastmoney.com by Business, 2009-2015
Profile of fund.eastmoney.com  
Revenue and Net Income of fund.eastmoney.com, 2012-2015
Revenue and Net Income of 5ifund.com, 2012-2015
Product Line of Howbuy
Revenue and Net Income of Howbuy, 2013-2015
Revenue of Howbuy’s Main Products, 2014-2015

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