Finished reading: A financial publication that hasn't published in five years!

This was once a public account I really liked!

This article, a tale of blood and tears, is written so brilliantly, especially for our generation who has experienced it and suffered losses with tears; after reading the complete details, I couldn't let it go for a long time!

Some parts of the content are actually quite sensitive; I wonder if it can be preserved in the media in mainland China!

The narrative of "encouragement - loss of control - eradication - reconstruction" is not accidental, but rather a self-repair mechanism of power boundaries triggered by every round of grassroots innovation in Chinese finance.

When a product shifts from "information intermediary" to "credit intermediary," it touches the core area of sovereign credit; any narrative of "guaranteed redemption" is a shadow replacement of the central bank and the licensed system.

The biggest insight I gained is:

The system is not a static enemy or friend, but a learning curve that evolves from rough to refined. The survival of enterprises lies in tuning parameters in sync with this learning curve.

Here are some excerpts from the article—

"We ultimately do not understand this land."

Han Qing sighed before leaving.

This decade-long fintech frenzy is slowly coming to an end at the cost of hundreds of billions in bad debts, the collapse of tens of thousands of companies, and 12,000 people imprisoned; this is the largest-scale judicial settlement in the history of financial crime in China.

As the wheels of history roll forward, there are always bones beneath the wheels.

Have those financial entrepreneurs imprisoned in cages seen some kind of fateful pattern from the fog of history?

Under institutional compromise, there are no real regulators, only replacers of interests.

Weakness and ignorance are not barriers to survival; arrogance is.

Soon they will know that in the face of the system, private enterprises are merely ants shaking a tree.

The exchange notes of the Song Dynasty and the Shanxi banks of the Ming and Qing Dynasties; all grassroots financial innovations seem to escape the trilogy of "encouragement, loss of control, eradication."

You must understand: each charge of grassroots wealth always becomes a sacrifice in the game between power and capital.

Here are some of my key points:

1｜Technology has reduced the cost of matchmaking but has never changed who can create credit.

2｜When "information intermediary" becomes "credit intermediary," all expansion is pre-writing a verdict for the endgame.

3｜The high turnover of cash loans is a spring dream for the income statement and a nightmare for the balance sheet.

4｜Regulation is also learning, moving from rough to refined; what enterprises need to do is learn to synchronize with the learning curve.

5｜True fintech is not about lending faster but about measuring risk more honestly.

Thanks to @WutalkWu for the recommendation! I couldn't calm down for a long time after reading it!

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