Port communication“Adopting the A2P model to lead innovation，Less than a year after its launch, the transaction volume exceeded 10 billion yuan，The largest joint venture financial leasing company..." The above is the slogan commonly used by the P2P platform - Ezubao。硬币的另一面，是近期业内曝出对e租宝涉嫌自融的质疑。
66th of the month，In the latest "2025 Online Loan Rating Report" launched by the Financial Risk Laboratory of the International College of Renmin University of China and Rong360，Ezubao was rated with the lowest rating of C-，and was accused of having unfunded custody、false target、self-inflicted suspicion。
Ezubao immediately issued a statement on June 21，Said that “Ezubao has been operating in accordance with the law since its establishment.，Strict self-discipline，Obtained full recognition and trust from regulatory agencies and investors，Rumors from individual institutions lack objective basis，A lot of content is inconsistent with the facts”。
Although the statement did not challenge Rong360’s suspicion of self-rong、Respond positively to issues such as false bids and no fund custody，但法治周末记者注意到，At that time, a large number of promotional articles about eZubao appeared on the Internet.，The content includes affirmation of Ezubao’s business model、Questioning the validity of online loan rating qualifications、Does fund custody need to wait?。
in this debate，A2P model、Self-integration becomes the focus of offense and defense for both sides，So what are the characteristics of the A2P model that combines financial leasing with Internet finance? Is the suspicion of ezubao’s self-financing true? How can investors protect their rights and interests in the face of doubts about Zirong?
Funds flow into financial leasing companies. "The rapid development of ezubao lies in actively promoting the A2P model of Internet + financial leasing."，Combining leasing with Internet finance，for the lessor、Build a direct financing bridge between lessees and investors。"This is the explanation given by the staff of Ezubao's public relations department for the platform's turnover exceeding 10 billion yuan in less than a year after its launch.。
法治周末记者查询发现，A2P即AssettoPeer，Compared to P2P PeertoPeer，Only one end becomes an asset，This asset is essentially the debt receivable of the financial leasing company，In other words, it is a claim guaranteed by the machinery and equipment owned by the financial leasing company.。“There is essentially no difference between A2P and P2P，The only difference is that the capital channels flow into the hands of financial leasing companies in a specific manner.。
”互联网金融第三方研究机构棕榈树研究员张露告诉法治周末记者，The cooperation between financial leasing and online lending platforms is mainly based on the income rights transfer model and the creditor's rights transfer model.。Public information display，Ezubao’s business is based on the transfer of financial lease claims.，The company's full name is "Jin Yirong"(Beijing)网络科技有限公司”，是钰诚集团全资子公司，Registered capital 100 million yuan，Headquartered in Beijing。
According to Zhang Lu，The creditor's rights transfer model involves the lessee directly initiating projects on the platform.，According to the lease contract with the lessee enterprise, the platform、Profitability and leasehold property due diligence，and disclose information to investors；After the project is established，The lessee signs a financial lease agreement through a financial leasing company and obtains the right to use the equipment.，The financial leasing company transfers the financial leasing claim to the investor.，The lessee then pays rent to the leasing company on a regular basis，The rent is supervised by the P2P platform.，to repay investors；Rent paid、After the project expires，The leasing company then transfers ownership of the equipment to the lessee.。
“There are mainly three levels of legal relationships under the A2P model.，That is, the legal relationship of financial leasing、Legal relations of intermediary contracts and legal relations of transfer of creditor's rights。"Zhang Yu, lawyer at Dacheng Law Firm(Pseudonym)对法治周末记者表示，The A2P platform provides intermediary services between investors and financial leasing companies。In Zhang Lu's view,，Financial leasing institutions serve as transferors of creditor's rights under the A2P model，Plays a key role in the entire process。
“Financial leasing companies with good backgrounds increase the probability of high-quality projects，Not only can it attract more investors，It can also ensure investors’ income while drawing more generous profits for the platform.。" Zhang Lu added。
关联关系难避自融质疑法治周末记者整理发现，Ezubao’s financial leasing partners are Yucheng Financial Leasing and Rongtai Financial Leasing.，The industries covered by the platform include manufacturing、financial industry、Textile and electronics industries，The equipment involved includes production equipment、office equipment、Textile equipment and electronic production equipment。
“Yucheng Group is relatively well-known in the financial leasing circle.，Yucheng Financial Leasing and Rongtai Financial Leasing are wholly-owned subsidiaries of Yucheng Group，There are many projects available for eZubao。
"An industry insider who did not want to be named introduced that，Most of the projects currently being bid by Ezubao total more than 20 million yuan.，"It is possible that the transaction volume will exceed tens of billions."，However, the platform’s projects are basically in cooperation with financial leasing companies that also belong to Yucheng Group.，"In this case，It is normal to be questioned about the suspected self-guarantee of loan projects.”。
In this regard，The above-mentioned eZubao staff said，Although ezubao and related financial leasing companies belong to Yucheng Group，But the relationship between the two parties is only a cooperative relationship，There are no related transactions。“Whether there are related transactions is not mentioned in the information disclosed by the project.，Moreover, none of the projects on the Ezubao platform disclose the name of the borrowing company.，Only disclose the industry and company status of the company。"The above-mentioned industry insiders believe that，Ezubao lacks disclosure of some basic necessary information about the project。
Ezubao once publicly responded to the problem of information opacity, saying，“承租人名称等信息未予公开，是为了保护承租人的法人权益和隐私，Every platform must abide by this rule.”。Regarding the issue of ezubao’s lack of fund custody pointed out by Rong360，The reporter found confirmation in the article "Exploring the Rapid Development of "Internet + Financial Leasing" - Entering Ezubao" published by Ezubao。
The article expresses，The ezubao platform is currently contacting several national joint-stock banks，Negotiate fund custody solutions。at the same time，We have also negotiated with some well-known domestic third-party payment institutions on fund custody solutions.。
“Currently the regulatory policy has not yet been implemented，Third-party fund custody is not yet a strictly legal act，However, since A2P generally involves a large amount of financing,，Once something goes wrong, the risk is greater，Having funds held in escrow or by a bank is a safeguard to reduce risk。” said Liao Tianhu, associate professor at the School of Law, Southwest University of Science and Technology。
One’s own shortcomings should not be ignored. Liao Tianhu’s suggestions，Faced with self-questioning questions about the existence of Ezubao，The most important thing for investors is to fully grasp the information，Carefully check the qualifications of the financial leasing company，Carefully verify whether the investment finance leasing related projects and the rate of return determined by the platform are reasonable，if too high，You should invest with caution。
"In such a situation，Investors should remain calm，where necessary，Can personally implement the flow of funds，That is, whether the funds are used for financial leasing projects，Depending on the situation, rights can be safeguarded through negotiation with the website, etc.。"Zhang Yu gave similar suggestions.。法治周末记者了解到，In addition to e-zubao，There is also Red Elephant Financial, an online lending platform that focuses on financial leasing.、Shicaidai and 5 other companies。
“At present, because A2P is a new thing，In the process of development, there are inevitably problems with imperfect mechanisms.。"In Zhang Lu's view,，The A2P model itself may have risks caused by shortcomings such as time mismatch and financial leasing companies’ sudden redemption.。“Financial leasing companies’ projects usually have longer terms，Basically around 3 years，The acceptable investment period for investors on P2P platforms is generally within 1 year.，Mainly to meet their own financial flexibility。
After the financial leasing project was introduced into the P2P platform，Platforms and financial leasing companies need to separate and package corresponding products，The usual approach involves introducing factoring companies、Credit assetization, etc.，Use third-party funds to meet the short-term returns of platform investors
Require
。"Zhang Lu pointed out。
According to Zhang Lu，in this case，on the one hand，Since there are many institutions involved in the whole process，Including financial leasing companies、factoring company、asset management company、Bank etc.，Investors need to improve their risk identification capabilities，Exclude the situation where the capital chain is broken due to qualification issues of individual institutions.；on the other hand，In the absence of comprehensive supervision of P2P，The operation of some platforms lacks standards，Under the time-mismatched model of financial leasing,，It is extremely easy to touch the red line of the "fund pool"。
Coincidentally，Zhang Yu also thinks，due to time mismatch，The most direct risk of A2P comes from whether the lessee's company can pay rent on time.。at the same time，Since the financial leasing company enjoys ownership of the equipment，When the lessee is unable to pay rent on time，Financial leasing companies can sell or auction the equipment，At this time, if the industry in which the equipment is located is in a downturn,，Difficulty in handling the equipment will also be a risk。
also，According to Zhang Lu’s understanding，At present, most platforms adopt the income rights transfer model.，In this mode，Platform investors obtain returns by investing in the income rights mortgaged by financial leasing companies，in other words，The payment risk of platform investors has been transferred from the lessee to the financial leasing company in the process of "transfer of income rights"。“Financial leasing companies not only need to deal with the risk of default by the lessee,，We must also fulfill our responsibilities of rigid payment to platform investors.。
to some extent，Financial leasing companies determine whether platform investors’ investments in this model are in vain.。" Zhang Lu added。In this regard，Zhang Yu suggested，Focus on risk，A2P platforms should first clarify the role of intermediaries；Secondly, the A2P platform must verify the basic situation of the financial leasing relationship.；again，A2P platforms should establish an analysis mechanism for the development of the entire financial leasing industry。For details, please consult Shenzhen Hong Kong Xintong-。
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