50- 100 times. In the relatively new data, we can see that the proportion of self-owned funds issued by Ant Group is between 1%-2%, which is 50- 100 times leverage. Judging from the absolute amount, the mainstream view is that Ant Group will enlarge its own fund of 3 billion yuan to the highest leverage of 300 billion yuan. From this perspective, the leverage ratio is about 100 times. Therefore, the leverage of 50- 100 times is a more accurate figure at present. For the ant group, there are two kinds of levers.

One is relatively simple, that is, lend your existing funds to banks as financial assets. This leverage ratio is not enough, it may only be 2-3 times, which will turn 3 billion into 9 billion.

The second is to use asset securitization, commonly known as ABS, to further amplify leverage. Ants convert borrowed funds into securities assets through special entities, and then sell them in the form of financial products and bonds. After a round of ABS, the capital changed from 9 billion yuan to 654.38+08 billion yuan. It is said that the ant has carried out 30-40 rounds, that is, the loan principal of 9 billion has become 300 billion through ABS. This way of adding leverage circumvents supervision, and the leverage is large and unrestricted.

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