More than half of all companies have been pruned from the peer-to-peer (P2P) lending market after regulators introduced tougher rules aiming to curb illegal and risky lending practices.

The tightened regulations over the past three years, including introducing a new trial registration program that will require platforms to register on a monitoring system, has not only led to the collapse of many smaller platforms but larger players are feeling the pressure as well.

However, despite the country’s on-going efforts to clamp down on illegal lenders, predatory lending platforms that haunted Chinese school campuses in 2016 have resurfaced.

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Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com. More by Nicole Jao