With the new investment, the company will increase its registered capital from the current RMB 300 million to RMB 500 million to comply with new rules.
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Posted inHeavy Hitters
Briefing: Troubled P2P lender Dianrong looks to raise $100 million
In December, Dianrong co-founder Guo Yuhang put $10 million of his own money into the company to reassure investors.
Posted inHeavy Hitters
Employees accuse P2P lender Dianrong of unpaid wages, severance pay amid layoffs
The company said it will continue to scale back its offline services.
Posted inOn the Cusp
Shanghai orders P2P lending platforms to wind down operations: report
Regional governments have intensified the clampdown on online lenders in recent months.
Posted inOn the Cusp
Shanghai unveils five-year fintech hub plan
Shanghai’s financial regulator announced a five-year plan to develop a fintech center on par with competitors around the world.
Posted inThe Numbers
Dianrong pockets $40 million funding amid mounting P2P defaults in China
Dianrong announced that it has raised $40 million of funding from Dalian Financial Investment Group.
Posted inWith Chinese Characteristics
P2P platform operators urged to exit as regulators mull next clampdown phase
The number of P2P lending platforms has fallen 59% since the end of 2018.
Posted inWith Chinese Characteristics
Ping An to fold P2P lender Lufax into new consumer finance arm: report
Regulators are requiring P2P firms to clear outstanding loans within a year.
Posted inOn the Cusp
Briefing: Shanghai regulators to introduce stricter P2P lending rules
No specific rules or requirements have been proposed, such as an implementation timeframe.
Posted inOn the Cusp
Tencent-backed Mogujie shuts down its P2P lending platform
The company said the decision was made “to fulfill regulatory requirements.”
