In December, Dianrong co-founder Guo Yuhang put $10 million of his own money into the company to reassure investors.
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.
Company co-founder pleads with Chinese regulators to give the sector a ‘ray of hope.’
This week, Andrew Polk, partner at Trivium China, joins us to discuss what’s happening with the P2P lending industry in China.
The company said it will continue to scale back its offline services.
Regional governments have intensified the clampdown on online lenders in recent months.
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The number of P2P lending platforms has fallen 59% since the end of 2018.
Regulators are requiring P2P firms to clear outstanding loans within a year.
No specific rules or requirements have been proposed, such as an implementation timeframe.