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P2P firm Jusheng gets new funding

ONLINE finance firm Jusheng Assets announced yesterday in Shanghai to finish a new round of finance, which made its registered capital hit 300 million yuan (US$43.5 million) and triple the previous level.

The platform, which has attracted about 2 billion yuan investment now, plans to raise the figure to 5 billion yuan next year and issue initial public offering around 2020.

The new investor Zhejiang Fengzhou has core business in tourism, hotel and construction materials, which will help the platform find projects related to consumption upgrade as the national strategy, said Yang Dengpeng, chairman of Jusheng.

CHINA’S banking regulator has required P2P (peer-to-peer) lending platforms to use third-party banks for custody of funds as it enhanced a national campaign to curb financial fraud.

For Jusheng, it has established cooperation with a Sichuan-based bank on money deposit, which meets the regulatory requirement.


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