Lender listed on equity exchange despite concerns
Print Edition
ONLINE finance platform Zhongying Finance has been listed on the Shanghai Equity Exchange, possibly the last P2P (peer-to-peer) lending platform to be listed at present due to concerns about the industry.
Sixty-nine P2P lending platforms ran into trouble in January, according to Xinhua news agency.
“Some lenders find difficult to return money to investors near the end of the fiscal year,” said David Ye, co-founder and CEO of Rong360, a third-party online finance platform. “That will cause more runaway cases in the P2P industry before the Spring Festival.”
Government bureaus are said to be drafting new documents to better regulate the industry, which would temporarily close the equity market to P2P firms, industry insiders said.
The transaction value of P2P platforms in China hit 250 billion yuan (US$39.9 billion) in 2014, more than double the previous year’s 87.4 billion yuan, according to Zhongying.
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