Global Strategy Disclosure Quest According to Guo, the crackdown on the P2P sector has had the desired impact and it will be eased by the end of the year. They also found 15 other non-compliant P2P businesses which are required to exit the market by June. “We’ll assist public security authorities to track down the money even if there is only a glimmer of hope. Crowdfund Insider is the leading news and information web site covering the emerging global industry of disruptive finance including investment crowdfunding, Blockchain peer-to-peer / marketplace lending and other forms of Fintech. Shares of the Hong Kong-listed firm surged as much as 30.5% as the stock resumed trade on Tuesday, having plummeted 35% on Monday morning before being suspended as news broke of police raids. Contact Us Guo’s comments represent the first public statement by a major regulator in recent months addressing the investor losses from P2P platforms. If you continue to use this site we will assume that you are happy with it and agree to our terms of service. Crowdfunding Portals CI on Instagram The company, which has explored an IPO for several years, transformed its business after Chinese authorities launched a sweeping crackdown on the once-unruly P2P lending sector. China’s Supreme Court on Monday warned that individuals and organisations making illegal loans faced jail time. P2P online lending companies in China have been all but squeezed out of existence following a crackdown on the once-flourishing sector due to concerns over widespread fraud issues. The P2P crisis in China is largely seen as a direct result of inadequate supervision by regulators, sources say. Advertise on Crowdfund Insider Meanwhile, local media outlets are discouraged from reporting on the losses suffered by investors in China’s P2P lending crackdown, leaving investors with little information about any recovery efforts made by regulators. Ppdai.com, which is one of China’s oldest P2P lending platforms, listed on the New York Stock Exchange back in 2017. They expect 70% of those remaining to be out of business by the end of 2019. CBIRC (China Banking and Insurance Regulatory Commission) chairman Guo Shuqing has revealed that only 29 P2P lending operators remain in the country, down from as many as 6,000 before a crackdown on the sector began five years ago. At the time, authorities asked investors to cooperate with the investigation, saying illegal gatherings were prohibited and claims needed to be expressed in a reasonable and rational manner. Sun and Chief Financial Officer Zhao Ke were assisting the police investigation along with other employees, the company said in a stock exchange statement on Tuesday. “According to a preliminary investigation, 51 Credit Card entrusted third-party debt collecting services that pretended to be from the government, and used intimidation and nuisance tactics to collect debts,” Hangzhou police said in a post on their official Twitter-like Weibo account. China’s P2P lending sector had managed to attract nearly 50 million investors at its peak. The goal is to repay depositors as much money as possible,” he said. Crowdfund Insider Guo Shuqing, chairman of the Chinese Banking Regulatory Commission, stated during an appearance on national television that the country’s regulators will be working cooperatively with police officials in order to recover (or at least try to) the funds, Bloomberg reported. Yet, the P2P lending crackdown is clearly still underway. Meanwhile, local media outlets are discouraged from reporting on the losses suffered by investors in China’s P2P lending crackdown, leaving investors with little …

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