Furongbao Investment by Guangdong Macro Collapses
A strategic investment in the online lending platform Furongbao fell through, leaving the Nanjing-based company to seek funding elsewhere amid extended central bank pressure and a wave of bad news in the peer-to-peer (P2P) lending industry.
Furongbao, also known as frbao.com, said July 6 that it obtained an investment from Guangdong Macro Co., a household appliances maker-turned financial investor. But Tuesday night Macro issued a statement denying any investment in Furongbao.
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