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Furongbao Investment by Guangdong Macro Collapses

More than 100 peer-to-peer lending platforms have fallen under financial and legal troubles over the past two months. Photo: VCG
More than 100 peer-to-peer lending platforms have fallen under financial and legal troubles over the past two months. Photo: VCG

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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