Topics
P2P Meltdown
The number of failed businesses in China's once-booming peer-to-peer (P2P) lending industry has snowballed over the past few months as a national debt control campaign and a regulatory crackdown have sucked liquidity from the sector.
Regulators’ Pledge to Help P2P Investors Comes With Warning
Promises come as hundreds of online lending platforms have run into financial, legal troubles
Digital Assets and Tokenization
Digital assets emerge from the tokenization of value, representing a paradigm shift from account-based to token-based financial infrastructures, blending ownership, income, and usage rights. As of July 2024, stablecoins reached a $261.1 billion market cap (with USDT at 62%), and China's digital RMB recorded 7.3 trillion yuan in pilot transactions; tokenized assets' application ranges from CBDCs to securities and RWAs. Tokenization offers programmability, cross-border P2P transactions, and financial inclusivity, while also posing challenges in regulation, asset verification, and risk management.
Cover Story: The Rise and Fall of China’s ‘Fentanyl King’ in Corruption-Fueled Bankruptcy
Dangdai founder Ai Luming vows rebound as empire leaves investors, creditors underwater
Hand Back Your Bonuses and Commissions, Evergrande’s Ex-Employees Told
Returned money expected to address gaps in Evergrande Wealth’s repayment obligations
Weekend Long Read: How Zhongzhi Became the Latest Chinese Financial Holding Group to Fall
For years, the conglomerate held a reputation as one of the premier private financial holding groups in China, but its problems escalated quickly after the sudden death of its founder, Xie Zhikun, in late 2021
Shanghai Composite Index Fell 0.37% on Tuesday
Shenzhen Component Index closed down 0.34%
CX Daily: Dark Arts of Fund Manager in China’s Bond Market Lift Lid on Debt Mess
China’s GDP grows 6.3% in the second quarter, missing market expectations
Shanghai Composite Index Fell 0.87% on Monday
Shenzhen Component Index closed down 0.63%
Chinese Collapsed P2P Platform Founder Sentenced to Life Imprisonment
Peng Tie was convicted of illegally taking over a billion dollars from deposits
In Depth: China Grapples With Hangover From Consumer Lending Boom
The banking regulator has expanded a pilot program for disposal of nonperforming personal loans, allowing hundreds of financial institutions to offload their bad debt
China’s Graft Investigators Probe Ex-Official Who Once Fought Illegal Fundraising
Liu Zhangjun, a former director of the department charged with rooting out illegal fundraising at the now-defunct CBRC, has been placed under investigation
China’s Lufax Debuts in Hong Kong Without Raising Funds
Shares for the online lender traded as high as $4.65 in the Asian financial hub Friday, compared to a $2.01 closing price on Thursday in the U.S.
CX Daily: After China’s Covid U-Turn, A ‘Tsunami’ Of Infected Strip Bare Pharmacy Shelves
Hong Kong intends to start reopening its borders with the Chinese mainland in weeks. The surge of Covid-19 across the country is preventing exporters from delivering orders on time
Shanghai Composite Index Rose 0.65% on Monday
Shenzhen Component Index closed up 1.19%
Two Former Executives of P2P Lending Platform Sentenced to 20 Years in Prison
Tuandai.com’s former chairman and former general manager also fined $13.2 million as court sentences 47 people convicted in fundraising fraud
Fintech Giant Lufax’s Co-CEO Yong Suk Cho Takes Over as Chairman
Cho held various management positions at Ping An Insurance before joining Lufax
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