China Continues Shutting Down Smaller P2P Lenders

Shutdown continues to be the key word for China’s peer-to-peer (P2P) industry in 2019.

Regulators in the southern city Shenzhen recently talked to multiple smaller P2P platforms, mostly with outstanding lending balances of less than 100 million yuan ($14.8 million). Authorities asked them to sign voluntary closing commitments after reviewing relevant policies and the possible consequences of illegal fundraising, sources at the Shenzhen government and some P2P platforms told Caixin.