Dianrong, one of China’s biggest peer-to-peer lenders, is attempting to raise $100m as it tries to weather a regulatory clampdown which has also prompted it to cut up to 2,000 jobs.
The company is trying to raise the funds from both new investors and existing shareholders, which include Singapore’s GIC; Orix, the Japanese financial services group, and the Asian private equity arm of Standard Chartered.
To reassure the investors, Dianrong co-founder Kevin Guo put $10m of his own money into the company at the end of December, he told the Financial Times. The new capital is designed to help Dianrong to survive until Beijing gives accreditation to a select number of lenders, which investors expect before the end of the year.
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