Authorities in Shanghai have told a number of the city’s peer-to-peer lenders to wind down their operations in the latest hit to the rapidly contracting $85bn industry.
Shanghai is home to some of China’s largest P2P lenders, such as Lufax, Dianrong and Madai Finance.
Several of the largest companies, including Lufax, have been notified by local financial authorities to wind down their businesses with the goal of eventually ceasing operations, according to two people with direct knowledge of the matter.
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