China P2P Lending Crackdown May See 70% of Firms Close
- Number of operating platforms could drop to 300: Yingcan
- Yidai, a mid-sized P2P platform, is the latest to leave
Photographer: Tomohiro Ohsumi/Bloomberg
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The number of Chinese peer-to-peer lenders may drop by 70 percent this year, a research firm that tracks the industry says, as the nation intensifies a crackdown on riskier forms of financing.
As few as 300 companies will remain by the end of the year, according to an estimate from Shanghai-based Yingcan Group. The number of operators dropped by more than 50 percent to 1,021 during 2018, it said, adding that there’s been no new entrants into the market since August.