UPDATE 3-China clamps down on online micro lending; U.S.-listed shares plunge [Reuters]
Qudian Inc. American Depositary Shares, each representing one Class A Ordinary Share (QD)
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Source: Reuters
China clamps down on online micro lending; U.S.-listed shares plunge | Reuters Reuters Staff 5 Min Read BEIJING (Reuters) - China took steps to rein in the rapidly growing and lightly regulated market for online micro-lenders in the government’s latest crackdown on internet finance, sending shares of U.S.-listed Chinese financial firms into a tailspin. A top-level Chinese government body issued an urgent notice on Tuesday to provincial governments urging them to suspend regulatory approval for the setting up of new internet micro-lenders, sources who had seen the notice told Reuters. The multi-department body, tasked by the central government to rein in risks in the internet finance sector, also told local regulators to restrict granting of new approvals for micro-loan firms to conduct lending across regions, according to the sources. The information office of the State Council, or Cabinet, and the People’s Bank of China did not immediately respond to faxed requests for comment. Beiji
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