China’s Answer to LendingClub Sinks on Industry Crackdown: ChartBy
Yirendai Ltd., a Chinese company that connects borrowers with lenders similarly to LendingClub Corp. in the U.S., plunged the most on record after authorities imposed limits on the peer-to-peer platforms to curb risks in the loosely regulated shadow-banking sector. An individual can borrow as much as $150,000 from P2P sites, the Chinese regulator said Wednesday. The company’s American depositary receipts touched a record-high $38.68 last week after surging almost fourfold in 2016.
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