China's Second Peer-to-Peer Lending Lapse in a Week Costs Investors $330 Million
- Hangzhou-based Xinhehui told investors it can’t meet payments
- Shanghai-listed Meidu Energy owns 34% of Xinhehui platform
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Another Chinese peer-to-peer lender told investors on Wednesday it wouldn’t be able to pay them back, highlighting risks to the nation’s broader financial system as rising defaults and tougher regulations hit the $176 billion industry.