Lufax: P2P Industry Faces Significant Consolidation
One of China's largest online peer-to-peer lenders, Ping An-backed Lufax, says the industry faces significant consolidation following a regulatory crackdown to clean up Internet finance companies. Already some 1,000 P2P lenders have gone bust and Lufax says only about 200 may survive. Lufax CEO Greg Gibb tells Stephen Engle at the Morgan Stanley China Summit in Beijing that any plans Lufax may have had for an IPO will be shelved for at least another year.
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