A notice on Laocaibao’s website announcing its closure on Tuesday. Photo: Weibo

Shanghai-based Zendai closes two P2P units worth US$1.4 billion as Beijing intensifies crackdown

  • The P2P platforms operated by the private investment company employed 5,000 and operated 135 outlets across the mainland
Topic |   Peer-2-Peer

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A notice on Laocaibao’s website announcing its closure on Tuesday. Photo: Weibo
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Zhang Shidong

Zhang Shidong

Zhang Shidong is based in Shanghai and reports on business for the Post. He joined the team in 2017, following stints covering China's stock market news for Bloomberg and at a local newspaper in Shanghai.

Daniel Ren

Daniel Ren

Daniel Ren is the SCMP's Shanghai bureau chief. A Shanghai native, Daniel joined the SCMP in 2007 as a Business reporter.