Chinese P2P Lender with Most Bad Debt Plans Public Listing

February 16, 2015 @ 5:31 pm By JD Alois

Earlier this month Hongling Chuangtou Ecommerce, which operates my089.com P2P lending site, disclosed that an $11 million (70 million yuan) debt had gone bad. Now the platform explains it will publicly trade shares by using a “backdoor” listing with a listed clothing company in Fujian Province, according to the company’s founder Zhou Shiping. The company expects a valuation of 50 billion yuan. Total transactions on the P2P site were 14.7 billion yuan in 2014.

According to a report in ECN, Hongling’s bad debt totaled 100 million yuan in 2014 an industry high for the peer to peer lending industry in China.

As for the lost 70 million yuan, management is taking legal action to recoup the loss said to be the result of a a loan to Senhai Gardening Landscape Company.

Reg A - Form 1-A Filings Beta

Beta. Initial Form 1-A only. Target raise is the stated Amount to be Raised, totaled. Compared with the same dates one year earlier.

YTD: Jan 1, 2026 - Nov 7, 2026 vs Jan 1, 2025 - Nov 7, 2025

Number of Filings134Prior 129 +3.9%

Target Raise, Total$3.45BPrior $3.59B -3.8%

	This YTD	Year prior	Change
Filings	134	129	+3.9%
Target raise	$3.45B	$3.59B	-3.8%

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Source: DisclosureQuest. Initial Form 1-A only.

Created by Crowded Media Group

This display counts initial Form 1-A filings only. It does not represent subsequent filings, including Form 1-A/A amendments or Form 1-A POS post-qualification updates filed by the issuer. Amounts are the stated Amount to be Raised on the initial filing, not capital raised and not amounts revised in later filings.

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